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The local banking sector continued to register significant gains across as some weakness was evident in other sectors of the market. The Malta Stock Exchange Index ended the week on a positive note, advancing by 1.3 per cent, to 4,490 points.
Shares of Bank of Valletta held up well this week notwithstanding the equity turning ex-div on Monday. Initial weakness was immediately met with significant buying interest, with the equity advancing by as much as 4.4 per cent from Monday’s opening level of Lm6.61. The share price ended the week at the Lm6.86 level after touching an intra-day record high of Lm6.90 on Friday. At the moment, investors seem keen to hold on to their position ahead of the 1-for-1 bonus issue scheduled for 18th January, 2006.
The highest gains for the week were registered in HSBC Bank Malta shares which advanced by 4 per cent to its all-time high of Lm7.02. At the current level, the equity is experiencing a significant spread between bids and offers which is making the equity temporary illiquid.
Also in positive territory ended shares of Simonds Farsons Cisk and Middlesea Insurance which gained 2.6 per cent and 1.5 per cent, respectively.
Among the equities finishing in negative territory, most notable were the declines registered in International Hotel Investments shares which dipped by 5.4 per cent to Euro0.78c5. The share price has registered a change in direction soon after the publication of the Company’s interim results which have evidenced a wider net loss.
Malta International Airport shares shrugged off 5 per cent as investors booked profits following the allocation of the government’s 20 tranche to the public. A similar situation was experienced in Maltacom shares where the share price slipped by 2.2 per cent to Lm1.71c2.
In the other movements for the week, Lombard Bank, Global Financial Services and Datratrak Holding all registered marginal losses.
This article was compiled by BOV Stockbrokers Ltd, a member of the BOV Group. BOVSL’s offices are situated at BOV Centre, Cannon Road, Santa Venera HMR 07. You can also contact BOVSL by email at bovsl@bov.com, by phoning on 2275 1732 or else visit he website at www.bovsl.com
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