Updated: Bank of Valletta shares recover

(Adds MSE decision to lift trade range again)

Shares in Bank of Valletta recovered this morning, selling at the top of their trading range at the stock exchange after falling 17 percent yesterday, when the trading range was temporarily lifted.

The trading range was temporarily lifted yesterday after shares remained unsold for two days despite being offered at the bottom of the trade range in the wake of the collapse of Lehman Brothers, which BOV said would have a modest impact on its profitability.

However demand for the BOV shares surged this morning and the shares which were on offer sold at the top of the trade range, raising the price by 38c2 (11%).

Meanwhile, with several traders today having offered to buy BOV shares at prices above the trade range, the Malta Stock Exchange said this afternoon that it was removing the trade range until further notice.

The mood in Malta reflected an upswing of sentiment in trading abroad, where banking shares also rose steeply after central banks acted decisively to restore order in financial systems.