FIMBank hits record high

Local investors took a somewhat cautious approach to yesterday's trading session at the Malta Stock Exchange, which was characterised by long stretches of inactivity.

FIMBank was not only the day's top gainer, but also convincingly broke through its 2001 IPO price of $1.25 to close at an all-time record high of $1.30. This 4.8 per cent gain was registered when 30,000 shares were purchased across one single transaction at the very beginning of trading.

Elsewhere in the banking sector, HSBC suffered its second consecutive session of decline, declining a further five cents or 0.9 per cent to close the week at Lm5.42. During the session, a total of 8,111 shares were exchanged across 23 transactions. Bank of Valletta shares managed to hold on to the previous session's level of Lm4.98, but volume was indeed poor when compared to the activity seen at the beginning of the week.

Malta International Airport shares declined two cents or 1.5 per cent as the remaining portion of an order partially filled earlier in the session was sold to the best awaiting bid of Lm1.33, while Simonds Farsons Cisk shares swung back into positive territory when an investor purchased 500 shares at the Lm0.88 level, which represents a 2c9 premium to Thursday's closing level.

Otherwise, trades executed in Middlesea Insurance and Maltacom did not affect their previous closing prices of Lm3.12 and Lm1.35 respectively.

Valletta Fund Management (tel. 8007 2344) and BOV Stockbrokers Ltd (2122 7370/1/4).