Financial news

Trading on the Malta Stock Exchange was relatively broad based, with nine equities trading on a high volume of 161,551 shares. The MSE Index closed practically flat at 4,650 points. Selling activity in MaltaPost continued following Thursday's 4.5 per cent decline, with profit takers selling off their holdings at a trade range lower limit of €0.844, immediately as the opening bell rung out. A total of 9,600 shares over six deals were in fact swapped at this level, which translates in a decrease of 3c5 or four per cent from the preceding closing price. At the end of the session, the best bid stood for 10,767 shares at €0.65, while the best offer of 2,760 stood at €0.785, a seven per cent discount to the day's closing price.

Plaza Centres posted in a positive day as the equity gained 0.18 of a per cent. The company is expected to publish its year end results for the period ending December 31, 2007.

Positive interest in HSBC Bank Malta helped the price move forward by the slimmest of margins to close at the €4.415 level. Trading activity mirrored the previous four sessions, with a paltry 3,940 shares changing hands across three transactions. Similarly, low volume trade activity saw Bank of Valletta close yesterday's session unchanged at €5.60. Lombard Bank Malta and FIMBank, both closed unchanged at €13.00 and $1.73 respectively on corresponding turnover of 6,815 shares and 23,241 shares.

International Hotel Investments, the third largest listed company, gained 0.1 per cent as 10,000 shares were purchased up to the €1.04 level.

Malta International Airport had a particularly volatile session with initial selling activity forcing a 4c drop in price to an intra-day low of €3.28 before renewed buying activity helped the price regain the opening level to close unchanged at €3.32. Elsewhere in the market, 5,700 shares of Go were swapped without altering its previous closing price of €3.01.

Weekly local equity market review

The larger capitalised companies balanced each other out during the past five sessions with the MSE Index closing the week flat at the 4,649 mark.

During the first part of the week, Maltapost continued with its strong rally to touch and close at an all-time high of €0.968. However, in the second half of the week investors began to book profits.

Middlesea Insurance was the week's top mover gaining 2.8 per cent on a mere 36 shares which were sold at the €3.60 level. HSBC Bank Malta gained 0.1 per cent while trading in Bank of Valletta saw the equity drop to a multi-year low of €5.35 on Tuesday, before recovering slightly to close the week at €5.60. FIMBank was the most liquid equity of the week with a grand total of 332,626 shares swapped across 14 transactions while turnover in Lombard Bank Malta consisted of 6,815 shares.

Crimsonwing gained 1.8 per cent to reclaim the €0.56 level. Malta International Airport managed to close 0.6 per cent higher at €3.32.

International Hotel Investments and Grand Harbour Marina registered the same percentage gain to close at €1.04 and €1.74 respectively, while Go shed 0.6 per cent with the price down to €3.01. Elsewhere, 9,400 shares of Plaza Centres were purchased at the €1.703 level while 6pm Holdings remained steady at £0.70 on a single low volume trade.

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.