Financial News
MSE maintains positive stance
The local equity market rallied for the third consecutive session yesterday, fuelled by fresh gains in Bank of Valletta and Maltacom shares.
Bank of Valletta shares maintained their positive momentum, adding a further 6c or 1.4 per cent, on volume of 63,106 shares. The share price gained gradually throughout the session to close the day at the highest range of Lm4.32.
On a similar positive note ended Maltacom shares ended on a similar positive note at Lm1.98c5, seemingly ready to re-test the Lm2 level for the first time since the announcement by the government that it was starting preferred bidder negotiations with Tecom Investments. Total volume for the day amounted to a mere 7,300 shares which were enough to push the price higher by a further 1c5.
In the rest of the banking sector, shares of HSBC Bank Malta remained stuck at the Lm2.40 level for the fourth day in a row, on turnover of 42,359 shares and 39 deals while Lombard Bank shares notched another 1c gain to close the session at Lm5.06.
Trading was also flat in Malta International Airport and Middlesea Insurance shares which closed at Lm1.51 and Lm5, respectively while Datatrak Holdings, on the Alternative Companies List gave up 2c, to end the day at Lm0.31.
The Malta Stock Exchange Index gain 0.5 per cent to close at 5,747 points.
Tokyo shares follow Wall Street higher
European equity markets fell yesterday, erasing earlier gains as concerns over inflation put pressure on banks and other financials, while falling commodity prices hit mining stocks. By midday, the FTSE Eurofirst 300 was 0.5 per cent lower, while Frankfurt's Xetra Dax slipped 1.1 per cent. In Paris, the CAC 40 was 0.6 per cent weaker.
In New York overnight, the main stock indicators rose in spite of caution by the Federal Reserve in minutes released from its last rate setting meeting over how much higher US interest rates must go to curb inflation. The Dow Jones Industrial Average added 0.7 per cent, while the Nasdaq Composite gained 0.7 per cent.
London equities moved back yesterday as losses in the mining sector wiped out initial gains led by financial stocks after strong figures from Man Group. The FTSE 100 fell 0.5 per cent in morning trade. The FTSE 250 could not protect its own initial gains and fell back by 0.5 per cent.
Japan's Nikkei 225 rose moderately, following an overnight increase in US stock prices. The Nikkei closed 0.2 per cent higher and the Topix was up 0.3 per cent.
BOV and VFM are licensed by the MFSA to conduct investment services business.