Sustained recovery in local equity market

The local equity market closed in positive territory for the eight successive session with the MSE Share Index up a further 0.2% today to 3,521.655 points. Local investor sentiment has improved in recent weeks following the publication of strong financial results by Bank of Valletta plc and indications of continued profitability growth in a number of companies especially HSBC Bank Malta plc and Malta International Airport plc.

The share price of HSBC Bank Malta plc is approaching the €3.00 level with the equity advancing by a further 0.9% today to €2.998. HSBC’s share price has increased by 4.1% since last Friday’s announcement revealing that the Bank maintained the positive trend recorded in the first half of the year.

Meanwhile Bank of Valletta plc shares maintained the €3.70 level on high activity amounting to 38,184 shares. The equity remains well supported at this level as investors purchasing shares until 7 January 2011 will be entitled to a bonus share issue of 1 new share for every 5 held.

GO plc is also gradually moving higher with the equity rising for the fifth consecutive session to the €1.90 level. The Interim Statement published on November 1 reveals that the Group’s local operations continued to perform positively on the back of further customer growth and lower costs. Meanwhile, Forthnet recently announced that despite an increase in customer connections, its EBITDA declined by 2.9% to €16.7 million during the summer months.

MaltaPost plc edged 0.8% higher this morning to €0.927 – just shy of the 2010 high of €0.93. 7,000 shares traded today with outstanding bids already placed at the €0.93 level in anticipation of the September 2010 full-year results publication and dividend recommendation expected in the coming weeks.

Comments are closed.