Trading activity during the final session of the week on the Malta Stock Exchange ended in negative territory as the Index shed 0.8 per cent to close at the 3,120.104 level. This happened when the gains registered in a single equity did not suffice to make up for losses registered in another equity. In the equity market, activity was relatively limited and spread across three equities as investors negotiated an aggregate of 52,423 shares spread across 38 deals.
The session’s sole gainer was Malta International Airport as the equity rose by 4c or 2.3 per cent to end the day at the €1.790 level. Investors in the airport operator negotiated 2,700 shares across a single deal. Meanwhile, the company also published the traffic results for the month of October. During this period, an increase of 4.4 per cent in passenger movements was registered when compared to the same month a year earlier. The German market had a significant increase of 24 per cent, whereas gains in the UK market were modest.
In the banking sector, Bank of Valletta was the day’s most liquid and actively traded equity as a volume of 49,575 shares were transacted across 36 deals. Nevertheless, BOV shares ended the day in the red, as its share price dropped by 10c or 4 per cent to close at €2.400. Meanwhile, the Bank announced that its Board of Directors have agreed unanimously to appoint Mr. Charles Borg as Chief Executive Officer with effect from 19 December 2011, in succession to Mr. Tonio Depasquale, who will retire following the 2011 Annual General Meeting, which will be held on 16 December 2011.
Elsewhere, HSBC Bank Malta shares closed unchanged from Thursday’s session at the €2.700 level. HSBC Bank Malta announced that Mr. Alan Richards will be relinquishing his post as Chief Executive Officer with effect from 1 January 2012 and will be replaced by Mr. Mark Watkinson.
Finally, International Hotel Investments announced that Corinthia Hotel Tripoli is gradually returning to normal operations following the end of hostilities in the Libyan capital city. Moreover, following on the partial opening of the Corinthia Hotel London in April, the property is now nearing completion. The company said that all other IHI-owned hotels have registered an improvement in their operating performance over 2010.