Financial news

Following a relatively active Malta Stock Exchange session yesterday, the MSE index closed practically flat at 4,670 points, a gain of 0.01 per cent from its previous reading. The oldest listed component was the only laggard, balancing out an otherwise positive performance which consisted of 77 trades across an aggregate of six equities.

The large volumes recently traded in FIMBank continued unabated, with a grand total of 201,375 shares changing hands across 42 transactions, pushing the price higher by 3c or 1.5 per cent the process to close at $2.05. The equity was active well throughout the session, with the closing picture reflecting a lower bid price of $1.95 for 2,500 shares, while the best offer for 21,624 stood at the said closing price.

Activity in HSBC Bank Malta started well into the session, with initial trades executed at the €4.38 level and continued gaining to close at €4.401, thereby increasing 2c1 or 0.5 per cent with a total of 9,235 shares switching hands over 11 deals.

Malta International Airport published its full year results for the period ending December 31, 2007 with a pre-tax profit of €14.1 million. This equates to a 23.2 per cent increase when compared to the prior year nine-month period. The airport operator increased its gross final dividend to 8c92 which will be paid to investors registered as at the May 5. After an initial drop in price, the market reacted positively to the results, pushing the equity higher by 2c9 or 0.9 per cent to close at a 2008 high of €3.29. Bank of Valletta was yesterday's top laggard as the banking equity dropped by 1.2 per cent, acting as the main catalyst for a practically unchanged closing on the MSE. The share closed at €5.75 on the exchange of 5,555 shares across nine transactions.

Healthy trading interest in both Go and Maltapost did not alter their previous price levels of €3.14 and €0.70 respectively.

Weekly local equity market review

The MSE Index gained 0.4 per cent to close at the 4,670 mark characterised by the issuance of full year results from FIMBank, Malta International Airport and Grand Harbour Marina.

FIMBank issued its annual results which showed an impressive 106 per cent increase in pre-tax profits. The equity gained 2.5 per cent during the week as 535,844 shares were exchanged up to the $2.05 level.

Malta International Airport published their full year results yesterday, showing a pre-tax profit of €14.1 million. This equates to a 23.2 per cent increase when compared to the previous year nine-month period. The equity closed at its highest level for the current year at €3.29.

International Hotel Investments traded in large quantities with the equity moving higher by 3.4 per cent to close at the €1.03,5 level. Elsewhere, Simonds Farsons Cisk gained 3.2 per cent to reclaim the €2.45 level as 3,817 shares were purchased across two transactions.

Crimsonwing shed 7.8 per cent of its value to terminate at the €0.539 level while 6pm Holdings declined 0.1 per cent as a mere 1,000 shares were swapped at the £0.729 level.

HSBC Bank Malta closed the five-day period on an almost level keel at the €4.40,1 level. Bank of Valletta lost 1.4 per cent of its value with trades being struck at the €5.75 level towards the end of yesterday's session. Otherwise, Go continued moving on a positive streak with the equity gaining 0.3 per cent to close at €3.14 while Lombard Bank, Middlesea Insurance and Maltapost closed the week without change at €13, €3.60 and €0.70 respectively.

This article has been prepared by Bank of Valletta p.l.c. (the Bank), which is licensed to conduct investment services business by the MFSA, for your general information only. This information is not a solicitation or offer by the Bank to acquire or sell securities. Nor does it constitute any form of advice by the Bank. Appropriate advice should be obtained before making any such decision. Past performance is not necessarily a guide to future performance and the value of your investments may fall or rise.