Stock Exchange: FIMBank down 3% to a fresh multi-year low

Following the 2% decline in the share price of FIMBank plc last Friday, the US Dollar denominated equity shed another 3% during this morning's trading session to close at a fresh 5-year low of USD0.95. Trading activity remained high and a further 100,000 changed hands today following the trade of 150,000 shares effected last Friday. This decline in the share price on FIMBank follows the publication of the 2010 interim results last Thursday revealing a 16.4% increase in profit after tax to US$3.39 million. Further details on results available at http://rizzofarrugia.com/news-events/2010/interim-results-fim07/.

The share prices of the other local banking institutions were little changed. Bank of Valletta plc edged 0.6% higher to regain the €3.30 level on volumes of 4,840 shares while HSBC Bank Malta plc maintained the €3.00 level across four trades amounting to over 3,300 shares.

On the other hand Middlesea Insurance plc recovered some of last week's losses as a single trade of 5,319 shares was effected at the €1.10 level, 4.8% higher than Friday's close. Middlesea is due to report its interim results on Thursday 12 August.

On the bond market, high volumes were evident in the 4.8% BOV 2020 bonds as €122,000 (nominal) changed hands with the price easing 50 basis points from its high of 103% to 102.5%.

Meanwhile trading resumed in the 3.75% MGS 2015 (VI) and the 5.25% MGS 2030 (I) following the completion of last week's Malta Government Stock Issues. The indicative bid price of the 20-year bond by the Central Bank of Malta stockbroker was established at 102.30% this morning, equivalent to the weighted average price of the accepted bids. Further details on the results of last week's Malta Government Stock issues are available at http://rizzofarrugia.com/news-events/2010/results-of-mgs-issues-mgs11/.