Financial News
BOV recovers slightly
Equity trading during yesterday's session at the Malta Stock Exchange continued to be mixed with gains in Bank of Valletta shares being offset by declines in Maltacom. Otherwise, activity in the market was less voluminous with most investors adopting a wait-and-see strategy.
Bank of Valletta was the day's top gainer, as the shares bounced back following Friday's sharp drop in price. Initial purchasing activity saw the price rally all the way up to the Lm5.90 level but eventually more sellers returned to the market and knocked the gain lower. The day's activity consisted of 10,047 shares which were exchanged across 16 trades with the price closing 4c higher on the day at Lm5.85.
Two investors exchanged 1,000 shares of HSBC Bank Malta between themselves at the Lm6.37 level, which represents a 1c discount to Friday's close. At the end of the session, the best bid in the market was for 450 shares at Lm6.30c1 while 1,645 shares were offered at the Lm6.45 level.
Maltacom shares traded 2c2 or 1.4 per cent lower to Lm1.57c as the company started trading ex-dividend. On October 13, the telecommunications group announced an net interim dividend of 2c which will be paid out to shareholders on November 14.
A single sale of 870 shares dropped the price of Simonds Farsons Cisk by 3.6 per cent to Lm0.77c. This is the lowest level the snack and beverages group's shares have traded since late August 2003.
European bourses higher as Schering impresses
European equities were higher yesterday as oil prices eased below $60 a barrel soothing some fears over future inflation and as third-quarter earnings from Schering impressed. By midday, the FTSE Eurofirst 300 was up 0.8 per cent to 1,181.4, while Frankfurt's Xetra Dax added 0.8 per cent to 4,878.88. In Paris, the CAC 40 gained 0.8 per cent to 4,399.97.
London equities moved higher, helped by bid talk surrounding catering company Compass Group. At the start of a week that brought a rush of key earnings announcements, including BP, GlaxoSmithKline and AstraZeneca, the FTSE 100 index was up 31.5 points or 0.4 per cent at 5,169.5 in morning trade while the FTSE 250 was 30.2 points or 0.3 per cent higher at 7,474.8.
The Dow Jones Industrial Average had fallen 0.6 per cent to 10,215.22 in New York last Friday, although a rally in technology stocks helped the Nasdaq Composite put on 0.7 per cent to 2,082.21. The broader S&P 500 gained 0.2 per cent at 1,179.59
Tokyo shares fell moderately yesterday, with some machinery stocks severely damaged by Friday's grim earnings from Caterpillar in the US. Nikkei 225 ended trading down 0.7 per cent at 13,106.18. The Topix fell 0.6 per cent to 1,376.50.