The Malta Stock Exchange closed the last session of the week more than ten points, or 0.3% lower, to close at 3,573.403 as investors shed banking stocks in relatively low volumes.
Among the banking stocks to suffer on the day was that of FIMBank plc, which shed 2c4, or 2.6%, to close at US$0.900 in a single deal of 1,699 shares. FIMBank’s drop came in as the worst performance of the day for equities.
Lombard Bank plc was also lower, dropping 1c, or 0.3%, to end the session at €3.000, in six trades for a total of 13,414 shares. Lombard Bank plc, at the end of the day on Thursday, issued a preliminary statement of financial results for the year ended 31 December 2010. The banking group managed to earn a pre-tax profit of €13.9 million for the financial year, which represents a 7.8% increase over 2009 results of €12.9 million. The increase in profit came mainly on the back of an increase in net interest income of almost €1.5 million, to €16.1 million.
Stocks of the large retail banks were also lower yesterday. HSBC Bank Malta plc fell 2c, or 0.7%, to end at €2.900 on volume of 6,625 shares across four trades.
Bank of Valletta plc stock, meanwhile shed a marginal 0c1, or less than 0.1%, to end the week at €2.969 on low volume of six deals for a total of 7,413 shares.
Banking wasn’t the only sector to face the brunt of shareholder selling. RS2 Software plc fell 1c1, or 2.8%, to finish the session at €0.389 in a single trade of 5,000 shares.
Malta International Airport plc was the only other equity to trade in the day. The stock of the local airport operator closed unchanged at €1.8000 in three deals for a total of 16,000 shares.
Trading in the corporate bond market remained light on Friday as €42,890 nominal across 16 deals were executed. The 6.75% Corinthia Finance Plc 2012 bond suffered a significant drop, falling €3.000 or 3.2%, to end at €90.000 on low volume of €6,990 nominal. Meanwhile, the 7.5% Mediterranean Investments Holding Plc € 2015 issue gained €4.000, or 4.7% to end at €89.000 on volume of €21,000 nominal.