The MSE Index dropped in excess of two per cent during yesterday's session at the Malta Stock Exchange as a sell-off in HSBC Bank Malta dragged the market lower.
In fact, HSBC Bank Malta was the day's biggest loser, with the share price shredding 5.2 per cent of its value, as the interim results published following Thursday's session, failed to arouse investors' interest.
The bank reported a double-digit growth in pre-tax profit to Lm20.6 million and will pay out 76 per cent of its profits in dividends, resulting in a net interest distribution of 3c4 per share for the first six months.
Selling activity also split over to Bank of Valletta, where the price quickly drifted to the Lm3.95 level following the initial trades. Nevertheless, a few buyers returned to the fray collecting shares up to the Lm3.97,5 level, thereby trimming the day's decline to just 2c5 or 0.6 per cent.
Contrary to this, Lombard Bank leaped 20c or 3.5 per cent as a single purchase instruction for 20,158 shares was executed across 12 transactions, lifting the price to Lm5.90c.
GlobalCapital was the day's top gainer as further buying interest saw 12,879 shares being transacted across 11 trades, pushing the price higher by 9c or 4.2 per cent. This buying activity cleared all supply up to the Lm2.24 level, which is an all time record high.
Elsewhere, two investors exchanged 500 shares of Maltacom at the Lm1.97,9 level while Malta International Airport shed 0c5 or 0.3 per cent to Lm1.47,5 on four transactions which saw just 2,800 shares being exchanged.
FTSE 100 holds to weekly gains
European equities dipped yesterday, in spite of some strong earnings and bid speculation, as investors took profits after the two-and-a-half-month highs hit in the previous session. By midday, the FTSE Eurofirst 300 was down 0.2 per cent while Frankfurt's Xetra Dax shed 0.4 per cent. In Paris, the CAC 40 fell 0.6 per cent.
London's leading equities remained on track for their best week of the year as the FTSE 100 held on to its recent gains. Having risen 3.6 per cent already this week, the FTSE 100 was trading a few points lower in afternoon trade. The index is still up more than 200 points on the week. The FTSE 250 lost 0.6 per cent.
In Japan strong earnings reports from major electronics manufacturers nudged the Nikkei higher though gains were limited by mixed results from companies in the technology sector. The Nikkei 225 rose 1.1 per cent. The broader Topix index added 1.1 per cent.
US stocks were poised to open higher as investors mulled new data on the health of the US economy along with positive earnings from the oil services sector. An hour before the bell, S&P 500 futures were 4.77 points above fair value, while Nasdaq Composite futures were 4.42 points above fair value.
BOV and VFM are licensed by the MFSA to conduct investment services business.
Compiled by Valletta Fund Management (tel. 8007 2344) and Bank of Valletta plc (tel. 2131 2020).