Stock exchange: FIMBank and Go recover

Times of Malta

The share prices of FIMBank plc and GO plc partly recovered from their recent declines during this morning’s trading session on the Malta Stock Exchange.

The US Dollar denominated equity of FIMBank increased by 4% to regain the US$1.04 level on three trades amounting to 15,000 shares while the share price of the telecoms operator advanced by 2.7% to €1.90 on a single trade of 2,585 shares.

Crimsonwing plc also had a positive day as this equity regained its 2010 high of €0.46 representing a 4.6% increase over the previous close. Crimsonwing shares were active for the first time since 11 June with a single trade of 2,200 shares. The IT Group recently announced that it was awarded a 3-year contract worth €3 million per year.

Meanwhile HSBC Bank Malta plc and Bank of Valletta plc shares succumbed to further selling pressure as their share prices edged closer to their respective 2010 lows. Banking equities have been adversely affected by recent comments made by the Governor of the Central Bank of Malta that local banks might need to revise their dividend policy.

Investor sentiment was further damaged by the Prime Minister’s comments last week revealing the Maltese Government is in favour of a levy on banks. BOV lost a further 1.3% to drop back to the €3.10 level on volumes of 9,400 shares while HSBC eased another 0.4% to close at the €2.83 level across ten trades totaling 13,320 shares.

On the bond market the allocation policy of the recent Tumas Investments plc bond issue is expected in the coming days. Meanwhile the Secured Notes of Izola Bank plc (issued earlier this month) have been admitted to the Official List today with trading expected to commence on Wednesday 28 June when trading resumes following tomorrow’s public holiday.

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