BOV shares down sharply as MSE lifts trade range restriction

Bank of Valletta shares dropped sharply on the Malta Stock Exchange today after the exchange removed the trade range of seven percent on the previous day's average price. Informed sources explained that following an announcement by the Bank on Monday...

Bank of Valletta shares dropped sharply on the Malta Stock Exchange today after the exchange removed the trade range of seven percent on the previous day's average price.

Informed sources explained that following an announcement by the Bank on Monday that it expected a modest impact from the collapse of Lehman Brothers investment bank on the results for the last quarter of the current financial year (without saying how much its exposure was), shares were offered at the bottom of the price range on Tuesday and yesterday but still remained unsold, leading the exchange to lift the price range for today only.

The closing price of BOV shares today was €3.799 compared to the previous close of €4.600 - down 17.4%.

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