The local equity market closed the lower for the third successive trading session of the New Year as seven out of eight active equities declined this morning.

The MSE Share Index plunged another 1.4 per cent to 3,711.632 points, mainly due to further declines in the share prices of the two large banks and International Hotel Investments plc.

Bank of Valletta plc slid a further 1.3 per cent to the €3.82 level despite still trading with the entitlement to the one for five bonus share issue until Friday. Over 18,800 shares traded today.

Similarly, HSBC Bank Malta plc closed 0.6 per cent lower at the €3.17 level on significantly diminished volumes of 4,780 shares.

IHI reversed some of the 25.2 per cent rise recorded in December as the shares were active for the first time in 2011.

This equity lost 4.8 per cent this morning closing the day at the €0.90 level on volumes of 49,600 shares.

Recently the company announced that it is undertaking a private placement of new shares at a price above the nominal value of €1.

Malta International Airport plc and Simonds Farsons Cisk plc were also amongst the negative performers today.

The share price of the airport operator eased 0.6 per cent from its 2010 high to close at the €1.65 level on a single trade of 2,000 shares with the equity of Farsons declining by 1.2 per cent to €1.68 across two trades totalling 2,333 shares.

On a positive note, MaltaPost plc this morning published its September 2010 full-year results showing a seven per cent rise in after-tax profits to €2.1 million.

This improvement was due to the marginal increase in revenue which offset the slight increase in overall costs.

The directors recommended a final net dividend of €0.04 per share, which may be taken in cash or new shares at the attribution price of €0.92 per share.

The results are available at:

http://rizzofarrugia.com/news-events/2011/full-year-results-mtp01-2/

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