The local equity market wrapped up the first week of 2011 with a negative performance as the MSE Share Index slumped 2.3 per cent to 3,694.277 points on declines registered in the three large cap equities.

Today was the last session for investors to gain entitlement to the one for five bonus issue of Bank of Valletta plc.

Nonetheless BOV’s shares continued to slide lower with a further 1.9 per cent to the €3.70 level across 12,945 shares. Following the last four negative sessions, BOV ended this week 4.1 per cent lower. On Monday, BOV shares will trade ex-bonus.

Meanwhile, HSBC Bank Malta plc recovered some of the previous days’ declines.

HSBC’s share price edged 1.3 per cent higher to regain the €3.20 level on increased volumes of 75,526 shares.

Despite today’s recovery, HSBC shares still closed the opening week of 2011 in negative territory with a weekly drop of 1.7 per cent.

International Hotel Investments plc also experienced a subdued performance during the first week of 2011.

The third largest equity by market cap registered a 4.8 per cent decline last Wednesday and failed to recover as the shares continued to trade at €0.90 today.

The best performer of 2010, MaltaPost plc, also closed the week lower as the share price dropped one per cent this morning back to the €0.99 level.

Over 13,800 shares changed hands today. Last Wednesday, the postal operator published its full-year results showing a seven per cent increase in profitability to €2.1 million.

However, the shares are already trading without the entitlement to the net dividend of €0.04 per share.

On the other hand, the Rizzo Farrugia MGS Index moved 0.1 per cent to close at 993.506 points reflecting the downturn in the benchmark 10-year Eurozone yield to the 2.93 per cent level.

www.rizzofarrugia.com