Stock Exchange: Strong gains by BOV and HSBC
Further strong gains in the share prices of Bank of Valletta plc and HSBC Bank Malta plc helped the MSE Share Index climb by 2.5% and recover the losses in the equity market since the start of the year. In fact, the Index is now 0.6% higher since the...
Further strong gains in the share prices of Bank of Valletta plc and HSBC Bank Malta plc helped the MSE Share Index climb by 2.5% and recover the losses in the equity market since the start of the year. In fact, the Index is now 0.6% higher since the beginning of the year.
Buoyant investor sentiment towards the two big banks was evident since last Thursday’s press conference by BOV. During the press conference BOV officials reassured investors that the Bank will comfortably pass the stress tests being conducted by the European Union and it will not revise its dividend policy despite more stringent capital requirements.
BOV’s share rice jumped 5.8% to reclaim the €3.248 level on volumes amounting to almost 9,000 shares with further offers remaining unsatisfied at the closing price. Meanwhile over 34,000 HSBC shares traded today helping the equity gain 4.1% to close at the €3.03 level.
Elsewhere in the equity market, Island Hotels Group Holdings plc edged 0.2% higher to regain its August IPO price of €1.00 while Middlesea Insurance plc eased minimally below its 2010 high of €1.15 to close at the €1.148 level across eleven trades totaling 8,674 shares.
On the bond market, Mediterranean Investments Holding plc announced this morning that the General Public Offering with respect to its bond issue was closed soon after opening due to over-subscription. The allocation policy is expected to be announced in the coming days.
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