During yesterday's trading session at the Malta Stock Exchange, investors seemed to be more focused on the fixed interest sector of the market, where sovereign bonds sold off ahead of a key interest rate meeting by the European Central Bank.

The total value of the day's equity deals was marginally greater than Lm45,300, with the lion's share pertaining to transactions executed in HSBC Bank Malta. In fact, 13,102 shares were exchanged across 15 transactions with the price moving minimally lower during the session but closing unchanged at Lm2.20.

Activity in Bank of Valletta remained muted with merely 1,493 shares being swapped across nine trades. Most of the deals were executed at the previous day's closing price of Lm3.98 and it was only in the final minute of the session that two outstanding buy orders were executed at Lm3.99,9, helping the price gain 1c9 or the equivalent of 0.5 per cent.

Maltacom gave back 3c or 1.5 per cent from its previous sessions' gains as 1,000 shares were sold at the Lm2 level. The offer side at and above the Lm2 level has thickened, with investors willing to sell their holdings to book profits. Nevertheless, an acute lack of fresh buy orders, and outstanding bids at the Lm1.86 level prevented more activity in the market.

San Tumas Shareholding was the day's top gainer as 5,014 shares of the closed-ended collective investment scheme were purchased across three transactions pushing the price 6.4 per cent higher to Lm1.

Wall Street set to regain composure

European stock markets extended their gains in early afternoon trade yesterday, after both the European Central Bank and the Bank of England kept their key interest rates unchanged. The FTSE Eurofirst 300 was up 0.8 per cent while Frankfurt's Xetra Dax gained 0.9 per cent. The CAC 40 in Paris was 0.6 per cent higher.

Tokyo shares lost ground led by a decline in technology stocks after an investment bank cut its earnings outlook on Intel, the world's biggest chipmaker. The Nikkei 225 fell 1.3 per cent. The broader Topix fell 1.1 per cent.

In London leading shares bounced back from Wednesday's losses with oil stocks taking the lead as crude futures held near record highs. The FTSE 100 was up 0.82 per cent. Lower down the market, the FTSE 250 gained 0.3 per cent.

US stocks looked set to regain some composure after a fall on Wednesday that was driven by political uncertainty over North Korean missile tests and a resultant spike in crude oil prices. An hour before the opening, S&P 500 futures were 3.15 points above fair value, while Nasdaq Composite futures were three points above fair value.

BOV and VFM are licensed by the MFSA to conduct investment services business.

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