Significant volumes traded in Crimsonwing shares

Over 447,000 Crimsonwing plc shares, representing 1.7% of the IT Company’s total share capital, were traded during this morning’s session. The share price remained at the equity’s all-time low of €0.16 with no further bids remaining unsatisfied on the market. Crimsonwing generally publishes an Interim Directors’ Statement in February to update investors on its performance since its half-year end in September. During the first half (covering the period between April and October 2011) of its current financial year, the IT Company registered a 9.5% increase in revenue to a record €7.7 million. Nonetheless, the Company still incurred a loss of €19,346 after it accounted for a number of one-off costs related to the implementation of cost cutting measures and other investments to ensure that the Company remains on track of attaining its target of €20 million in annual revenues.

Elsewhere in the local equity market, all other active equities traded lower. Bank of Valletta plc failed to hold on to an intra-day high of €2.19 to close 0.5% lower at the €2.17 level on volumes of just below 11,000 shares.

The share price of Malta International Airport plc retreated for the second consecutive session. MIA’s equity eased 0.6% lower to the €1.71 level on a single trade of 20,000 shares.

The only other active equity, Middlesea Insurance plc closed at yet another 52-week low of €0.68 on an insignificant deal of 50 shares. Middlesea is scheduled to publish its 2011 full-year results on 28 February.

Overall, the MSE Share Index slumped 0.2% to a new 31-month low of 2,988.421 points.

On the bond market, the Rizzo Farrugia MGS Index closed in positive territory for the third successive session with another 0.1% rise to 988.171 points as the Central Bank of Malta again raised the indicative bid prices of the medium and long term Malta Government Stocks.