Financial news

The MSE Index closed the final session of the week on a positive note, buoyed by renewed buying activity in Bank of Valletta and Go which returned back in favour with investors. Surprisingly, Grand Harbour Marina gained 2.2 per cent on the same day the equity commenced trading ex-dividend.

Bank of Valletta remained the focus of attention with the majority of investors sitting on the sidelines, awaiting a clear movement in the market price before committing themselves. The company issued its interim results on Tuesday afternoon, whereby directors declared a gross interim dividend of €0.135, notwithstanding profits were affected by markdowns in the bank's investment portfolio. The day's activity in fact, consisted of 6,975 shares which were swapped across six transactions. Buyers were the more determined force in the market and their activity pushed the price up by 1c1 or 0.2 per cent to €5.19.

Go gained 4c5 or 1.5 per cent as 2,000 shares were collected, over three transactions, off the bid side up to the €2.99,5 level.

Grand Harbour Marina unexpectedly jumped 5c or the equivalent of 2.2 per cent as 4,300 shares were purchased across five transactions pushing the price up to €2.30. These transactions were executed on the same day the equity commenced trading without the right to receive a net final dividend of 20c per share.

6pm Holdings shed 3.85 per cent as two investors swapped 8,000 shares at the £0.75 level, while a single sale of 810 shares in Malta International Airport dragged the day's price by 3c or 0.9 per cent to €3.30.

Simonds Farsons Cisk traded unchanged at €2.60 as 6,000 shares were transacted before the company published its full year results which showed a 31 per cent jump in pre-tax profits, reported at €4 million. Furthermore, the food and beverages group revalued its properties by €55.5 million and upped its final net dividend to €0.05316 per share.

Weekly eurozone economic review

Local equities declined for the fourth consecutive week, which was shorter due to the May 1 holiday, but the MSE Index still managed to close yesterday just above its multi-year lows at 4,493 points.

Investors gave a somewhat muted response to Middlesea Insurance's full year results which showed a 9.4 per cent year-on-year improvement in pre-tax profits on ordinary activities. The equity attracted just a meager turnover of 1,572 shares throughout the entire week, which nonetheless improved the week's closing price by 0.9 per cent to €3.43.

Bank of Valletta closed the week unchanged at €5.19, while Simonds Farsons Cisk traded flat at €2.60 during the week.

HSBC Bank Malta, the largest listed equity, shed 0.2 per cent as an aggregate total of 12,768 shares were swapped down to the €4.19 level. GO closed the week lower by 0.2 per cent at €2.995, while FIMBank and Plaza Centres too sported slim declines, terminating yesterday's session at $1.91 and €1.72 respectively.

In the technology sector there were sustained declines for 6pm Holdings which shed 3.9 per cent and Crimsonwing which shed 2.5 per cent to close at €0.551.

Grand Harbour Marina was the week's surprise package with the equity gaining 2.2 per cent.

Malta International Airport closed weaker by 2.4 per cent at €3.30 while trades struck in Lombard Bank Malta, International Hotel Investments and Maltapost did not affect their previous closing prices of €13.00, €1.06 and €0.75 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.