During the final session to gain entitlement to the gross interim dividend of €0.075 per share, the share price of Bank of Valletta plc dropped by a further 0.6% to end the week at €3.33. Almost 30,000 shares changed hands during the week. High volumes were also traded in HSBC Bank Malta plc.

Over 23,000 shares changed hands helping the equity recover by 2% to €3.06. The increase in the share price of HSBC helped the MSE Share Index close 0.5% higher at 3,537.603 points. The local equity market closed on the rise for the second successive week while global stockmarkets ended sharply lower.

Malta International Airport plc closed unchanged at the €3.25 level after trading at an intra-day low of €3.201. Shortly after today’s trading session MIA published the April 2010 traffic results. The statistics show a 6.5% decline in passenger departures during April mainly due to the numerous flights that were cancelled as a result of the volcanic ash cloud. Despite the drop in passengers during April, MIA still registered a 2.9% increase in passenger departures in the first four months of the year.

International Hotel Investments plc this afternoon announced that Libyan Foreign Investment Company (LFICO) acquired 11% (equivalent to 61,113,332 shares) of the issued share capital of IHI from Istithmar Hotels FZE (Istithmar) at the nominal value of €1 per share.

Moreover Corinthia Palace Hotel Company Limited (CPHCL), the majority shareholder of IHI, has the option to purchase half of this 11% by November 2011. Following this transaction, the largest shareholders in IHI are: CPHCL with 58.89% shareholding, LFICO holding an equity stake of 11% and Istithmar with 22.14%. The balance of IHI shares is held by the general public. IHI’s equity eased minimally lower during this morning’s trading session on a thin trade of 299 shares at €0.849.

Malta Government Stock prices continued to move higher with some reaching new all-time highs as the benchmark 10-year European yield dropped to 2.8%. Yesterday the European Central Bank (ECB) kept its benchmark interest unchanged at the record low level of 1% amidst concerns over Greece.

www.rizzofarrugia.com

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