Financial News

Local equities sprung back into positive territory during yesterday's trading session at the Malta Stock Exchange although volume activity remained relatively low.

Maltacom was the day's top performer, as well as the most liquid equity for the session.

In fact an aggregate total of 5,136 shares were exchanged across six transactions, helping the price gain 1c or 0.7 per cent to close the day at Lm1.48.

Bank of Valletta climbed 2c or 0.5 per cent as merely 575 shares were purchased across two transactions, pushing the price to the Lm3.68 level.

HSBC Bank Malta attracted the highest turnover value with Lm7,685 worth of shares being swapped across three trades. The equity touched an intraday high of Lm2.11, however only managed to close the session with a 0c5 gain at Lm2.10,5. Middlesea Insurance dropped a penny to Lm2.04 as a mere 116 shares were exchanged across two transactions. The spread between the best outstanding bid and offer prices has tightened to just 0.5 per cent with 884 shares bidding at Lm2.04c against 1,492 shares offered at Lm2.05.

Malta International Airport declined 0c5 or 0.4 per cent as 2,200 shares were sold across three transactions squeezing the price down to the Lm1.38 level, while Plaza Centres shed 0c4 or 0.6 per cent as 4,700 shares were struck across two deals.

Elsewhere in the market, activity in International Hotel Investments and Datatrak Holdings did not alter their previous closing prices of €1.07 and 25c respectively.

European stocks up after positive results

Yesterday European equity markets were higher thanks to strong results from Nokia, Pernod Ricard, Siemens and H&M, while a strong performance on Wall Street helped underpin the gains. By midday, the FTSE Eurofirst 300 was up 0.3 per cent, Frankfurt's Xetra Dax added 0.2 per cent, the CAC 40 in Paris gained 0.1 per cent.

London equities traded around fresh six-year highs after oil stocks moved higher in line with firmer crude prices. The rally started among financial stocks after strong new business figures from Legal & General. The FTSE 100 reached a six-year high of 6,331.4 in morning trade. But falls for electricity generators, after a strong showing during the previous session left them looking overvalued, took the shine off the advance. By midday the index had slipped back to trade just 0.1 per cent higher. The mid-cap FTSE 250 was 0.2 per cent higher.

Yen strengthening dragged the Nikkei down afternoon from a six-year high hit in earlier trading. The Nikkei 225 stock average closed 0.3 per cent lower.

US stock-index futures were little changed amid concern a report on existing home sales will suggest that the housing slump isn't over.

BOV and VFM are licensed by the MFSA to conduct investment services business.

Valletta Fund Management (Tel. 8007 2344) and Bank of Valletta plc (Tel. 2131 2020).