Stock exchange: Middlesea Insurance edges closer to 2010 high

The share price of Middlesea Insurance plc climbed 3.3% today to regain the €0.93 level on low volumes of just over 1,000 shares. Middlesea’s equity had surged to €1.00 on 11 January before declining to €0.70 in April. Following the Interim Statement issued on 17 May claiming that Middlesea Group registered a profit before tax of €2.8 million for the first quarter of 2010, fresh demand entered the market helping the share price 33% in a few weeks.

Meanwhile Bank of Valletta plc succumbed to further selling pressure as its share price shed a further 0.6% to drop back to the €3.26 level. Just over 8,200 shares changed hands this morning. HSBC Bank Malta plc maintained the €2.87 level on continued low volumes of 9,340 shares.

Grand Harbour Marina plc’s shares were active for the first time in over a month. A single trade of 1,500 shares was transacted at the €1.96 level representing a 1% drop from the previous close.

The primary bond market remained in focus following the launch of new bond issues by Tumas Investments plc, Izola Bank plc and Mediterranean Investments Holding plc (MIH). Full details of all 3 bond offers together with copies of the prospectus are available at www.rizzofarrugia.com. Meanwhile trading in the new 6% Simonds Farsons Cisk plc bonds is expected to commence tomorrow.

www.rizzofarrugia.com