Financial news

Trading for yesterday's session at the Malta Stock Exchanged resulted in a decline to the Index of 1.31 per cent to terminate at the 2,657 level. Activity in the equity market bounced back from Thursday's session and was spread over 48 deals with six listings active for the day. Banks were the major losers for the session, shedding in price to drag the Index further.

Bank of Valletta was the day's most liquid and actively traded component with 27,117 shares struck over 22 deals for a market consideration of €56,870. Despite trading at an intra-day high of €2.15, selling pressure continued to push the price lower as it plunged by 9c or 4.15 per cent to close at €2.08.

Lombard Bank Malta was the session's worst performer as the equity depreciated by 10c or almost four per cent to terminate at €2.43. Investors in the financial services company exchanged a single deal on low volume of 400 shares.

Similarly, HSBC Bank Malta was also on the losing side for the day as it shed 5c or 2.35 per cent to end the session at €2.08. Trading activity for the bank was spread over 16 deals and a market value of €29,353.

Go continued its recent upturn as the equity closed 4c higher at €1.50. The quadruple play telecommunications' company exchanged 12,000 shares over five deals and a monetary value of €17,960.

Likewise, Maltapost was also a gainer for the session as the equity rose by eight-tenths of a cent to close at €0.73. Activity for the postal operator resulted on the transaction of 1,500 shares swapped between two investors.

FimBank Malta was also active for the day when the equity traded three deals for a market value of $2,083. The trade finance specialist was the sole non-mover during the session as the equity closed unchanged at $1.39.

Weekly MSE equity report

Negative results persisted for the first week of April at the Malta Stock Exchange as the Index continued to decline by 1.43 per cent, largely driven by the two largest banks in terms of market capitalisation. The Index closed the week at the 2,657 level which represents the lowest level registered by the Index in more than four years. During the week the European Central Bank continued to lower interest rates by a quarter of a per cent.

Bank of Valletta shares shed 4.15 per cent to close at €2.08, despite trading at an intra-week high of €2.18.

HSBC Bank Malta was the week's worst performer as the listing reported a decline of 4.37 per cent to terminate at €2.08.

Similarly, Lombard Bank Malta was also a loser for the week, despite trading only on yesterday's session when the company shed almost four per cent to close at €2.43, alas on very low volumes.

Contrary to other local banks, the dollar-denominated equity FimBank was a gainer for the week as it rose by almost seven per cent to terminate at $1.39.

Malta International Airport was the week's best performer as the airport operator climbed by 7.50 per cent to terminate at €2.18.

Go continued to trade positively as buying interest pushed the price higher, terminating the week at €1.50, which equates to a gain of 3.45 per cent.

Maltapost and 6pm Holdings were active for the week, as they both traded on 1,500 shares over a very restricted number of deals. While the postal operator registered a marginal increase of 1.11 per cent to close at €0.59, 6pm Holdings closed unchanged at €0.73.

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.