Share price of Middlesea regains the €1.03 level

The share price of Middlesea Insurance plc moved higher for the fourth consecutive trading session in anticipation of the publication of details related to the mandatory bid to be launched by Mapfre Internacional if the regulator approves its acquisition of the 19.9% stake currently held by Munich Re. Middlesea’s share price advanced by a further 2.7% to €1.03 – the highest level since 24 February 2011. Two trades amounting to 8,000 shares were executed today with further bids unsatisfied at the closing price and lowest offers now placed at the €1.04 level.

A marginal recovery was registered in Bank of Valletta plc shares as the equity edged 0.2% higher to regain the €2.81 level on volumes of almost 21,300 shares. The Bank is scheduled to pay its recently declared gross interim dividend of €0.0625 per share on 26 May. Meanwhile HSBC Bank Malta plc maintained the €2.94 level ahead of the publication of the Interim Statement publication expected shortly. Volumes increased to over 25,000 shares today.

GO plc also closed in positive territory as the equity recovered from a new all-time low of €1.27 to close 0.8% higher at the €1.30 level. Over 8,700 shares changed hands today ahead of the Annual General Meeting scheduled to be held on 8 June.

This morning International Hotel Investments plc published its Interim Statement updating the investing public on its performance since the start of the year. The IHI Group explained that the overall improvement in operating results referred to in the last Interim Statement (published on 5 November 2010) has been maintained, particularly the Corinthia Hotel Lisbon and Corinthia Hotel St Petersburg. On the other hand, the Corinthia Hotel in Tripoli continued to trade with a reduced level of occupancy thus adversely impacting the operating results of this property. The Directors also stated that the positive results are also being generated from the new global distribution system developed by CHI Limited. The announcement also explained that the reconstruction of the Corinthia Hotel London is nearing completion and has welcomed its first paying guests in April 2011. Moreover, the twelve luxury apartments on Whitehall Place are expected to be completed later this year. During this morning’s trading session, a single trade of 1,000 IHI shares was executed at the €0.70 level, unchanged from the previous close.

This afternoon marks the closing of subscriptions for the new Malta Government Stocks. Meanwhile, applications by tender for subscription in excess of €100,000 (nominal) will be accepted until noon on Friday.