Buying activity was sustained during yesterday's trading session at the Malta Stock Exchange as equity prices rose generally across the board.
FIMBank was the day's top gainer as the equity returned in favour with shareholders who had shunned the share after its rapid decline in price a few weeks ago. The day's turnover was of 8,000 shares which were exchanged across a single deal at a 5.5 per cent premium to its previous closing price.
Sudden demand for Middlesea Insurance shares saw the price bounce by 10c or 3.2 per cent, as 4,346 shares were exchanged across seven trades. All deals were driven by the bid side which swept away offers up to the Lm3.20c level. Plaza Centres registered a similar percentage gain as 4,200 shares changed hands across three transactions pushing the price up to the 62c level.
All the larger capitalised companies traded sideways with the exception of Bank of Valletta, which gained a penny to trade and close at its record high of Lm5.50c.
Following yesterday's dismal traded volume, HSBC Bank Malta shares returned to being the most liquid equity, with as much as 10,150 shares transferring ownership. Initially the price declined slightly although it managed to recoup all the lost ground by noon.
A total of 3,040 shares of Maltacom were traded in rapid succession without affecting its previous closing price of Lm1.45c, while demand for Malta International Airport shares remained strong, with 7,100 shares being purchased at Lm1.40c.
European bourses inch lower on profit taking
European stocks edged lower yesterday, giving back some of the strong gains made in the previous session as investors took profits, and after oil prices rose above $66 a barrel.
The FTSE Eurofirst 300 was down 0.3 per cent to 1,225.85, while Frankfurt's Xetra Dax was off 0.4 per cent to 5,029.18 and the CAC 40 in Paris slipped 0.3 per cent to 4,586.56. In London, the FTSE 100 was down 0.2 per cent at 5,485.
Profit taking in the tobacco and mining sectors was partially offset by gains for oil stocks after crude prices rose above $66 a barrel overnight. Neste Oil gained 3.3 per cent to €31.45.
In the US overnight, Wall Street's rally was capped by concerns over rising crude prices as fears of a winter heating oil shortage began to nag. By the close, the Dow Jones Industrial Average was up 0.2 per cent to 10,473.09, while the Nasdaq Composite slipped slightly to 2,115.4.
Tokyo shares reached fresh four-year highs yesterday as the release of promising retail sales data bolstered the view that Japan's economic recovery is on a steady path. The benchmark Nikkei closed up 1.4 per cent to 13,617.24, breaking the 13,500-level barrier and closing at its highest level since May 2001. The broader Topix index was 1.9 per cent higher at 1,428.13.