Financial News

Local equities commenced trading on a lacklustre note, as yesterday's session at the Malta Stock Exchange brought with it mild profit taking activity on relatively low volume.

Malta International Airport shares were the day's biggest losers, dropping 2c or 1.4 per cent to Lm1.40c. The day's activity was driven by sellers who pounded the bid side with 7,150 shares across four transactions. The price has been jittery over the past few sessions, as the market eagerly awaits news of the price at which the government will be selling its second tranche of MIA shares.

Bank of Valletta was the day's most actively traded equity with a total of 8,283 shares being exchanged across 10 trades. The price traded within a penny's range, initially pushing higher only to decline halfway through the session. The final trade of the day went through at Lm5.48c5, forcing a decline of just 0c3.

Two investors swapped among them 918 shares of HSBC Bank Malta at Lm6.35c which represents a 2c discount to Friday's closing level.

Trading in Maltacom and International Hotel Investments did not affect their respective closing price of Lm1.45c and €0.70c, while the silver lining of the day was Datatrak Holdings, quoted on the Alternative Investments List, which notched higher by 6.8 per cent to close the session at Lm0.29c9.

Nikkei hits new four-year high

European stocks were sharply higher yesterday after oil prices fell, and as widespread relief that Hurricane Rita was less severe than feared helped lift the region's insurers.

The FTSE Eurofirst 300 was up 0.9 per cent to 1,218.41, while Frankfurt's Xetra Dax added 1.9 per cent to 4,975.08. In Paris, the CAC 40 was up 1.5 per cent to 4,544.75, and London's FTSE 100 climbed 0.5 per cent to 5,442.7.

There was widespread relief that the latest hurricane to hit the US caused significantly less damage than its predecessor.

Oil markets fell in response as installations in the Gulf of Mexico and on the Texas coast escaped major damage.

Tokyo shares closed at fresh four-year highs yesterday, as investors flocked back to the market following a three-day weekend.

The benchmark Nikkei 225 closed up 1.8 per cent to 13,392.63, its highest closing level since June 8, 2001. The broader Topix index was 2.2 per cent higher at 1,386.49, its highest since May 2001.

Data released yesterday showed that big Japanese manufacturers became more confident of business conditions in the three months to September, bolstering the view that Japan's economy is recovering on the back of strong exports and domestic demand.

Investors treat the survey as a good indicator of what to expect from the Bank of Japan's Tankan survey of business sentiment.