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Stock Market: Lombard hits new low; Middlesea continues rally

The share price of Lombard Bank Malta plc declined by 1.7% to close at a new 2010 low of €2.85 level today on volumes of over 4,100 shares. Lombard’s share price has lost just over 10% since touching a recent high of €3.17 on 8 January 2010.

Meanwhile Monday’s announcement that the Middlesea Group registered a pre-tax profit of €2.8 million during the first quarter of 2009 continued to have a positive effect in the market. Middlesea’s share price advanced by a further 4.8% to €0.891 on activity of 10,000 shares with further bids remaining unsatisfied at this level.

HSBC Bank Malta plc continued to recover from its recent decline as its share price gained for the third successive session. HSBC’s equity edged 0.3% higher during this morning’s trading session to close at €3.08 with further offers remaining unsatisfied at this level.

On the other hand the share price of Medserv plc eased by 0.7% to the €4.25 level on a single trade of 5,000 shares. The company yesterday held its Annual General Meeting during which the Chairman Mr Anthony Diacono confirmed delays in the commencement of contracted works which have been postponed to the third quarter of this year. During the meeting shareholders approved all the resolutions on the agenda including the final net dividend of €0.135 per share which will be paid on 31 May.

Today marks the close of subscriptions for the three new Malta Government Stocks for those investors wishing to apply for a maximum of €100,000 (nominal). Meanwhile the tendering process for subscriptions in excess of €100,000 will remain open until Friday 21 May at 12 noon.

www.rizzofarrugia.com

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