Middlesea up on high volumes

Middlesea Insurance plc reversed some of its recent declines as the share price regained the €1.05 level representing a 1.9% increase over the previous close. A total of 107,500 shares changed hands today with best bids in the market at €1.031 whilst lowest offers pitched at the €1.08 level.

This morning International Hotel Investments plc published its 2010 half-year report. The financials show a 3.8% drop in revenues to €49.4 million mainly due to a significant decline in income from the Group’s hotel in Libya. The Bab Africa hotel was adversely affected by the Schengen crises earlier in the year. Furthermore the Group incurred higher costs as occupancy levels improved. IHI also incurred €1.3 million in losses from the London project which mainly comprise pre-opening and marketing costs. As a result the Group reported a €9.2 million loss compared to the €2.8 million loss in the first six months of 2009.

Meanwhile, eligible shareholders were today allocated their respective entitlement in the 1 for 25 bonus share issue. Shareholders now have until 29 September to elect to sell these shares to IHI at a price of €1.00 per share – a 13.6% premium to the last closing price of €0.88.

GO plc is expected to publish its interim results later on today. Meanwhile, yesterday, Forthnet announced its 2010 half year results showing a 10.4% growth in revenue to €198.8 million mainly on the back of continued growth in its customer base especially in the telephony business. However this increase in turnover was wiped out by significantly higher selling and promotional costs, negative fair value movements on the Group’s interest rate swaps and a one-time special tax charge. All this resulted in a loss for the first half of the year of €31.7 million compared to the €16.2 million loss in the comparable period last year.

Malta Government Stock prices again increased as benchmark Eurozone yields dropped lower on a fresh wave of concerns over a weakening global economic recovery. The price of the 20-year Government paper touched a new all-time high of 104.66% on yet again significantly high volumes totalling over €4 million (nominal).

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