Subdued activity across local shares
The MSE Equity Price Index retracted by 0.215% to 3,735.729 points as the decline in the share price of IHI outweighed the uplift in VBL. Overall trading activity in equities contracted to just €0.01 million.
International Hotel Investments plc dropped by 2.7% to a near 1-year low of €0.545 across 13,942 shares.
Yesterday, IHI provided an update on its operations in Russia in view of the severe international sanctions imposed on the country. In this respect, IHI explained that although its hotel in St Petersburg and adjoining Commercial Centre (which represent approximately 8% of total revenues and assets) are fully operational, depending on the duration of the conflict, the prevailing situation could have an adverse effect on the hotel operations particularly in so far as international travellers are concerned.
On the other hand, IHI noted that it does not expect that the Russian market will be materially adversely affected. Indeed, over the past two years, the St Petersburg Corinthia Hotel had its principal source of business originating from the Russian market. Meanwhile, IHI added that the operating forecasts of its other properties remain encouraging, thus confirming its...