Financial news

During an interesting and active session at the Malta Stock Exchange yesterday, the MSE Index jumped 1.2 per cent to close at 3,823 points, supported by gains in the three largest financial services components by market capitalisation. The day's trading activity on the equity market consisted of 47 deals spread over eight companies.

The market reacted positively to the publication of the interim results by FIMBank, with an aggregate turnover of 183,174 shares being transacted across 18 trades. This effectively cleared all available supply up to the $1.94 level, which equates to an increase of 2.86 per cent over its previous closing.

The highest intraday percentage increase was registered in HSBC Bank Malta, where trading activity consisting of 8,134 shares which were exchanged over six transactions, raising the price by a sizable 3.35 per cent to read €3.112.

Bank of Valletta was active early in the session with demand entering the market and the equity trading at a premium up to €4.30. Turnover here consisted of 4,337 shares spread over seven deals.

Lombard Bank declined by the slimmest of margins, when four transactions involving an aggregate 5,918 shares were executed at €2.899.

Some relatively good volumes where registered in Plaza Centres with 54,717 shares being swapped across four deals. This initially pushed the price higher, but failed to hold on to its gain by the end of the session.

A total turnover of 3,390 shares in Go left the price unchanged at €2.35. Similarly, price of International Hotel Investments and RS2 Software remained unaltered at €1.05 and €0.83, respectively.

In the fixed interest sector of the market, activity was spread across six corporate bonds and five government stocks. The five per cent MGS 2021 (Fungible Issue) attracted the highest turnover, with 2.4 million nominal while registering a price reduction of 0.17 per cent, to close at €98.70. Meanwhile, the 6.5 per cent Corinthia Finance 2010 saw 50,000 nominal being exchanged at €100.25.

Weekly MSE equity report

The MSE Index registered a second consecutive week of gains moving higher by 0.4 per cent, to terminate at 3,823 points.

Bank of Valletta was this week's top gainer, advancing by an aggregate 3.6 per cent, to €4.30.

FIMBank gained 2.8 per cent following the publication of its interim results for the period ended 30 June 2008. The bank registered almost an 8 fold increase in pre tax profits, reported at €33.9 million, primarily due to an extraordinary profit of €29.1 million on the disposal of an associated undertaking. The bank also registered healthy growth in its core business, and declared an extraordinary dividend of $0.0329 per share.

HSBC Bank Malta failed to hold onto last week's gain, shedding 1.2 per cent over the past five days to end the week at €3.112. On the other hand, Lombard Bank Malta traded steady at €2.899 on an aggregate turnover of 7,763 shares.

Following last week's results from RS2 Software, the share price advanced by 1.2 per cent to a new high of €0.83.

On the contrary Crimsonwing declined 5.6 per cent back to its initial public offering price of €0.50 as 29,854 shares were sold across 6 transactions.

Elsewhere in the market, Plaza Centres attracted turnover of 54,717 shares which were swapped without altering its previous week's price of €1.70. Similarly, no change was registered in the price of Malta International Airport, GO, International Hotel Investments and MaltaPost.

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.