Financial News
Equity prices continue their descent
Equities continued to depreciate during yesterday's session at the Malta Stock Exchange although the larger banking stocks held on to their levels signalling that investors might be finding value at current levels.
Suncrest Hotels was the worst hit, declining almost 15 per cent as the exchange imposed no trade ranges during this session. A single lot of 500 shares was sold at the Lm0.30 level, bringing the price down to its lowest level in nine months.
Middlesea Insurance shares declined slightly soon after the opening bell rang out and as the session progressed, the sell pressure intensified. By the end of the day a total of 4,644 shares had been sold across four transactions, squeezing the price 11c or 3.3 per cent lower to the Lm3.20 level.
Activity in Maltacom shares was the most voluminous of the day with a total of 16,842 shares, having a market consideration of Lm22,762, being transacted across 13 trades. Trading took place at and slightly above the Lm1.35 level.
Similarly to Monday's session, Malta International Airport was the day's only gaining equity. Shares notched higher by another penny to close the day at Lm1.35. Activity was for 9,930 shares which were struck across eight deals.
Bid activity fuels London equity gains
European stock markets rallied yesterday from the previous session's oil-induced losses, and took heart from a better-than-expected rise in economic expectations in Germany. By midday, the FTSE Eurofirst 300 was up 0.4 per cent to 1,143.85, while Frankfurt's Xetra Dax added 0.4 per cent to 4,605.21. In Paris, the CAC-40 gained 0.5 per cent to 4,215.49.
London's equities market moved higher by the end of morning trade, as a renewed bid activity helped to restore bullish sentiment, aided by some robust earnings news from mid cap stocks. London's FTSE 100 climbed 0.2 per cent to 5,084.
In the US on Monday, stocks ended lower but well off the worst levels of the session. The Dow Jones Industrial Average ended down 0.1 per cent to 10,609.11, while the Nasdaq Composite fell 0.1 per cent to 2,088.13 and the S&P 500 shed 0.1 per cent to 1,216.1.
The Japanese stock market was flat yesterday, as US oil prices retreated from the highs hit on Monday, but Nymex West Texas Intermediate still clung on close to $59 a barrel. The tech-heavy Nikkei 225 rose by less than 0.1 per cent to 11,488.74, boosted by gains in stocks that had fallen during profit taking on Monday. The broader Topix fell 0.1 per cent to 1,169.15.
Oil stocks fell sharply, partly in response to the moderate slide in the price of the US crude oil benchmark, and partly in reaction to its even sharper rise