Banks push index higher

Banking sector equities continued to support the index during yesterday's session at the Malta Stock Exchange.

HSBC Bank Malta gained 15c5 or 1.7 per cent to close at a fresh record high of Lm9.34,5, as a total of 9,454 shares were exchanged across 22 transactions.

Activity in Bank of Valletta saw a grand total of 38,934 shares, carrying a market consideration of Lm171,232, being exchanged across 64 trades. During the session the price wobbled between Lm4.38,5 and Lm4.40, to finish the day at the latter level, which is also a record high.

FIMBank shares rallied 2.3 per cent as 13,600 shares were purchased across 11 transactions pushing the price to $2.20, its highest level ever.

Maltacom was the day's most liquid, as well as most actively-traded equity. The equity started trading 5.5 per cent lower at Lm1.93,3, as sellers overwhelmingly offloaded shares as the opening bell run out. However, once the initial frenzy abated, buyers tentatively crept into the market, and helped the price trim its losses. In the end, the equity still closed the day only 4c6 lower at Lm2.

Simonds Farsons Cisk and Malta International Airport moved in opposite directions, with the former declining 2c1 to Lm0.83 following a positive opening which saw the price touch Lm0.89. On the other hand, activity in MIA shares was firmly in the hands of buyers who bought the equity 2c higher to see it close at Lm1.59.

Tokyo market sees abrupt turn in sentiment

The Nikkei 225 finished the day 1.9 per cent higher at 16,184.87 - its fastest rise in three weeks. The Topix was up 1.1 per cent at 1,635.24. The sudden change in sentiment reflected the nervousness among investors in Japan, who have received some severe shocks in recent weeks when news in January of a raid on internet services company Livedoor, a former star of the Tokyo market, sent shares down sharply.

European bourses gave up early gains as the auto sector went into reverse outweighing strong results from France Telecom and Electrolux. Weakness in the heavyweight oil sector also weighed. The FTSE Eurofirst 300 fell 0.3 per cent to 1,328.95 with the Xetra Dax in Frankfurt off 0.3 per cent at 5,741.25 and the CAC-40 in Paris 0.3 per cent down at 4,940.51. The FTSE 100 in London was flat at 5,792.4.

Electrolux leapt 3.4 per cent to SKr216 after the world's biggest home appliances maker, beat market expectations with fourth-quarter underlying pre-tax earnings of SKr1.86 billion, up from SKr1.36 billion, and ahead of the Reuters average analyst forecast of SKr1.49 billion. The Swedish maker of fridges, freezers, washing machines and vacuum cleaners said it saw operating income rising this year.

On Wall Street Google led internet stocks lower pushing the Nasdaq Composite down 1 per cent at 2,239.81 while the S&P 500 closed 0.3 per cent lower at 1,262.86 and the Dow Jones Industrial Average dipped 0.2 per cent to 10,892.32.

The financial news was compiled by Valletta Fund Management (tel. 8007 2344) and BOV Stockbrokers Ltd (2275 1732).