Financial news

On the final session of the week, the MSE Index terminated lower by 0.6 per cent, dragged by its larger components in the banking sector, which jointly lost €21.1 million in market capitalisation terms. Trading volumes were particularly robust, with institutional activity dominating the sovereign fixed interest market.

HSBC Bank Malta was the major drag on the market, as the heavyweight equity lost 1.2 per cent to close at the €4.30 level. The day's activity consisted of 10,982 shares, carrying a market consideration of €47,311 which were sold across 15 transactions.

Bank of Valletta declined by almost the same amount in monetary terms with 21,379 shares being swapped across 15 transactions. The equity gave back Thursday's entire gain to close again at a multi year low of €5.25. Elsewhere a single trade in Lombard Bank Malta saw two investors swap a mere 62 shares without altering its previous closing level of €13.

Similarly, a single purchase order for 4,350 shares of GlobalCapital helped the equity recoup some of its lost ground bringing a seven cents or 2.6 per cent increase to its price which reclaimed the €2.80 level.

6pm Holdings gained 1p or 1.3 per cent on strong buying activity which saw 47,700 shares being purchased across seven transactions, thereby pushing the price to an all time closing high of £0.78.

Elsewhere in the market, Maltapost shed 3c5 or 4.6 per cent as 10,205 shares were sold across three transactions squeezing the price down to €0.735.

Weekly local equity market review

For the second consecutive week, financial services providers were the main drag on the MSE Index forcing it to close lower by 1.8 per cent at the 4,545 point level. During the five-day period, trades were struck in all equities on the main board, with the exception of Medserv which has remained inactive since the January 28.

6pm Holdings was the week's top gainer, going up in excess of 6.8 per cent on particularly robust volume of 88,804 shares.

The two largest components of the Index, HSBC Bank Malta and Bank of Valletta declined respectively by 2.6 per cent and 3.7 per cent.

Maltapost pulled back by a further 6.4 per cent, while disappointed investors continued to sell GlobalCapital shares, squeezing the price lower by a further 4.4 per cent.

Simonds Farsons Cisk gained 1.6 per cent to €2.60 on anticipation of the company's full-year results which are due to be published on the May 2, while low volume buying activity helped Plaza Centres move higher by 1.5 per cent to claim the €1.725 level.

International Hotel Investments commenced trading without the attached rights to receive three new bonus shares for every 100 held and the price reacted accordingly by dropping to the €1.06 level.

Otherwise, slim declines were registered by FIMBank, Middlesea Insurance and Go, while on the contrary Malta International Airport and Crimsonwing both closed the period higher. Grand Harbour Marina and Lombard Bank Malta were the only two equities to trade steady.

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.