Financial news
MSE equity prices stationary
Equities continued to move sideways during the final session of the week at the Malta Stock Exchange as investors took no aggressive positions ahead of the long weekend.
Bank of Valletta shares attracted the highest value of trade, with 5,353 shares, having a market consideration of Lm26,765, being exchanged across nine transactions. Over the past few sessions buyers and sellers have met at this psychologically important level of Lm5.00c.
Meanwhile, HSBC Bank Malta too traded unchanged at the Lm5.50 level. During the session a total of 3,070 shares were exchanged across nine transactions, leaving a further 400 shares offered at Lm5.50 while the best bid was for merely 55 shares at Lm5.45c. Plaza Centres shares was the day's most active stock with a total of 12,000 shares being exchanged across eight transactions.
The price wobbled slightly to the positive side, moving higher by a penny immediately on the opening trade of the session. But further activity saw sellers coming into the fray and by the end of the day, the price closed unchanged at Lm0.60.
Maltacom and Malta International Airport shares attracted two transactions each but here too, there was no change to their previous prices of Lm1.39 and Lm1.35 respectively. Elsewhere, two investors swapped 3,340 Global Financial Services Group shares among them at the Lm1.18c2 level.
Soaring oil prices above $66 a barrel
US equities opened lower yesterday after a strong finish on Thursday as oil prices continue to climb above $66 per barrel and disappointing second quarter earnings from computer maker Dell were reported at the close of Thursday's session. Oil prices notched up yet another nominal all-time high yesterday, with Nymex West Texas Intermediate hitting a peak of $66.11 on the back of continued fears over tight gasoline supplies and strong US retail sales figures showed the largest rise in auto sales since 2001.
Economic data also weighed on US markets after the Commerce Department announced retail sales climbed 1.8 per cent in July. The result was below expectations and was largely based on Americans taking advantage of bargain basement offers from US carmakers.
European shares edged lower yesterday as upbeat results from German steel makers, were outweighed by the effects of soaring oil prices. The FTSE Eurofirst 300 fell 0.2 per cent to 1,193.75 by mid-morning, London's FTSE 100 shed 0.2 per cent to 5,348.5, Germany's Xetra Dax lost 0.1 per cent to 4,947.35 and France's CAC-40 slipped 0.5 per cent to 4,486.67.
In Asia, Tokyo indices were mostly unchanged yesterday, as gains in the financial sector were curtailed by losses by exporters and oil-related shares. The benchmark Nikkei 225 index edged down 0.01 per cent to 12,261.68, but the broader Topix average was 0.11 per cent higher at 1,245.13.