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There was further consolidation in the market this week with equities closing higher or unchanged. As a consequence the Malta Stock Exchange Index managed to close on Friday at a new record high of 4,564 points, an increase of 1.7 per cent compared to the previous week.
The highest gains for the week were registered in Simonds Farsons Cisk and International Hotel Investments which continued to recover from early year losses. The former notched up an 8.3 per cent gain, as the share price rallied to Lm0.90c while IHI appreciated by 6.4 per cent on volumes of 60,000 shares.
Significant volumes were also transacted in Malta International Airport and Maltacom shares where activity was well in excess of 100,000 shares. Both equities finished the week in positive territory with gains of 1.4 per cent and 1.5 per cent, respectively. MIA shares started trading ex-div as from last Thursday after announcing a net interim dividend of 2c5 payable at the end of December.
In the banking sector, shares of FIMBank ended the week at a new record high of US$1.95, up by 2.9 per cent from the previous week. Investors reacted positively to the news that International Finance Corporation has converted part of its US$10 million Convertible Loan into shares of the Company, notwithstanding the dilution in their holding.
In the meantime the other three banking equities all closed in positive territory, led by HSBC Bank Malta which regained the Lm7 level after some weeks. The equity closed on Friday at Lm7.12, an increase of 1.6 per cent over the previous week. On their part Bank of Valletta and Lombard Bank were little moved.
In the remaining trades for the week gains were confined to Plaza Centres shares which advanced by 3.2 per cent, with the rest of the equity market remaining unchanged.
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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