Financial News
Index lower on HSBC
Local equities traded flat during another quiet session on the Malta Stock Exchange. A slim decrease in the price of HSBC shares saw the index move down 0.188 per cent to close the session at 5,071.645 points
As already stated HSBC Bank Malta was the day's only decliner losing 1c or 0.47 per cent to close the day at Lm2.10. Activity was relatively low with just 3,270 shares changing hands across six transactions. At the end of the session, 4,038 shares remained unsatisfied at yesterday's closing price of Lm2.10 against supply of 739 shares offered at Lm2.11.
On the other hand Medserv plc shares was the day's only gainer with the share price moving up minimally 0c5 to close the session at Lm1.36,5. Yesterday's activity consisted of 6,000 shares being exchanged across three transactions.
Maltacom shares closed unchanged yesterday at Lm1.47 albeit news issued on Monday by the Ministry for Investment, Industry and Information Technology confirming that talks with Tecom Investments (major shareholder of Maltacom plc) on SmartCity have been successfully concluded. Tecom Investemnts through SmartCity are to transform Ricasoli Industrial Estate into an ICT and media city on the models of Dubai Internet City and Dubai Media City all owned and operated by Tecom Investments of Dubai.
Bank of Valletta plc shares attracted the highest value of business with 5,377 shares carrying a market consideration of Lm19,765 exchanged across nine deals. Initially the equity traded 1c lower at Lm3.67 before moving back up to its original opening price of Lm3.68
Elsewhere in the market, activity in Middle Sea Insurance shares and International Hotel Investment shares did not have any effect on their previous closing prices of Lm2.05 and €1.07 respectively.
European stocks drop led by Alcatel-Lucent
Yesterday, European equities fell as modest gains for a number of banking and oil stocks were offset by falling techs following an earnings warning from Alcatel-Lucent. By midday, the FTSE Eurofirst 300 was down 0.4 per cent, Frankfurt's Xetra Dax fell 0.8 per cent, the CAC 40 in Paris shed 0.7 per cent.
London's equities market inched lower, hampered by steep losses for sugar maker Tate & Lyle. By midday, the FTSE 100 was 19.2 points lower to 6,199.2 and the mid-cap FTSE 250 dropped 62.7 points to 11,103.6.
Sharp rises in steel stocks counterbalanced profit-taking in banking and property, leaving Japan's main stock indices largely unchanged. The Nikkei 225 closed 0.1 per cent lower. The broader Topix was unchanged at 1,730.76.
US stock-index futures fell before a profit report from Johnson & Johnson that may help investors gauge how fast earnings growth is slowing. Dell Inc. dropped after the supplier of personal computers unveiled plans to boost headcount in Asia. US stocks fell yesterday, sending the Dow to its biggest decline in two months, on concern that reduced demand and increased competition will hurt earnings growth.
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).