Share prices of BOV and HSBC close in opposite directions
The share prices of the two large banks traded in opposite directions today following last night's agreement between the leaders of the 17 eurozone countries in response to the prevailing sovereign debt crisis. The agreement comprises a voluntary 50...
The share prices of the two large banks traded in opposite directions today following last night's agreement between the leaders of the 17 eurozone countries in response to the prevailing sovereign debt crisis.
The agreement comprises a voluntary 50 per cent hair cut on Greek debt held by banks, a €1 trillion boost to the European Financial Stability Fund (EFSF) and a call on European banks to bolster their capital in order to reach a nine per cent Tier 1 Capital ratio by June 30.
The share price of Bank of Valletta plc recovered some of the recent declines as it edged 0.8 per cent higher to regain the €2.41,9 level.
Thirty trades were executed totalling over 35,000 shares.
The bank is scheduled to publish its preliminary results for the financial year ended September 30 tomorrow afternoon.
On the other hand, HSBC Bank Malta plc slipped 1.1 per cent lower to €2.63,1 across eight trades totalling 9,800 shares.
High trading activity was maintained across International Hotel Investments plc shares.
Following yesterday's volumes amounting to 208,354 shares, a further 260,000 changed hands at the 81c9 level during this morning's session.
In the coming weeks, IHI is due to publish its interim statement to update the market on the performance of the Group's various hotels since June 30. Particular attention will be given to the Corinthia Hotel in Tripoli, Libya following the latest developments.
The only other active equity, GO plc, also closed unchanged with only 3,375 shares traded at the €1.00,1 level.
Following the agreement between EU leaders, Eurozone yields recovered this morning leading to a 0.1 per cent drop in the Rizzo Farrugia MGS Index to 984.513 points.
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