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The local equity market recovered strongly from the temporary decline registered last week as investors took advantage of low prices, to pour further funds in the market.
The Malta Stock Exchange Index advanced by an impressive 7.2 per cent to 6,537 points, helped mainly by a buoyant banking sector, where shares of the two major banks rallied by over 8 per cent. Among them shares of Bank of Valletta registered the highest gains for the week with the share price advancing by 8.7 per cent to Lm4.89c, thus recovering most of the losses of the previous week. An aggregate 175,160 shares were transacted over the week over 203 deals.
In the meantime, the share price of HSBC Bank Malta adjusted itself to the recently approved 3-for-1 bonus issue. This was perceived as a positive development on the market with the share price touching an all time high of Lm3.00c during Thursday’s session. The share price finally settled at Lm2.98c on strong volume activity.
Maltacom shares held up well following the negative sentiment which has hit the equity last week. Positive full year results published at the end of last week and a declaration of a good dividend helped the share price gain 3.3 per cent to Lm1.86c. The equity even touched a high of Lm1.97c during the week but failed to hold these levels, as investors decided it was the right time to exist the share.
Also in positive territory ended shares of International Hotel Investments, FIMBank, Middlesea Insurance, Plaza Centres and Datatrak Holdings on the Alternative Companies List. The only equity bucking the trend was Malta International Airport which fell marginally by 0.1 per cent to Lm1.45c9, after falling significantly to Lm1.40c earlier during the week.
This article was compiled by BOV Stockbrokers Ltd, a member of the BOV Group. BOVSL is licensed to conduct investment services business by the MFSA. 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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