Financial news

The MSE Index lost 0.4 per cent to close at 4,739 points during yesterday's trading session at the Malta Stock Exchange, ending the positive streak which has characterised the market over the previous two sessions. This was mainly due to selling pressures in the two largest listed banking shares. The day's activity consisted of 68 trades spread across the whole spectrum of listed securities.

Early trading activity in Bank of Valletta was conducted at its previous day's closing level, which accounted for almost half of the volume traded during the session. This was followed by some selling pressure which forced the price lower, to €5.85. A total of 18 trades were executed resulting in a turnover of 20,300 shares.

HSBC Bank Malta suffered a similar fate, starting off with an increase of 1c, up to an intraday high of €4.64, only to close lower towards the end of trading, with a total of 13,509 shares being transacted. In fact, the buyers had the upper hand, squeezing the price lower by 3c or 0.7 per cent to close the week at €4.60.

Maltapost registered a slight decline of 0.8 per cent to close at €0.66 over a volume of 12,539. Simonds Farsons Cisk was the day's only gainer, as a sole trade of 788 shares caused the price to rise slightly higher by 0.2 per cent to close at €2.37,5.

The highest turnover was registered in FIMBank, with four deals totalling 135,000 shares being swapped at the $2.00 level, leaving the price unchanged. Other non-movers were Malta International Airport and Go which traded 5,350 and 23,703 shares, respectively.

Meanwhile, Crimsonwing issued its interim directors' statement wherein among other things, the company announced that the year-end revenue targets are expected to be met. This message has not affected the share price which stood at €0.59 since no trades were registered.

International market report - weekly round-up

Price volatility in the banking sector this week was reflected in the movements seen in the MSE Index, which moved from a loss of two per cent on Tuesday to a gain of two per cent a day later. Overall, the index ended the week on a positive note at the 4,719 mark.

Bank of Valletta gained 3.5 per cent to close off the week at the €5.85 level. However, this was not the case for the other major local bank as HSBC Bank Malta lost one per cent in the course of the week to terminate yesterday's session at the price of €4.60.

Middlesea Insurance lost 1.4 per cent when it closed the week at €3.65, while International Hotel Investments dropped nearly two per cent to €1. The latter announced yesterday that it has signed a memorandum of understanding with Libyan Foreign Investment Company for a joint-venture to develop a five-star hotel in Libya's second largest city, Benghazi.

Maltapost and Crimsonwing were the other losers of the week with the price going down to €0.66 and €0.59 respectively.

Plaza registered a strong six per cent increase with the price going up to €1.70. Other positive trends were recorded by Simonds Farsons Cisk and Malta International Airport which both increased by 0.6 per cent and by Go, which gained almost one per cent.

Trading in FIMBank and Grand Harbour Marina did not alter their previous week's closing prices.

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.