Renewed demand for IHI shares
Renewed demand for International Hotel Investments shares on the stock exchange today helped the equity rise by 7.1% to regain the 2012 high of €0.90 level for the first time in 12 weeks.
A total of 79,579 shares changed hands today across eleven trades. The upturn in IHI's share price was the main factor behind the 1.2% increase in the MSE Share Index to 3,112.740 points, representing a 2 week high.
At a meeting with the financial community last Friday, IHI's Chairman Alfred Pisani reiterated the company's intention to dispose of the luxury apartments in London. Mr Pisani announced that there are some buyers who have shown a serious interest in the purchase of this exclusive block of residences and the aim is to conclude the sale in the coming months. Meanwhile, the Chairman also indicated that IHI approached a number of sovereign wealth funds and large institutions to seek to raise further equity and expand the number of properties within IHI's ownership and management portfolio.
High volumes were sustained in GO plc with a further 70,125 shares of the quad-play telecom operator changing hands during this morning's session with the share price easing back to the €0.85 level.
In the financial sector, the share price of Bank of Valletta plc eased 0.2% lower to €2.27 across eleven trades totalling 8,523 shares. Meanwhile, HSBC Bank shares plc recovered from an intra-day low of €2.73 to close unchanged at the €2.74 level on volumes of 21,000 shares.
Malta International Airport plc and MIDI plc were also unchanged during today's trading session at €1.759 and €2.28 respectively.
The other active equity today was MaltaPost plc with a 1.6% in its share price to €0.65 on a single deal of 500 shares.
On the bond market, the Rizzo Farrugia MGS Index slid by 0.2% to a new 7-week low of 992.420 points reflecting the rally in eurozone yields last Friday afternoon to above the 1.7% level fuelled by the fresh stimulus measures announced by the US Federal Reserve. However, earlier on this afternoon, Eurozone yields eased to the 1.67% level on concerns that Spain will continue to postpone a bailout request.
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