MIA share price at 4-month high

Following last week's 2.4 per cent rise, further demand for Malta International Airport plc shares lifted the equity a further 2.9 per cent higher this morning to a new four-month high of €1.75 on total volumes of 27,000 shares.

The equity now stands 5.4 per cent higher year-to-date mainly due to last week's announcement which revealed an uplift in the passenger growth forecast for the second time this year after the arrival of the three millionth passenger.

The airport operator now expects passenger movements to rise by at least 4.5 per cent during 2011.

Significant volumes of 425,000 FIMBank plc shares traded during this morning's trading session with the share price rising from its multi-year low of US$0.67 to the US$0.72 level.

In the banking sector, the two large banks again moved in opposite directions ahead of Bank of Valletta plc's results issued a few minutes after the close of the trading session.

BOV's share price retreated by 0.8 per cent to the €2.40 level on volumes of almost 48,000 shares.

Meanwhile HSBC Bank Malta plc edged 0.3 per cent higher to the €2.64 level on lower volumes of 10,852 shares.

BOV's preliminary full-year results for the financial year ended September 30 reveal a 34.3 per cent drop in profitability to €42.1 million.

The directors recommended a final gross dividend of 8c per share to shareholders as at close of trading on November 11.

Together with the gross interim dividend of 6c25 per share, the total dividend of 14c25 represents a 27.2 per cent drop from the previous full-year dividend of 19c6 per share.

The directors also recommended a one for eight bonus issue to shareholders as at close of trading on January 9. This bonus issue will be funded through the capitalisation of €30 million of reserves.

On the bond market, Eurozone yields continued to recover following yesterday's deal reached between EU leaders with respect to the prevailing eurozone's sovereign debt crisis.

As a result, the Rizzo Farrugia MGS Index tumbled a further 0.3 per cent today to 981.505 points.

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