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MIA forecasts higher than expected profits; share price up 3%

During this morning’s trading session on the Stock Exchange, Malta International Airport plc’s share price advanced three per cent to the €1.64,8 level in reaction to the mid-week announcement that the airport operator expected better profits than initially forecast as the double-digit passenger growth in the first three quarters of the year was expected to be maintained in the final three months.

Middlesea Insurance plc was the only other positive performer of the day as its equity recovered from earlier losses to end the session up 1.9 per cent at €1.05.

Middlesea is the top gainer this week with an increase of five per cent.

The equities of the two large banks also had another positive week. HSBC Bank Malta plc gained 3.5 per cent to €2.98 despite this morning’s 0.6 per cent decline with Bank of Valletta plc rising by 1.1 per cent this week to the €3.70 level on strong volumes amounting to 124,563 shares. Over the past three weeks over 500,000 BOV shares traded.

The other active equities of the day were GO plc and FIMBank plc which both closed unchanged at €1.90 and USD0.94 respectively.

FIMBank issued its interim directors’ statement revealing that the performance for the second half of 2010 continued to show the positive trend experienced during the first half when profits after tax increased by 16.4 per cent to USD3.39 million.

Shortly after the close of today’s trading session FIMBank announced that the voting and other rights over 35 million shares in the Bank held by Massaleh Investments shall be exercisable exclusively by Burgan Bank of Kuwait.

Overall the MSE Share Index edged 1.6 per cent higher this week to 3,522.244 points as investor sentiment on the equity market improved following the strong results from BOV and the publication of various interim directors’ statement evidencing continued progress by most companies.

The companies that issued their respective statements this week were Malta International Airport plc, FIMBank plc, Middlesea Insurance plc, RS2 Software plc, 6pm Holdings plc, Grand Harbour Marina plc and GlobalCapital plc. Details on each announcement are available from link below.

www.rizzofarrugia.com

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