Financial news

The Malta Stock Exchange Index fell into further misery as it tumbled to close lower at 3,933, a reduction of 0.9 per cent from its previous daily reading. The largest component by market capitalisation was once again the main drag on the Index following a renewed bout of selling activity, while FIMBank and Grand Harbour Marina registered meagre gains.

HSBC Bank Malta was the day's most liquid and actively traded equity with a grand total of 28,316 shares changing hands across 25 transactions. The equity was active throughout the session with selling pressures forcing the price lower and eventually settle at an intra-day low of €3.25, which translates into a drop of 2.69 per cent.

Maltapost suffered a similar fate, though volumes were markedly lower. Turnover consisted in 4,000 shares dealt over three trades, all done at €0.75, equating to a discount of 2.60 per cent.

After a number of weeks of inactivity, GlobalCapital saw its share price settle at this year's low as 1,000 shares were swapped across three transactions, to see the price lower at €2.44c4 signalling a drop of 2.24 per cent.

Interest in FIMBank to the tune of 19,500 shares caused a slight rise of 0.27 per cent to end the session at $1.885. Grand Harbour Marina also gained 0c5 when two investors swapped 10,000 shares, thereby terminating the session at €2.30.

International Hotel Investments' share price closed unchanged when 2,925 were swapped over two trades at €1.06.

In the fixed interest sector of the market, activity was spread across three corporate bonds and seven government stocks with the 5.9 per cent MGS 2009 (III) attracting the highest turnover, while the 5.7 per cent MGS 2012 (III) registered the biggest percentage gain moving higher to close at €102.40.

Weekly MSE equity report

A sharp fall in the largest component of the Malta Stock Exchange led the Index to a drop of 5.4 per cent, to close at 3,933 points.

HSBC Bank Malta had a particularly rough week following the publication of their interim results which showed a 21.1 per cent decline in pre-tax profits, reported. During the past five sessions, in excess of €160 million worth of market capitalisation was lost with the equity falling by 55c to €3.25, its lowest equivalent level since August 2005.

Bank of Valletta dropped an aggregate 12c or 2.6 per cent to €4.50 in sympathy with HSBC Bank Malta. Following the close of yesterday's session, the board issued its interim directors report stating that the second half of the current financial year should show a significant improvement over the results published for the first half albeit in an ever challenging banking environment.

FIMBank was the only banking equity to register a positive variance as the price rose by 0.5 per cent to $1.885. Elsewhere, Grand Harbour Marina inched higher by 0.2 per cent as 10,000 shares were exchanged up to the €2.30 level.

Crimsonwing traded flat at €0.53 following the publication of its full year results, which saw the group record a pre-tax profit of €909,324.

Maltapost and Plaza Centres declined by 2.6 and 1.7 per cent respectively to terminate the week at the corresponding figures of €0.75 and €1.70. Otherwise, Go and Middlesea Insurance closed the five-day period unchanged at €2.51 and €3.34.

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.