Stock Market: Index closes higher for first time in three weeks

The Malta Stock Exchange Index closed today’s trading session higher for the first time since Monday 24 May. The local Index recovered by 0.3% as HSBC Bank Malta plc and Bank of Valletta plc trading higher and offsetting declines in the share prices of International Hotel Investments plc, GO plc and Lombard Bank Malta plc.

Following the 7.2% decline in the past eleven consecutive sessions, HSBC’s share price increased by 2.1% this morning to €2.88 level. Subdued trading activity was also evident in BOV with only 3,950 shares changing hands. However the share price edged 0.3% higher to close at the €3.28 level.

On the other hand, increased trading volumes were evident in the US Dollar denominated equity of FIMBank plc. Almost 100,000 FIMBank shares traded today with the equity touching a new 2010 low of US$1.00 before recovering to close unchanged at the US$1.01 level. Further bids remain unsatisfied at the closing price with lowest offers at the US$1.06 level.

GO plc and Lombard Bank Malta plc traded lower. GO slipped a further 2.5% to close at its 2010 low of €1.95 on a single trade of 3,000 shares. Lombard Bank Malta plc reversed some of last Friday’s 6.4% increase as its share price retreated 2.1% back to the €2.919 level.

Following the recent bond issues by Simonds Farsons Cisk plc and Eden Finance plc, last week another 2 bond issues were announced by Tumas Investments plc and Izola Bank plc. Details of their respective bond offerings together with copies of the prospectus are available at www.rizzofarrugia.com.

www.rizzofarrugia.com