The Malta Stock Exchange index gained 0.6 per cent on the week to close at the 3507.626 level, despite lower results for banking stocks.
The big mover on the week was International Hotel Investments plc, which gained 7.1 per cent in large volume of 60,266 shares across 15 trades. There was no news to account for the jump in IHI’s stock price.
The performance of banking stocks was less stellar. Bank of Valletta plc was down 0.6 per cent for the week, closing at €3.26 in moderate volume of 59,679 shares across 48 deals. HSBC Bank Malta plc, meanwhile, lost 1.0 per cent to close at €2.97 in 17 trades of 19,510 shares.
Also in the banking sector, FIMBank plc finished the week unchanged at US$0.98, in very heavy volume of 366,189 shares across a mere five deals.
Also closing in negative territory for the week was Loqus Holdings plc, which fell 4.8 per cent, to close at €0.20 in a single trade of 3,548 shares.
On Tuesday, Malta International Airport plc announced that starting January 2011, it will begin outsourcing its marketing operations to International Airport Advertising Corporation Ltd. (IACC), in an attempt to maximise its advertising efforts and enhance sales. IACC was formed in Malta and will be working closely with strategic partners, Clear Channel Airports (CCA) to further embellish and enhance the professional standards of the terminal area at MIA and its surrounding environment. CCA is a division of Clear Channel Outdoor, which is the world’s largest out-of-home advertising company with operations in several countries, including the United States, Switzerland, Finland, Cyprus, Holland and the UK. Shares in the local airport operator were down on the week, dropping 1.2 per cent, to close at €1.601 in seven trades of 13,000 shares.
On Thursday, Middlesea Insurance plc announced its interim financial results for the six-month period ended 30 June 2010. The company announced that group pre-tax profit came in at €3.4 million versus re-stated profit for local operations of €0.9 million for the same period in 2009. The company stated that it had witnessed improvements in both its technical and non-technical business as it continues to refocus its efforts on the local market. Shares in the company also fell for the week, shedding 1.9 per cent, to close at €1.03 in seven trades of 16,869 shares.
Other stocks to trade in the week yet failed to register a change in their closing prices were GO plc, which closed at €1.90, Grand Harbour Marina plc which ended at €1.96 in a single trade of 5,600 shares, and Medserv plc, which finished at €4.28, also in a single trade of 20,800 shares.