Financial news

A relatively active session at the end of the week on the Malta Stock Exchange did not alter significantly the Index's performance as it closed marginally higher at 4,173 points, thereby reversing the negative trend persistent for the majority of the past week. This near balance was brought about primarily by gains registered in three banking components, which made up for losses in three other companies. The session's activity was spread over nine equities, with a total of 30 trades being executed.

Lombard Bank was the highest percentage gainer, increasing by 7c when a sole trade of 1,919 shares was executed at mid-session.

A low volume transaction in Simonds Farsons Cisk dealt in the dying seconds of the session pushed the price up by 2c or 0.74 per cent to close at €2.73. The company will be convening its 61st Annual General Meeting towards the end of this month.

Trading in Bank of Valletta pushed the price higher by 2c to close at €4.62. Turnover consisted of 4,509 shares which were exchanged over five trades, having an aggregate value of €20,746. Interest in FIMBank saw the equity trade higher by the lowest of margins to close at $1.89. Turnover here consisted of 2,660 shares which changed hands over two deals.

Go was the day's laggard trading down to touch the €2.604, the lowest level reached this year, only to recoup some of this loss towards the end of trading, thereby closing at €2.65, on total turnover of 12,706 shares. Activity in this equity was spread over 10 transactions.

Activity in Plaza Centres saw 50,000 shares, being exchanged between two investors, and dealt at €1.70 representing a 1.45 per cent drop from its previous price. Meanwhile, activity in International Hotel Investments of 1,600 shares dragged the price slightly down to close at €1.072.

Trades in HSBC Bank Malta and Malta International Airport failed to alter their previous closing levels of €3.75 and €3.12 respectively.

Weekly local equity market review

During the past five sessions, the MSE Index declined by 1.3 per cent to 4,173 points, marking its ninth consecutive week of weakness during which the basket of local equities lost in excess of 12 per cent of its value.

Among the larger capitalised companies, Go was this week's major decliner as the equity plunged by 3.3 per cent.

Bank of Valletta, the most active equity for the week, shed a further 2.7 per cent, while HSBC Bank Malta declined by 1.3 per cent.

Elsewhere in the banking sector, FIMBank managed to close on a slightly positive note with the equity moving slightly higher to reclaim the $1.89 level, while Lombard Bank Malta declined by just 0.1 per cent to terminate Friday's session at €3.070.

GlobalCapital was the week's biggest loser as 2,000 shares were sold down to the €2.75 level, its lowest level since July 2005. On the other hand, Malta International Airport moved higher by 0.2 per cent.

Maltapost provided the brightest spark to the market with a single trade going through at the €0.78 level, representing a 3.8 per cent positive variance over its previous week's level. Elsewhere, buying activity in Simonds Farsons Cisk spurred the company to reclaim its highest level since March 2005.

Middlesea Insurance attracted an uncharacteristically large turnover with 84,806 shares changing hands, closing the week slightly lower at €3.41, while trading in Plaza Centres dragged the price down by 1.5 per cent to terminate at €1.70.

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.