Financial News

Trading activity in the equity market remained calm during yesterday's session at the Malta Stock Exchange with just a total of 10,405 shares carrying a market capitalisation of Lm21,662 which were exchanged across 16 transactions. As a result the index closed just 0.177 per cent lower at 5,062.654 points.

Bank of Valletta shares ended the session 2c lower or 0.54 per cent to close the day at Lm3.66. Trading initially started at yesterday's closing price of Lm3.68, however towards the end of the session the equity dipped 2c to close at Lm3.66.

A total of 1,280 shares were today exchanged between two transactions and at the end of the session 200 shares remained outstanding at the Lm3.65 level against a supply of 720 shares at Lm3.68.

Similarly, Malta International Airport shares lost 1c3 or 0.93 per cent to close the session at Lm3.85. A minimal amount of 850 shares were exchanged during yesterday's session between two investors.

Once again, HSBC Bank Malta, was the day's most actively traded share with 6,474 shares being exchanged across 10 transactions. All deals went through without affecting its previous closing price of Lm2.10.

For the second consecutive trading session, Medserv plc shares traded on a positive note with the share price moving up another 0c5 to close the day at Lm1.37.

Activity was also low with just 500 shares being exchanged during the session.

Elsewhere in the market, activity in Maltacom plc shares and International Hotel Investments shares did not affect their previous closing prices of Lm1.47 and €1.07 respectively.

European stocks advance

Yesterday European equities were higher as rising oil prices lifted energy stocks, while banking sector gains were led by HVB Group after majority shareholder Unicredit said it planned to buy out minority investors. By midday, the FTSE Eurofirst 300 was up 0.7 per cent, Frankfurt's Xetra Dax added 0.6 per cent and the CAC 40 in Paris gained 0.8 per cent.

London equities were sharply higher by midday, as market expectations of near-term interest rate rises cooled. The FTSE 100 was 0.8 per cent higher. The mid-cap FTSE 250 was 0.6 per cent firmer. Tokyo shares reached a nine-month closing high, after exporters rose on hopes that they would revise their profit forecasts due to yen weakness.

The benchmark Nikkei 225 average closed up 0.6 per cent, just shy of a six-and-a-half-year closing high. The broader Topix index was 0.5 per cent higher.

US technology stocks rose in Europe after Yahoo! Inc. and Sun Microsystems Inc. reported earnings that surpassed analysts' estimates. The Dow yesterday rebounded from its steepest loss in two months as rising oil prices sent energy shares to their highest level this year and better-than-forecast earnings boosted manufacturers.

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).