Financial News
Local equities move sideways
Equities threaded water during yesterday's trading session at the Malta Stock Exchange, with volumes dwindling relative to previous sessions.
Maltacom shares were the day's top gainer as the price moved up by a penny to close at Lm1.39. During the session, a total of 6,000 shares were purchased, clearing all visible supply at this level. At the end of the day, best bids stood for 2,000 shares at Lm1.38,2 while 4,000 shares were best offered at Lm1.39,5.
On the contrary Global Financial Services Group shares declined 1c8 or 1.50 per cent on low volume trading which was conducted at the Lm1.18,2 level.
In the banking sector, HSBC Bank Malta shares recovered Wednesday's slim loss to reclaim the Lm5.50 level. The day's activity was for 3,704 shares which were executed across six transactions.
Bank of Valletta shares hovered around the Lm5 level with buyers and sellers matching their orders at the previous closing level. During the day, a total of 3,790 shares were exchanged across seven transactions.
Eleven special trades conducted in FIMBank saw two million shares changing hands. Special trades, just like those occurring during the put-through session, are not included in the total volume and value of the regular market.
Elsewhere, two investors swapped 1,000 International Hotel Investments shares amongst themselves at €0.74, which represents a 1.3 per cent discount to the previous closing price.
Nikkei hits four-year high
European shares slipped yesterday after oil prices surged to fresh record highs, with Nymex West Texas Intermediate for September delivery peaking at $65.30 in Asian trade, while the continent's largest insurer expressed concerns over interest-rate developments. The FTSE Eurofirst 300 lost 0.4 per cent to 1,194.98 by midday, London's FTSE 100 shed 0.3 per cent to 5,361.6, Germany's Xetra Dax fell 0.7 per cent to 4,953.75 and France's CAC-40 slipped 0.5 per cent to 4505.62.
Overnight on Wall Street, shares ended the session in negative territory after oil prices rallied to record levels. Prices broke through $65 a barrel for the first time as the market reacted to US oil stockpile data which showed that while crude imports into the US were at their second-highest level ever, gasoline stocks had fallen further than expected. The Dow Jones Industrial Average fell 0.2 per cent to 10,594.41 while the Nasdaq Composite Index lost 0.8 per cent to 2,157.81.
Tokyo shares closed at a four-year high as buying continued to be fuelled by news from the Japanese government and Bank of Japan that the country's economy had finally begun to move towards recovery. Indices were higher for the fourth consecutive day, with the benchmark Nikkei 225 Index closing 1.37 per cent higher at 12.226.32, a level not seen since August 2001. The broader Topix average, which recorded a four-year high on Wednesday, gained 1.29 per cent to 1,243.74.