Financial news

The last session of the week was once again characterised by very low volumes in the equity market with trading limited to only four different equities. Gains in two of the most capitalised companies on the Malta Stock Exchange made up for the losses registered in the two other less capitalised companies. The MSE Index's closing reading for yesterday's session stood at 2948.24 points, 0.56 per cent higher than Thursday's close.

Bank of Valletta was the main catalyst for yesterday's positive close of the MSE Index. The only banking stock trading on the day saw its share price climb a healthy 6c9 or 2.66 per cent. Nonetheless, activity in BoV shares succumbed to the session's dull mood as only two deals were struck, for an aggregate amount of 750 shares.

The other positive contributor was Go, which posted in a 4c gain or 2.25 per cent. The number of shares traded in the telecommunication company topped the session's standing with an uninspiring 2,000 shares, struck over a single deal.

Maltapost lost half a cent on the execution of a single trade of 500 shares that saw the postal operator's share price terminate the session at €67.

Meanwhile, the largest number of deals was struck in Simonds Farsons Cisk, where four different transactions trimmed seven cents or four per cent out of the equity's previous closing price. Initial selling activity was affected at €1.699 but subsequent selling activity pushed the equity further down as it shed a further 1c9 to close at €1.68.

Volumes and trades were also lacking in the fixed income sector of the market, as 11 deals were executed in six corporate issues and eight deals were struck in seven government issues. Most issues trading on the corporate section of the market traded in unchanged territory, while the Sovereigns' prices registered a rather mixed session.

MSE Weekly report

During the past week the MSE Index edged higher by 0.3 per cent to 2,948 points, thanks to gains in the larger capitalised companies which offset declines elsewhere in the market.

Maltapost was the week's top performer moving higher by almost three per cent which stemmed the recent drop in price, thereby helping the equity recover its €0.67 level.

International Hotel Investments moved higher by 1.3 per cent to reclaim the €0.81. Mid-week the company announced that it had received in excess of 3,750 individual applications for its 6.25 per cent Bonds 2015/19 issue and all retail investors would be receiving 100 per cent of the amount they applied for.

Bank of Valletta was the week's most liquid and actively traded equity. The equity seemed to be heading to a lower close until the dying seconds of yesterday's session when fresh buying activity propelled the equity to close at €2.659, which represents a 0.3 per cent week-on-week gain.

HSBC Bank Malta gained 0.4 per cent over the same period. The banking group will be reporting its interim results in the coming weeks.

Elsewhere FIMBank and Lombard Bank Malta closed at $1.17 and €2.55 respectively, on the exchange of 1,325 shares and 1,000 shares.

Go traded practically steadily at the €1.82 level throughout the week which saw the company announce that its joint venture Forgendo Ltd had acquired further holdings in Forthnet S.A.

Simonds Farsons Cisk dropped 6.7 per cent to €1.68 as the equity continued to react to and re-price following its recent bonus issue which saw investors receive a bonus share for every six shares held.

Plaza Centres shed 2.9 per cent to €1.65, while Malta International Airport recouped 0.5 per cent as investors purchased 4,618 shares up to the €2.101 level.

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.