Bargain hunters scooped down on those equities which have been beaten lower over the past few sessions yesterday as investors poured fresh funds into the five equities, thereby pushing the MSE Index higher by more than 57 points or 1.2 per cent to close the week at the 4,843 mark.
Go was the day's most liquid equity and the day's top gainer as 22,610 shares were purchased across 11 transactions. The equity immediately opened higher and by the end of the session had gained 5c or 4.2 per cent to terminate at Lm1.25. Go shares fell sharply during the past few sessions purely on negative sentiment but this level has proven attractive to prospective investors wishing to purchase shares or lower their average. Buying activity in International Hotel Investments saw 12,645 shares being collected off the offer side, therefore pushing the price higher by 4 per cent to close at €1.04.
HSBC Bank Malta, the Index heavyweight, gained 1c or 0.5 per cent to Lm1.96 as 5,970 shares were purchased across six transactions. The Lm3.50 level provided support yet again for Bank of Valletta shares which traded at this level initially but recouped almost all of the day's losses to close at Lm3.52,4. The day's activity consisted of 21,473 shares which were swapped across 21 deals.
FIMBank, the trade finance specialist, moved higher as investors purchased up to 17,000 shares up to the $1.75 level. The company has successfully concluded a $25 million rights issue recently and the company will be using the proceeds to increase the group's capital base and provide additional funding for its subsidiaries and joint ventures.
Elsewhere in the market, investors purchased shares of the airport monopoly operator Malta International Airport which rallied 3c4 or 2.5 per cent as 3,740 shares were purchased across 4 transactions pushing the price higher to Lm1.38,4.
A single deal for 7,472 shares in GlobalCapital was executed without affecting its previous closing price of Lm1.88.
MSE equity report
Trading activity during the past five sessions was characterised by a mixture of selling activity driven by persistent negative sentiment on one hand and opportunistic buying on the other. Overall, the market closed on a positive note with the MSE Index moving higher by 0.75 per cent to 4,843 points.
Go was the focal point of much of this activity, with the equity dropping sharply during Wednesday's and Thursday's session before recovering during the final session of the week.
Lombard Bank was the week's top performer with the equity gaining five per cent in a single day to terminate at Lm5.25. On the contrary, Bank of Valletta suffered slightly under consistent selling pressure which wiped off 0.7 per cent of the bank's market value over the period.
Elsewhere, FIMBank gained 1.2 per cent to close at $1.75 while HSBC Bank Malta terminated unchanged at Lm1.96.
GlobalCapital shares gained on strong buying interest which saw the price moving higher by 4.7 per cent to Lm1.88.
Grand Harbour Marina gained 0.1 per cent to 75c on relatively strong activity.
Middlesea Insurance gained 2.4 per cent earlier in the week to reclaim the Lm1.72 level while International Hotel Investments left it till yesterday's session to register a four per cent leap to close at €1.04.
Malta International Airport produced a positive showing, gaining 2.5 per cent to Lm1.38,4 while Medserv closed in the black as two investors swapped 2,000 at the Lm1.76 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.