Financial news

The Malta Stock Exchange registered a decline during the end of the week session as all equity trades closed negative, thereby depressing the MSE Index down by 1.58 per cent to 3,409 points. Five equities were active throughout the day with an aggregate of €114,289 spread over 45 deals.

Bank of Valletta was the most active and liquid listing, with 15,616 shares being exchanged across 24 transactions. Initial trading was executed at yesterday's closing price, but subsequent selling pushed the price lower to €3.40 which represents a decline of 4.23 per cent. The bank will announce its full year results for the period ending September 30, 2008 at the end of next week.

Trading in HSBC Bank Malta was spread over 11,978 shares executed across 10 deals, which lowered the price to €2.90. This translates in a 5c or 1.69 per cent drop over the previous closing level.

A sole trade of 5,000 shares in RS2 Software saw the equity drop 1.28 per cent to end the day at €0.77 which is the lowest level reached for this year.

Similarly, a deal for 2,000 shares in International Hotel Investments saw a reduction of 1c2 to close at €0.968.

Activity in Go to the tune of 8,950 shares forced a decrease of 0.99 per cent to end the session at €2, however, current best offers signalled further pressure.

In the fixed interest sector of the market, activity was spread across eight corporate bond and 13 government stocks. The 5.7% MGS 2012 (III) attracted the highest turnover, with 400,000 nominal and closing higher by €0.90 to €106.10.

The largest decrease in price was registered in the 6.75% Corinthia Finance 2012 where 6,290 nominal were swapped over a sole transaction, pushing the price down to close at €100.

MSE weekly report

With international markets selling off on fears of a global economic slump, local equities followed in sympathy thereby forcing the MSE Index to close the week 3.1 per cent lower at 3,409 points.

Bank of Valletta lost 8.1 per cent to terminate yesterday's session at €3.40, its lowest level in more than four years.

The directors are set to meet on October 31 to consider and approve the bank's full year results for the period ended September 30, 2008.

HSBC Bank Malta declined 3.3 per cent as 36,033 shares were swapped down to the €2.90 level, while a single trade in Lombard Bank Malta was executed during Tuesday's session where a mere 359 shares were dealt at the €2.948 level. FIMBank traded steadily throughout the week at $1.60.

Go dropped 4.7 per cent on the exchange of 20,362 shares. The equity is languishing close to its lowest levels this year at €2.00.

Grand Harbour Marina shed 2.2 per cent as 5,000 shares were sold down to €2.15. RS2 Software dropped below its June initial public offer price as 12,500 shares were sold across two sessions, thereby squeezing the price lower by 4.1 per cent to €0.77.

International Hotel Investments was not spared from the local selling activity and shed 1.2 per cent to drop to €0.968, its lowest level since May 2007. Relatively speaking, Maltapost enjoyed a positive week closing unchanged at €0.818 on the transaction of 5,500 shares.

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.