Financial news

The MSE Index remained relatively unchanged during an uninspiring end of week session at the Malta Stock Exchange, which saw the index closing at 4,502 points. Trading was spread on 39 transactions with a downbeat session for Bank of Valletta shares off-setting gains in Malta International Airport.

Bank of Valletta registered a negative close, losing 1c or 0.2 per cent to end the session at €5.19 on the highest turnover registered during the day. In fact 37,488 shares swapped hand over 19 trades, with an intra-day low of €5.181, a price level last reached in early September 2005.

Malta International Airport traded at a yearly high of €3.38, which represents an 8c or 2.4 per cent gain over its previous level volumes supporting yesterday's movement was contained to two deals consisting of a total turnover of 2,000 shares. At the close of trade outstanding bids for 1,000 shares stood at €3.32 against a supply of 9,000 shares offered at €3.40.

Three early deals in FIMBank, consisting of 2,100 shares, saw the price trade higher by 0c5 or 0.3 per cent to close at $1.92. At this figure, the equity is trading at a price earnings ratio of 16.71 and has a market capitalisation of over $211 million.

HSBC Bank Malta inched higher by the lowest of margins as the index heavyweight gained one-tenth of a cent on the execution of 9,157 shares.

A sole trade for a mere 50 shares in Go did not alter the previous price level of €3.00.

International Hotel Investments was the day's laggard as the equity dropped close to half a percentage point, thereby closing at €1.06 on the exchange of 1,050 shares across two deals.

GlobalCapital acquisition dominates

Local equities closed weaker for the third consecutive week, dragged lower once again by more weakness in the banking sector, particularly the largest and second biggest listed company.

As a result, the MSE Index lost 0.9 per cent to terminate at 4,502 points, its lowest level since November 2005.

GlobalCapital was the week's top gainer as investors reacted to news that the diversified financials group had reached an agreement for the acquisition of a 85.5 per cent stake in Medifin Holding Ltd, which holds 99.9 per cent of the issued share capital of Mediterranean Bank plc. The equity climbed to the €3.176 level, bringing about a 13.4 per cent week-on-week gain.

HSBC Bank Malta and Bank of Valletta were the biggest drag on the market, shedding 2.3 per cent and 1.1 per cent of their value respectively.

Elsewhere in the financial sector, FIMBank reclaimed the $1.92 level as an aggregate 19,200 shares were purchased across eight trades, while a sole trade in Lombard Bank Malta confirmed its price level of €13.00. Middlesea Insurance shed 2.9 per cent to close at €3.40.

Trading in Maltapost pushed the price up by 2.0 per cent to €0.75, while Malta International Airport closed a volatile week higher by 0.9 per cent at €3.38.Turnover of 14,310 shares in Go led the price lower to the €3.00 level.

Otherwise, trades executed in Grand Harbour Marina, International Hotel Investments, Crimsonwing and 6pm Holdings left their prices unaltered.

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.