Financial news

Local equities terminated the final session before the Easter holidays on a negative footing, with weakness in three of the banking equities weighing the MSE Index down by 0.23 per cent at 4,651 points.

Maltapost shareholders, however, had plenty to cheer about with the postal service provider gaining a further 4c8 or 5.7 per cent to close the day at a new record high of €0.848, bringing the total upward swing since its January floatation to 69.6 per cent. The day's activity consisted of merely 2,022 shares which were exchanged across a single transaction, leaving demand for 7,978 shares outstanding on the bid side at €0.848 against supply of 3,637 shares best offered at €0.85.

Bank of Valletta had a particularly volatile session as well as being the day's most liquid and actively traded equity. A grand total of 57,402 shares, carrying a market consideration of €318,479, were swapped across 33 transactions with particularly persistent sellers forcing the price down to an intra-day low of €5.40. This level was deemed as a good entry point for other investors who upped their bids, trimming the day's declines to just 5c or 0.9 per cent, for the equity to close at the €5.65 level.

Lombard Bank Malta shares traded for the first time since the equities fell "ex-dividend" on March 17. The day's activity consisted of 2,000 shares which were exchanged at an average weighted price of €12.966, with purchasing investors forfeiting the right to receive a net final dividend of 26c. The equity terminated the day, down by 20c or 1.5 per cent at €13.

Elsewhere, two investors swapped 825 shares of FIMBank at the $1.74 level, forcing a slight decline in the trade finance specialist, while all four trades executed in HSBC Bank Malta were struck at the €4.41 level.

A single transaction in Malta International Airport saw two investors exchange just 200 shares at €3.30, which represents a 2c5 discount to its previous closing price.

Weekly local equity market review

In a shortened week of trading, the Malta Stock Exchange Index shed 0.2 per cent to close Thursday's session at 4,651 points.

Maltapost was by far the week's top gainer, as the equity gained an impressive 19.3 per cent to top out at the €0.848 level.

Simonds Farsons Cisk had a positive three-day streak, moving higher by 2.4 per cent to reclaim the €2.56 level. Activity in Go was particularly low as the equity gained almost a full percentage point to terminate at €3.029.

With the exception of HSBC Bank Malta, which moved higher by 0.5 per cent to €4.41, all other banking equities closed the week in the red. Bank of Valletta was the worse hit, losing 1.6 per cent to finish at €5.65.

Lombard Bank Malta commenced trading without the right to receive the final net dividend, and the market reacted to this by forcing the price down by 20c to terminate at the €13 level.

Elsewhere, FIMBank shed 0.1 per cent on low volume activity.

Middlesea Insurance shed 2.8 per cent of its value to close down at its lowest level since April 2005. Otherwise, low volume transactions in International Hotel Investments and Malta International Airport inflicted low percentage declines to the equities which closed at €1.034 and €3.30 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.