Today’s trading session was shortened to only 30 minutes due to a technical problem with the trading system of the Malta Stock Exchange. The MSE Share Index advanced by 1.1% mainly as a result of the 7% gain by International Hotel Investments plc. Renewed demand amounting to 33,975 shares helped IHI’s equity recoup the losses sustained at the end of last week. IHI’s hotel management arm CHI Hotels & Resorts Ltd yesterday announced a new 15-year agreement to operate a second hotel in Sharm El Sheikh, Egypt as from 1 October 2010.

Elsewhere on the equity market, Bank of Valletta plc edged minimally higher to the €3.30 level as all shares on offer were snapped up. For the second successive session, there was encouraging trading activity in BOV shares on renewed demand for this equity. 18,824 shares changed hands today following the trading activity of 26,238 shares yesterday. HSBC Bank Malta plc returned to activity with few trades amounting to 3,255 shares. The share price closed unchanged at €2.999.

On the other hand, Malta International Airport plc closed in negative territory for the second successive session. Following yesterday’s 0.6% decline, the share price of MIA lost another 0.6% to €1.60. Earlier on this afternoon, MIA announced a photo voltaic initiative aimed at reducing their electricity costs by €30,000 per annum.

Middlesea Insurance plc remained inactive today ahead of the publication of the 2010 interim results released shortly after the close of the trading session. The Middlesea Group returned to a profitable position as it reported a half-year profit of €3.22 million. Total equity as at 30 June 2010 of €51.42 million translates into a net asset value per share of €0.559.

On the bond market, Malta Government Stock prices continued to rise following the decline in international yields to record lows. The new MGS issues are expected to commence trading next week. Today’s indicative bid price by the Central Bank of Malta in the 20-year paper was 102.30% compared to last week’s offer price of 100%.

More information is available on www.rizzofarrugia.com

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