The share price of MaltaPost plc rallied by 15.4 per cent during this morning’s session to regain the 90c level on strong volumes of just over 65,100 shares.
The market responded positively to the decision by the company’s directors to maintain the final net dividend at 4c per share despite a 31.1 per cent drop in profits to €1.33 million.
Moreover, the results announcement for the financial year ended September 30 also indicated that MaltaPost is expected to start recovering from the negative impact of the revised tariff structure of the Union Postal Union (UPU) during the current financial year ending September 30 next year after the postal operator obtained approval from the Malta Communications Authority (MCA) to increase its tariffs.
MaltaPost also announced its plans to continue seeking ways to grow its business. In this respect, the Company announced its intention to enter the insurance market.
Medserv plc’s shares also advanced by by 2.6 per cent to close at the €3.95 level after the company announced an extension to its current lease on the logistics base in Malta. The new 15-year lease will kick-in once the current agreement expires in 2045 and will run until 2060.
The extension, however, is conditional upon a further €9 million investment by Medserv up to 2021 and other employment obligations. A single trade of 3,000 shares was executed during this morning’s session at €3.95.
GO plc also closed in positive territory as the equity edged minimally higher to close at the €1.10 level for the first time in 20-weeks across five trades totalling 7,000 shares.
Meanwhile, fresh offers forced the share price of Bank of Valletta plc to slide two per cent lower to €2.38 across eight trades totalling 18,295 shares. The bank is scheduled to hold its annual general meeting on December 19.
Lower declines were registered in the equities of International Hotel Investments plc and Malta International Airport plc. IHI’s share price eased 1.1 per cent lower to 87c on shallow volumes of 584 shares.
MIA’s equity retreated by 0.2 per cent to €1.79,6 also on low volumes of 1,000 shares. Shortly after the close of trading, the airport operator published the November traffic results.
Passenger movements grew by 3.4 per cent to 211,538 – a record for the month of November. This eight consecutive monthly record was mainly brought about by a 2.5 per cent increase in seat capacity.
During the 11-month period from January to November, MIA registered a 3.7 per cent growth in passenger movements to 3.45 million passengers compared to the company’s 2012 forecast of circa three per cent to more than 3.6 million passengers.
On the bond market, the Rizzo Farrugia MGS Index edged minimally higher to 1,002.796 points as benchmark 10-year Bund yields this morning continued to trade just below the 1.4 per cent level.
However, by this afternoon 10-year yields in Germany slipped back to the 1.36 per cent level as an unsuccessful Spanish bond auction triggered a flight to safety.
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