The MSE index declined for the ninth time out of the past 10 sessions as equity prices continued to slide during yesterday's trading session. Activity was relatively muted although widely spread across eight different companies.

HSBC Bank Malta was the most liquid equity, with 35,342 shares being exchanged across 38 transactions. Initial trading activity saw a number of transactions being struck at Lm2.09, and it was only in the dying minutes of the session that continued supply hit bids at the Lm2.08 level, forcing a 1c or 0.5 per cent decline to the final closing price. At the end of the session, 1,100 shares were best bid at Lm2.08 against supply of 2,000 shares at Lm2.08,5.

Contrary to this, Bank of Valletta gained 0c5 or 0.1 per cent when 1,034 shares were purchased in rapid succession deep into the trading session, at Lm3.85,5. Once this activity was concluded, fresh bids started appearing on the board with 685 shares demanded at Lm3.86.

Elsewhere, a single transaction in FIMBank saw 1,600 shares being exchanged between two investors without affecting the previous closing price of $1.90.

Buying activity in Malta International Airport was met by supply at the Lm1.41,9 level which represents a 0c1 discount to Friday's closing level. The equity is currently trading at its lowest levels since early July.

Middlesea Insurance provided some support to the index, as 713 shares were purchased for a penny higher at Lm2.54, while activity in Maltacom, Simonds Farsons Cisk and International Hotel Investments did not affect their previous closing prices of Lm1.93, Lm0.75 and €0.96 respectively.

Mining speculation keeps FTSE in black

London equities gained yesterday as bid speculation boosted the mining sector. Anglo American was among the leading gainers, up 2.4 per cent to £24.27, as reports linked it with a £40 billion takeover. Anglo is seen as the most likely takeover target in the sector, with Xstrata and Rio Tinto named as possible acquirers.

In the wider market, the FTSE 100 gained 10.9 points, 0.2 per cent, to 5,914.3 in late morning trade. The FTSE 250 was off 32.6 points, or 0.3 per cent, to 9,481.3.

Japanese stocks dipped as traders returned to their desks yesterday and took profits after last week's Obon holiday period. The Nikkei 225 declined 0.9 per cent to 15,969.04. The broader Topix index fell 1.1 cent to 1,624.21, with the financial sectors - gainers in recent days - pacing the decline.

European equities tracked lower as banks eased back following a recent strong run, with gains limited by a slowdown in corporate earnings and a 1 per cent gain in crude prices. By midday, the FTSE Eurofirst 300 was flat at 1,357.49, while Frankfurt's Xetra Dax fell 0.5 per cent to 5,791.01. The CAC 40 in Paris shed 0.5 per cent to 5,108.11, while London's FTSE 100 was up 0.1 per cent at 5,911.5.

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