HSBC and Lombard touch new 2010 lows

Although two of the active equities touched fresh 2010 lows during today’s session, the equity market closed in positive territory for the first time in five sessions.

Gains in HSBC Bank Malta plc and International Hotel Investments plc helped the MSE Share Index close 0.6 per cent higher at 3,388.931 points.

HSBC’s equity touched a new 2010 low of €2.80 during this morning’s trading session before recovering to regain the €2.83 level, representing a 0.4 per cent increase over the previous close.

20,400 shares traded today. Meanwhile Bank of Valletta plc reversed yesterday’s gains as the share price slipped 0.3 per cent back to the €3.20 level on volumes of just over 12,000 shares.

Fresh selling pressure pushed Lombard Bank Malta plc 0.7 per cent lower to the €2.75 level on a single trade of 1,000 shares.

The bank’s equity has wiped out all of this year’s increase since touching a high of €3.17 on January 8 and is now trading eight per cent below its value at the beginning of the year.

Meanwhile after two consecutive days of declines, IHI recovered by 3.8 per cent to close the day at €0.83 on volumes of over 30,000 shares.

IHI shareholders have until September 29 to opt to sell back all or part of their one for 25 bonus share issue entitlement at the nominal price of the shares of €1.

On the bond market, Malta Government Stock prices staged a marginal rebound as the benchmark eurozone yields eased back below the 2.30 per cent level.

www.rizzofarrugia.com