BOV shares sell at top trading range

Bank of Valletta shares yesterday sold at the top of their trading range at the Malta Stock Exchange after falling 17 per cent the day before when the trading range was temporarily lifted.

The trading range was temporarily lifted 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.

In its MSE daily report, which appears on The Times, BOV said yesterday that on a turnover of just 15,048 shares across 25 trades, the share price declined by 80c1, equivalent to 17.4 per cent.

Demand for BOV shares surged yesterday and the shares on offer sold at the top of the trade range, raising the price by 38c2 (11 per cent).

Meanwhile, with several traders having offered to buy BOV shares at prices above the trade range, the Malta Stock Exchange said in the 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.