The seemingly insatiable appetite for banking shares continued during yesterday's trading session at the Malta Stock Exchange with local investors aggressively picking up shares on offer.
Bank of Valletta was the day's most liquid equity with a grand total of 45,750 shares, carrying a market consideration of Lm318,569, being exchanged across 51 transactions. Buying activity ensured that the equity closed in positive territory for the fourth consecutive session, at the Lm6.99,9 level.
Activity in HSBC Bank Malta remained strong although low-key with no more than 2,320 shares being exchanged across 10 trades. Nevertheless, bullish investors were firmly in control moving the price 2c higher to reclaim its all-time closing high of Lm7.15.
Lombard Bank pushed further north, breaking through the Lm7.10 level which has capped the price since the beginning of November. Activity was particularly muted with merely 486 shares being exchanged across six transactions. But that activity was enough to see the price better by 5c or 0.7 per cent, to close at an all new record high of Lm7.15.
Persistent demand for Maltacom helped the price gain 2c before settling down to close at Lm1.73,5. The day's activity consisted in 6,276 shares which were struck across six transactions.
Elsewhere in the market, two investors swapped 100 shares of Middlesea Insurance at a 1c1 premium to its previous market close, pushing the price to a five year high of Lm3.41,1.
Ericsson helps Europe edge ahead
European bourses were slightly higher as US oil prices retreated below $60 a barrel.
The FTSE Eurofirst 300 added 0.2 per cent to 1,261.92 with the Xetra Dax in Frankfurt up 0.2 per cent to 5,279.74, the CAC-40 in Paris 0.1 per cent higher at 4,656.59 and the FTSE 100 in London fractionally higher at 5,511.5.
Ericsson rose 3.7 per cent to SKr27.80 after the Swedish telecoms equipment company won its biggest ever managed services order. The seven-year deal with Hutchison's UK 3G operator, is said to be worth SKr15 to SKr20 billion.
In London, HBOS rose 3.4 per cent to 896p after the UK's fourth-biggest bank said it was on course to exceed the market's earnings expectations for this year as it continues to keep a lid on costs. The company told investors its earnings per share target of 84.4p would be exceeded and insurance and investment sales were strong.
On Wall Street on Monday, the Dow Jones Industrial Average closed down 0.4 per cent to 10,835.01, while the broader S&P 500 shed 0.2 per cent to 1,262.08. The Nasdaq Composite, hurt by losses in chipmaker Intel dropped 0.7 per cent to 2,257.64.
Profit-taking in export-focused and domestic stocks pushed down Japanese shares yesterday. The tech-heavy Nikkei 225 closed the day down 0.8 per cent at 15,423.38. The Topix declined 0.4 per cent to 1,591.34 - its fall broken by strength in banking stocks.
The decline in many export and domestic sectors reflected nervousness about high valuations, following Monday's rise in both Japanese stock indices to five-year closing highs.