Sharp drop for Maltacom

Investors sought to offload shares in Maltacom during the final session of the week as the Exchange lifted the trade ranges to allow the price to find its natural level.

In fact, Maltacom shares quickly dropped by 20 per cent to Lm1.70 as investors sold out, disappointed by Tecom's offer of just Lm1.51c per share. However, Maltacom's full year results, published shortly before the market opened, cushioned the fall and the price settled at Lm1.80 after touching an intra session high of Lm1.84.

Bank of Valletta recouped some of this week's declines, climbing 8c or 1.8 per cent to Lm4.50, as 63,683 shares were exchanged across 70 trades.

Fresh buying activity was also evident in HSBC Bank Malta which touched the Lm11.12 level on turnover of 30,267 shares. In spite of this, a last minute sale order was executed at the Lm11.01 level, thereby trimming the day's gains.

Lombard Bank suffered the biggest monetary decline of the day as the equity dropped 40 cents on merely 417 shares which were sold across three transactions at the Lm11 level.

On the contrary, buying activity in Middlesea Insurance saw 7,465 shares being struck across nine transactions helping the price close 13c or 2.6 per cent higher at Lm5.13.

Two investors swapped 12,700 shares of Plaza Centres at the Lm0.67,5 level, while Datatrak Holdings was the day' top gainer, as 10,291 shares were purchased up to Lm0.29,1.

Elsewhere there was further misery in store for Malta International Airport which fell to a 10 week low of Lm1.46.

Wall Street set for higher open after strong payrolls

US stock futures turned higher yesterday after payrolls data showed strong enough jobs creation to affirm growth was on track, while raising few concerns over inflationary pressures. S&P futures were up four points, while Nasdaq futures rose 5.75 points and Dow Jones Industrial Average futures added 35 points.

European stocks rose marginally yesterday ahead of the month's most eagerly-awaited US data release, while commodities remained in focus as copper hit a new high, gold held near $600/oz and oil above $67 a barrel. In mid-trade the FTSE Eurofirst 300 was up 0.2 per cent, while Frankfurt's Xetra Dax was down 0.1 per cent higher. In Paris, the CAC 40 was flat at 5,223.9, while London's FTSE 100 climbed 0.2 per cent.

London equities advanced yesterday as a broker upgrade lifted the heavyweight oil sector and ICI became the latest FTSE 100 constituent to be put through the takeover rumour mill.

However, trading volumes were light amid caution ahead of US employment data due out at 1330 mid-day. UBS upgraded the oil sector from "neutral" to "overweight", saying BP, up 1.9 per cent to 685 pence was one of its top picks in the sector.

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