Financial news

A complete reversal of fortunes in Bank of Valletta during the final trading session of the week on the Malta Stock Exchange, was the motor behind the 1.7 per cent gain in the MSE Index which closed the day at 3,795 points.

Bank of Valletta leaped 38c2 or 10 per cent as investors deemed the equity had fallen too far during the previous session and did not hesitate to purchase shares at the top of the day's permissible trade range of €4.181. Furthermore, the market regulator at the Stock Exchange had to temporarily "freeze" trading Bank of Valletta shares 13 times during Friday's session, as investors demanded to purchase shares on offer at a higher price.

By the end of the session, a total of 8,644 shares had been purchased across eight transactions and in excess of €50.9 million worth of market capitalisation had been recovered. Outstanding bids demanded 14,944 shares at €4.181 while the best offer was for 4,000 shares at €4.25, then followed by 4,000 shares asking €4.599.

HSBC Bank Malta was the day's most liquid and actively traded equity with a grand total of 23,713 shares, carrying a market consideration of €75,881 being exchanged across 9 transactions. All deals were executed at the €3.20 level.

Middlesea Insurance was the day's only loser, with the equity declining by 5c or 1.7 per cent as two investors swapped a mere 1,529 shares at €2.95, a multi-year low.

Otherwise a single deal in MaltaPost saw 7,978 shares changing hands without altering its previous closing price of €0.79.

Index up on shortened week

The Malta Stock Exchange, had a particularly volatile week with investors focusing mainly on financial equities, dragging the MSE index lower by 4.9 per cent to 3,795 points.

Bank of Valletta touched a multi-year low of €3.75 on Thursday following two sessions of inactivity which prompted the Malta Stock Exchange to lift the trade ranges. However, the following day sentiment turned positive and the equity recovered 10 per cent during the final session of the week to terminate at the €4.181 level. Nevertheless, on a week-on-week, basis the equity closed lower by 10.8 per cent.

HSBC Bank Malta declined 5.9 per cent, terminating yesterday's session at €3.20.

Similarly, FIMBank closed the week lower, albeit by just 0.2 per cent.

Lombard Bank Malta was the only banking sector equity to register a 0.3 per cent positive variance to close at the €3.06 level.

Go moved higher by the slimmest of margins to reclaim the €2.31 level.

International Hotel Investments shed 4.3 per cent to €1.015, while Middlesea Insurance declined to a multi-year low of €2.95, which equates to a weekly decline of 3.3 per cent.

Elsewhere, Crimsonwing and Grand Harbour Marina declined 3.5 per cent and 2.3 per cent respectively to correspondently trade at €0.50 and €2.10 while MaltaPost shed 1.3 per cent to close at €0.79.

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.