Yesterday's trading session at the Malta Stock Exchange was characterised by continued negative sentiment which featured in the recent sessions, with the MSE Index further reducing its standing to 4163 points. The day's trading activity consisted of a total of six equities, three of which had a negative price change.
The highest percentage drop was registered in Crimsonwing where a total of 2,500 shares were traded over two deals towards the end of the session. The equity ended the day down by €0.02 at €0.52.
All trading activity in Lombard Bank was executed at the €2.90 level, which equates to a loss of 4c9 over its previous closing price. Turnover consisted of 3,300 shares which were dealt across 3 trades, with a large chunk being dealt at the opening bell.
Bank of Valletta continued its downturn on a higher than usual turnover of 17,510 shares executed over 17 deals. Trading started where it had left off the previous day, only to lose momentum as selling pressure continued to mount during the day. At the end the equity ending the week at €4.60.
HSBC Bank Malta finished the day unchanged at €3.82 having traded down to €3.80 for the most of the session with a total turnover of 15,000 shares executed over 10 deals.
Malta International Airport's share price closed unchanged when 1,200 shares were swapped over a single trade at €3.12. Similarly, interest in Middlesea Insurance to the tune of 728 shares failed to change the closing price of €3.34.
Meanwhile in a company announcement issued in the morning, Go informed the market that Forgendo Ltd, its joint venture with its major shareholder, had acquired a further stake for 676,277 shares in Forthnet S.A. for a total consideration of €2,870,176.
Weekly local equity market review
Local equities registered their twelfth week of decline in the past fourteen, dragged lower by deteriorating financial equities, which trimmed 0.8 per cent of the MSE Index to close off at 4,163 points.
Bank of Valletta succumbed under selling pressure which caused a 5.5 per cent week-on-week decline.
Lombard Bank Malta shed 1.7 per cent to close at its lowest level for the year while FIMBank lost 1.6% of its value to terminate at $1.86. HSBC Bank Malta gained 0.5 per cent to €3.82.
GlobalCapital lost 3.8 per cent of its value to close at the €2.50 level, while Middlesea Insurance declined 2 per cent as a mere 860 shares were struck across 3 deals squeezing the price down to €3.34.
Among the larger capitalised companies, GO was the top performer gaining 4 per cent as 25,772 shares were purchased up to the €2.60 level.
Grand Harbour Marina registered the biggest positive move, gaining almost 4.9 per cent, to close at €2.15. Simonds Farsons Cisk increased to its highest level in eight years as buying activity cleared out all supply up to €2.80.
Weakness in the smaller capitalised companies saw investors disposing of their shares in MaltaPost, which lost 3.6 per cent to close at €0.80, while Crimsonwing declined 3.7 per cent to €0.52.
International Hotel Investments ended the week flat at €1.05 while Malta International Airport gained 0.3 per cent to reclaim the €3.12 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.