Financial news

It was a dull end to a negative week on the Malta Stock Exchange which saw the majority of trading being executed towards the end of the session. The MSE Index fell a hefty one per cent to close at 4,304 points as trading was spread over seven components, with a total of 32 trades executed and an aggregate value of €243,646.

The highest percentage drop was registered in Malta International Airport when a total of 13,700 shares were traded over four deals towards the end of the session. All the day's activity was executed at the €3.11,1 level, representing a decline of 23c9 or 7.1 per cent. This is the lowest registered price for the equity since the start of the year.

Go suffered a similar fate when the equity traded at the €2.80 level, down 8c4 from its previous reading. Turnover here consisted of 2,240 shares, also dealt towards the end of session, and was spread over three deals.

Activity in HSBC Bank Malta started well into the session at 3c7 lower than the previous closing price, only to continue trading down to €3.80 or a total of one per cent. A grand total of 11,820 shares were swapped over 11 transactions, with the best bid at the close standing for 2,000 shares at €3.75,1, while the best offer was for 6,280 shares at €3.80.

Bank of Valletta dropped 0.8 per cent to close at €4.85,1 on 2,500 shares spread over two deals. FIMBank was the day's most active traded equity with a total of 110,453 shares changing hands across six deals. This activity caused the price to slide 0.4 per cent to close at $1.88.

Lombard Bank's share price closed unchanged when 1,450 shares were swapped over four trades at €3.

Maltapost had the day's only positive showing, with the price moving up by 1c, representing a 1.33 per cent gain to close at €0.76.

Weekly MSE equity report

Local equities drifted lower for the seventh consecutive week, dragged by persistent negative sentiment which has led to an increase in supply and extenuated by bids placed at prices lower than the previous closing levels. The MSE Index shed 2.3 per cent to terminate yesterday's session at 4,258 points.

Once again, the banking sector was the main drag on the market with selling activity wiping off a further €58.5 million worth of market capitalisation after last week's loss of €72.7 million, and forcing the market price of the two largest equities down to their lowest levels since October 2005.

Lombard Bank Malta dropped 4.1 per cent, HSBC Bank Malta declined by 3.6 per cent, while Bank of Valletta suffered a two per cent setback. FIMBank was the week's most liquid equity and the only banking equity to maintain its previous closing level.

Malta International Airport was the worst performer, dropping to its lowest level since July 2007. On the other hand, Maltapost was the week's top gainer, with the equity moving higher by 1.3 per cent.

Go dropped 3.5 per cent to €2.80, its lowest level since December 2007, while GlobalCapital gave up 1.7 per cent of its value on a low volume trade executed at €2.95. Otherwise, Middlesea Insurance and Simonds Farsons Cisk gained 0.6 per cent and 0.4 per cent to terminate the week at €3.43 and €2.71 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.