Financial news

The week's rally came to an abrupt end during yesterday's trading session at the Malta Stock Exchange when the Index lost 2.8 per cent, falling back below the 2,900 level at 2,825 points. Investors were active in a total of 7 equities with trading activity spread over an aggregate 40 deals.

GlobalCapital traded for the first time since October 9, 2008 as the equity fell by almost 50 per cent to close at the €1.00 level. Noteworthy was however the fact that only a single transaction for a mere 480 shares was transacted in the equity.

On the contrary, Lombard Bank Malta was the sole equity to register a positive movement with the listing rising by 12c to close the session at €2.65. Trading was spread across a total of four deals for a market consideration of €8,194.

HSBC Bank Malta was the day's laggard in the banking sector with the equity shedding 11c or 4.3 per cent to terminate at €2.44. The bulk of the day's trades were struck at the €2.50 level, however persisting selling pressure in the final minutes of trading pushed the price even lower. The bank was the most liquid and actively traded equity with 15,042 shares exchanged over 18 deals for a market value of €37,577.

Following four sessions on consecutive gains, Bank of Valletta gave up 4c or 1.5 per cent on profit-taking activity which saw 8,990 shares changed ownership across 11 trades, to terminate the week at €2.56. At the end of the session, 1,000 shares were best bid at €2.52 whilst supply for 1,500 shares was best offered at €2.57.

FIMBank also ended the day on a negative tune when the equity declined by 1.2 per cent to close at $1.36. Investors for the trade finance specialist struck just 1,450 shares over three deals.

Elsewhere in the market, 2,990 shares of International Hotel Investments were struck at the €0.73 level which represents a 3.8 per cent discount to its previous closing price as well as a new yearly low. Malta International Airport, on the other hand, traded unchanged as two investors swapped 550 shares at €2.17.

Weekly equity report

Local equities rallied strongly during the past five sessions, propelling the MSE Index higher by 5.7 per cent to close at 2,825 points.

On the final session of the week, GlobalCapital incurred an almost 50 per cent drop in price, plunging the equity to new lows, as two investors swapped a mere 480 shares at the €1.00 level. The equity has been inactive for the past 6 months.

Bank of Valletta was the week's best performer with fresh buying activity pushing the price higher by more than 16 per cent to close at €2.56.

HSBC Bank Malta also posted an increase during the week as the equity gained 3.5 per cent to terminate at €2.44. Demand for Lombard Bank Malta shares pushed the bank's price higher by 8.2 per cent to close at €2.65. The equity was also the week's most liquid equity with a total volume of 508,447 shares swapped over 18 deals.

FIMBank reported a marginal drop of 1.16 per cent to end the week at $1.36. Similarly Go dropped by a negligible 0.06 per cent to terminate the period practically unchanged from last week's session at €1.55.

Trading activity for International Hotel Investments was relatively subdued. The company closed in the red as it depreciated by 3.82 per cent to close 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.