Investors chose to forget last week’s negativity and returned chasing equity prices during yesterday’s trading session at the Malta Stock Exchange.

The larger banking shares where typically the most sought after and hence the most actively traded equities. HSBC Bank Malta rallied 64c or 6.4 per cent as 29,732 shares were purchased across 98 transactions. The equity immediately opened higher and kept rising to the top of its permissible range.

Similarly, Bank of Valletta closed the session at its highest permissible level for the day. During the session, a total of 41,840 shares were exchanged across 54 trades, pushing the price 18c or 4.1 per cent higher to end at Lm4.51,9. At the end of the session, the best bid was for 400 shares at Lm4.50 while 2,475 shares were best supplied at Lm4.51,9.

A substantial amount of FIMBank shares were exchanged across 24 transactions. The price rallied initially but still closed unchanged on the day at $2.35. All holders of shares at the end of the session are entitled to a scrip dividend of $0.0114 per share and a bonus share for every five shares held.

Just 275 shares of Lombard Bank were exchanged during the session without altering its previous closing price of Lm10.50. The bank reported, shortly before the market closed, a 44.2 per cent increase in pre-tax profit of Lm3.67m for the year ended 31 December 2005. The Board of Directors is proposing a final gross dividend of 20c per share to all shareholders registered on the close of 13 March 2006.

Global Financial Services Group recouped more than its entire previous session’s decline, jumping 7.0 per cent to close at Lm1.39,2, while International Hotel Investments gained 5.5 per cent to climb back up to e0.95.

Maltacom returned back in favour and reclaimed the psychologically important Lm2.00 level. Activity consisted of 17,379 shares and was spread across 31 trades.

Malta International Airport was the day’s only loser, as the equity declined three cents or 1.9 per cent to close the session at Lm1.57.

In the fixed interest sector of the market, activity was spread across seven corporate bonds and sixteen government stocks. Sovereign debt prices were abnormally volatile, particularly medium term maturities.

The MSE Index closed the session 4.1 per cent higher at 6,087 points.

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 [email protected], by phoning 2275-1732 or else visit the website at www.bovsl.com