In contrast to the recent gains recorded in the local equity market over the past few sessions, this morning the MSE Share Index slumped 2.1 per cent as five out of the 10 active equities traded lower, including Index heavyweights HSBC Bank Malta plc (-2.2 per cent), Bank of Valletta plc (-0.9 per cent) and International Hotel Investments plc (-6.6 per cent).

Meanwhile only Lombard Bank Malta plc and Medserv plc registered slight gains.

HSBC Bank Malta plc traded ex-dividend and the share price dropped back to the €3 level.

Moreover, the share price of Bank of Valletta plc slipped 0.9 per cent lower to €3.28 on some profit-taking following the recent gains. The negative sentiment towards financials also impacted Middlesea Insurance plc whose share price slumped 4.6 per cent to €1.05 ahead of the interim results publication next August 12.

A single trade of 150,000 FIMBank plc shares was transacted at a new five-year low of US$0.98 level representing a two per cent drop from the previous close. The trade finance specialist published its 2010 interim results yesterday evening revealing a 16.4% increase in profit after tax to US$3.39 million.

International Hotel Investments plc reversed most of the increases registered in the previous two weeks as its share price retreated by 6.7 per cent back to the €0.84 level. Just over 13,100 shares traded today. The IHI Group will be holding an extraordinary general meeting on August 27 for shareholders to approve the recently announced 1 for 25 bonus issue.

On the bond market, the seven per cent MIDI plc Sterling denominated bond jumped 300 basis points to a new all-time high of 108 per cent.

Following the closure of the new Malta Government Stock issues, the Treasury announced that in the 20-year paper, the highest tenders were placed at 103.12 per cent with the cut-off rate established at 101.85 per cent compared to the fixed offer price of 100 per cent.

http://rizzofarrugia.com/news-events/2010/interim-results-fim07/

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