Volatile week for BOV shares

The shares of Bank of Valletta plc had a volatile week ending the week 0.4% lower. The equity kicked off the week with a 4% drop to the €2.65 level as the negative reaction to the previous week’s announcement of a buy-back offer for the shares of the La Vallette Multi-Manager Property fund intensified. During the subsequent three trading sessions the share price recovered strongly on fresh demand helping the equity reach the €2.77 level. However, renewed selling pressure characterised this morning’s session with the share price easing by 1.1% to the €2.74 level across a total of 15,318 shares.

HSBC Bank Malta plc shares also closed this week in negative territory with a 1.2% drop to €2.95. However volumes declined to a mere 2,700 shares across the past five days.

On the other hand, fresh bids lifted the share price of Malta International Airport plc by 1.8% to a three-week high of €1.73 as five trades amounting to 7,800 shares took place towards the end of the day. Following today’s upturn, MIA’s equity ended the week 1.2% higher. Yesterday MIA announced that its Board of Directors is scheduled to meet on 27 July to consider and approve the financial statements for the six months ending 30 June 2011. On the day, the Directors of MIA will also consider the payment of an interim dividend. Next week the airport operator is expected to publish the May traffic statistics.

International Hotel Investments plc also reached a new three week high despite the low trading activity. In fact, IHI’s share price edged a further 1.2% higher today to regain the €0.83 level on a single trade of 1,200 shares. IHI’s equity closed the week 3.8% higher.

GO plc’s also edged higher this week with the equity rising by 0.7% to €1.379 ahead of the Annual General Meeting scheduled for Wednesday 8 June.

Overall the MSE Share Index ended this week minimally lower following this morning’s downturn in the share prices of the two large banks. On the bond market, the Rizzo Farrugia MGS Index closed the week 0.2% lower at 975.502 points as the benchmark Eurozone yields regained the level of 3.01% this morning following confirmation that the European Union and the International Monetary Fund are completing a second bail-out for Greece.

Also on the bond market, Mediterranean Bank plc issued a formal notice informing the public of an upcoming issue of €5 million 6.25% Bonds 2015 which will be placed with Calamatta Cuschieri & Co Limited and Charts Investment Management Service Limited. The new Bonds will be fully fungible with the €25 million bonds issued last year.