MIA share price at 3-month high

The share price of Malta International Airport plc advanced by 4.5% this morning to a 3-month high of €1.64 on fresh demand for the shares of the airport operator. Over the past three weeks, the share price of MIA rose by 8.6% possibly as a result of the record number of passenger movements registered in September. During the first nine months of the year, MIA’s passenger movements have increased by 7.9% to 2,781,802.

During today’s trading session, the share prices of the two large banks also performed positively. Bank of Valletta plc recovered most of yesterday’s 1.9% drop as the equity climbed by €0.043 (1.75%) to €2.495 on volumes of 9,000 shares. Lower volumes were traded in HSBC Bank Malta plc with the share price edging minimally higher to the €2.655 level.

Meanwhile, high trading activity was registered in MaltaPost plc shares as the equity recovered from a low of €0.95 to close today’s session 0.1% higher at the €0.98 level. A total of 14 trades were transacted this morning totalling 68,800 shares. The postal operator generally publishes its preliminary results for the financial year ending 30 September 2011 in early January.

On the bond market, over €110,000 (nominal) traded in the 7% GAP Developments plc with fourteen trades taking place most at the par level. Since May 2011 the Company has bought back and subsequently cancelled over €1 million from its outstanding bonds which now amount to just under €33.9 million.

Eurozone yields were lifted higher this morning despite concerns on whether Slovakia will approve the expansion of the European Financial Stability Fund. The rising yields resulted in a further reduction of the Malta Government Stock bid prices by the Central Bank of Malta. In turn, this brought about a 0.3% drop in the Rizzo Farrugia MGS Index which now lies at a 2-month low of 984.996 points.