The Malta Stock Exchange Index continued to inch lower on Friday, dropping just over two points, to close at the 3,388.479 level in generally lacklustre trading. Only six deals took place on the day across a total of five equities for a total of 71,191 shares.

The only stock to register a change in its closing price on the day was that of Bank of Valletta plc, which dropped 1c, or 0.3 per cent, to close at €3.210 in a single trade of 1,386 shares.

Also in the banking sector, shares in FIMBank plc were heavily traded as 63,428 shares exchanged hands in two deals, to close at US$0.970. At the end of the session the best remaining unsatisfied bid for the local bank’s shares stood at US$0.950 for 4,020 shares while the best unsatisfied offer stood at US$1.00 for a total of 13,891 shares. Meanwhile, Lombard Bank plc also closed unchanged, finishing at €2.73 in a single trade of 211 shares.

Other shares to trade in the day included Middlesea Insurance plc and Simonds Farsons Cisk plc which both closed at their previous levels of €1.00 and €1.801 on volumes of 5,000 shares and 1,166 shares respectively.

Before the start of trading on Friday, Simonds Farsons Cisk plc announced that its board of directors are scheduled to meet on 29 September 2010 in order to consider and approve the company’s financial statements for the six-month period ending 31 July 2010. It was also scheduled to consider the distribution of an interim dividend to be paid to investors on the company register as of 8 October 2010.

Meanwhile, late in the day on Thursday, Island Hotels Group Holdings plc released its interim director’s statement in which the company announced that for the period up to 16 September 2010, revenues had exceeded expectations, reflecting the increased number of arrivals to the Maltese Islands witnessed in the period. Both occupancy and room rates performed better than expected. Yet much of the increases in revenue were offset by an increase in water and electricity costs.

Trading in the corporate bond market resumed light levels as a moderate €84,396 nominal were traded in a total of 14 deals across six bonds. The only bond to register a change in its closing price on the day was the 4.80% 2020 issue from Bank of Valletta plc, which closed up €0.90, or 0.9 per cent higher, to end the session at €103.90 in four trades for a total of €17,000.

Trading in the government stock market continued to be weak as only one of the 10 government issues to trade in the day closed higher while eight closed lower and one closed unchanged. Eighteen deals took place for a total of €469,127 nominal. The 4.60% MGS 2020 II issue suffered the day’s biggest loss, losing 44c, or 0.4 per cent, to finish at €105.05 in a single deal of €13,977 nominal.

This article has been prepared by Bank of Valletta p.l.c. (the Bank) for your general information only and is not intended to address your particular requirements. This information is not a solicitation or offer by the Bank to acquire or sell securities. Nor does it constitute any form of advice or recommendation by the Bank. Appropriate independent advice should be obtained before making any such decision. The price of investments can go down as well as up, and investors may not get back the amount they invested. Past performance is not necessarily a guide to future performance.

Bank of Valletta p.lc. is licensed to conduct investment services business by the MFSA. Bonds and shares may be purchased and sold from any BOV branch. Further details may be obtained by contacting us on Tel. 2131 2020 or email: [email protected]