Local equities bounced higher yesterday, lifting the MSE index to a fresh all-time high of 6,356 points, as the larger banking equities continued to attract more investors.
Bank of Valletta was the day's top gainer as the equity rallied 4c9 or in excess of one per cent, on unrelenting buying activity, to close the session at Lm4.84,9. The day's turnover amounted to 16,596 shares which were exchanged across 39 deals.
HSBC Bank Malta was the day's most actively traded equity as 18,255 shares were exchanged over 89 transactions. The equity commenced trading 2c higher and, although supply appeared mid-way through the session, the equity still managed to end the session at its record closing high of Lm11.05. FIMBank shares gained one per cent to close at $2.02 on meager trading activity executed towards the very end of the session.
Lombard Bank declined 24c or 2 per cent to Lm11.76 as the equity traded for the first time since turning ex-dividend last Monday.
Buying activity in Malta International Airport saw all offers up to the Lm1.54 level being cleared out on six transactions, while 19,842 shares of International Hotel Investments were sold across four transactions forcing the price lower by 1.2 per cent, to close at €0.85.
Maltacom declined 1c1 or 0.5 per cent on a general lack of buying activity. Investors seemed reluctant to snap up more shares before more news regarding the company's privatisation process is available. In fact just 3,032 shares were exchanged with the price falling back to Lm2.18,8.
FTSE climbs above 6,000 to five-year high
The FTSE 100 burst through the 6,000 level in opening trade in London yesterday to trade at fresh five-year highs.
Insurers were the biggest gainers after Legal & General reported strong annual results and reports suggested that Zurich Financial Services, the Swiss insurance group, was discussing a merger with St Paul Travelers of the US.
Shares in the Legal & General rose 4.9 per cent to £1.40,5 after full-year profits beat expectations. The board announced a recommended final dividend of £3.63, up 5.2 per cent, and said its investment management business had made a good start to 2006.
Bourses powered ahead yesterday morning as the latest bout of takeover talks boosted the insurance sectors with strength in banking and oils also supportive ahead of likely volatility during the quarterly stock index options and futures expiry.
The FTSE Eurofirst 300 gained 0.6 per cent to 1,377.12, its highest since July 2001. The Frankfurt Xetra Dax added 0.7 per cent, the CAC-40 in Paris rose 0.7 per cent, and the FTSE 100 having laboured all week to make the distance, leapt above the 6,000 level this morning, up 0.7 per cent.
Japan's stock market rose strongly yesterday, boosted by sharp rises in the price of domestically focused stocks. The Nikkei 225 rose 1.5 per cent, with the Topix also up 1.2 per cent.
Shares on Wall Street opened flat yesterday as investors awaited consumer sentiment data, while more bad news from General Motors was seen weighing on the Dow Jones Industrial Average.