In contrast to yesterday’s session which was characterised by weak volumes, trading activity increased considerably during the final trading session of the week. The MSE Share Index shed 1.7 per cent to 3,331.346 points as six equities closed lower.
Among the large caps, HSBC Bank Malta plc failed to maintain the €2 level with the price dropping by five per cent back to the €1.90 level on increased activity totalling 65,679 shares. The gross interim dividend of 4c5 per share declared last Monday will be payable to those shareholders as at close of trading next Monday.
Meanwhile, Bank of Valletta plc edged minimally higher to €2.10,1 on activity of 17,577 shares.
Also in the banking sector, Lombard Bank Malta plc and FIMBank plc also closed the day sharply lower with losses of 5.9 per cent and 9.1 per cent to €1.60 and 68cUS respectively.
Lombard will be publishing its interim results on August 20 while FIMBank issued its interim financial statements earlier this week showing a mixed performance with higher income levels which were offset by additional impairments.
The pre-tax loss of the FIMBank Group narrowed to only $0.34 million in the first half of 2014 compared to $7.5 million in the first six months of 2013 but this was only as a result of a one-off fair value adjustment of $7.83 million after the group acquired a controlling interest in India Factoring and CIS Factors. Meanwhile, a further 7,692,307 shares were listed today which were allotted to Tunis International Bank (a fellow subsidiary within the KIPCO group) pursuant to the Underwriting commitment of the recent rights issue.
Three other equities performed negatively today. The sterling denominated equity of 6pm Holdings plc eased 1.4 per cent lower to 73p on volumes of 75,000 shares.
Yesterday afternoon the company unexpectedly issued its interim financial results showing a strong increase in profits during the first six months. After a long period of inactivity, the equity of Grand Harbour Marina plc traded at €1.86 representing a drop of 0.5 per cent from its previous close.
The company will be publishing its interim financial statements on August 29. RS2 Software plc eased 0.4 per cent lower to €2.62,9 on activity of 20,000 shares. The company has yet to announce the date of publication of its interim financial statements.
Go plc maintained the €2.40 level as a further 3,240 shares changed hands this week. Go's interim financial statements will be published on Wednesday.
Meanwhile, this morning the Greek company Forthnet published its results for the second quarter to June 30 showing an increase in revenue and EBITDA following a consistent rise in Pay-TV subscribers.
The market awaits further information from the Greek company following the recent non-binding offer received by Vodafone and Wind to acquire the remaining shares in Forthnet that are not held by them.
On the bond market, the Rizzo Farrugia MGS Index continued to reach new record levels with a further rise to 1,064.708 points (0.4 per cent this week) mirroring the continued decline in Eurozone yields. German bund yields dropped to a fresh record low of 1.02 per cent following the heightened geopolitical concerns after the US President Barack Obama authorised air strikes on Islamic militants in northern Iraq.
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