Financial news

In the end of week session at the Malta Stock Exchange, the MSE Index continued in its losing streak, closing lower by 0.49 per cent to read 3,765 points. Six equities were active throughout the session with an aggregate value of €119,699 spread over 44 deals. HSBC Bank Malta was the day's main laggard and the most actively traded equity with a total of 24 transactions being matched for a total turnover of 20,600 shares. While early trades in the session were struck at the previous closing price of €2.95, sustained supply entering the market, pressured the equity to trade at a discount of 5c or 1.69 per cent to close at €2.90.

Datatrak Holdings started the day's trading higher at €0.30, only to lose this gain and close lower by the slightest of margins at €0.29. Turnover here consisted of 13,434 shares dealt over three trades.

Interest in Crimsonwing was to the tune of 41,500 shares which was spread across four deals, all struck at €0.53, leaving the equity unchanged.

Bank of Valletta's share price closed at €4.30 unaffected by four deals for a total of 2,685 shares. A similar fate was witnessed by Go which also ended the day unchanged at €2.50 with 8,300 shares swapped over eight trades. Activity in International Hotel Investments was restricted to a sole deal of 478 shares executed at the previous closing price of €1.06. Middlesea Insurance failed to trade following the publication of its interim results which saw the company report a loss after taxation of €1.6 million, compared with a profit after taxation of €2.8 million for the same period last year. The drop was mainly due to a loss of €3.0 million in the return from investments, which also includes unrealised capital movements.

Weekly MSE equity report

Sharp declines in heavyweight banking sector equities led the MSE Index to drop 4.3 per cent during the past week to close at 3,765 points, its lowest level since August 2005

HSBC Bank Malta shed 10.8 per cent of its value, in addition to last week's loss of 14.5 per cent, to close the week at a multi-year low of €2.90.

Bank of Valletta declined 4.4 per cent during the five-session period to terminate at €4.30, its lowest level since January 2005.

A single deal executed in International Hotel Investments did not alter its previous closing price of €1.06.

Crimsonwing was the week's most liquid equity, with the equity maintaining its previous week's level of €0.53. Similarly FIMBank, Maltapost and Plaza Centres all terminated unchanged at $1.885, €0.75 and €1.70 respectively.

Low volume transactions in Malta International Airport brought a 2.6 per cent decline in its share price to close at €3.04, while Go shed 0.4 per cent down to the price of €2.50.

Datatrak Holdings attracted three trades following the company's annual general meeting as the equity dropped 3.33 per cent to €0.29.

Middlesea Insurance failed to trade during the week in which the company reported a loss after taxation for the six months ended June 30 2008 of €1.6 million. The drop was mainly due to a loss of €3.0 million in the return from investments, which also includes unrealised capital movements.

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.