Financial News
Positive session for banks
The banking equity sector continued to regain lost ground during yesterday's trading session at the Malta Stock Exchange, led by Bank of Valletta and HSBC shares. This pushed the index up 2.424 per cent to close at 5,139.81 points.
Undoubtedly trading in Bank of Valletta shares was the limelight of today's trading session. At the open, strong demand started accumulating at the Lm3.55 level but the price swiftly traded up to the top of the trading range, Lm3.76,4 - only to close the trading session at Lm3.68 (+3.66 per cent). At the end of the session the best outstanding bid was for 2,500 at Lm3.61,1 and the best offer was for 11,842 at Lm3.75.
HSBC Bank Malta also gained 4.58 per cent on the previous day closing price to close the session at Lm2.10,2. A total of 20,450 shares were exchanged spread over 31 transactions with the price range varying from Lm2.01 to Lm2.10,2. At the end of the session the best outstanding bid was for 2,550 at Lm2.10,1 and the best offer was for 4,000 at Lm2.27.
Activity in Maltacom dwindled with only 3,044 shares changing hands in two trades. The previous day's gain was lost as the shares price closed the session 2.17 per cent down to Lm1.80. Simonds Farsons Cisk also had a negative session with the share price losing 5.41 per cent to close the day at 70c. Trading activity was minimal with just 350 shares exchanging hands in two deals.
Elsewhere, MIA, Plaza Centres and Middle Sea Insurance shares traded minimally leaving the closing price unchanged from the previous trading session. There was no trading in Fimbank and IHI shares.
Europe's bourses lifted by transport stocks
Yesterday, the FTSE 100 moved higher with Enterprise Inns a leading gainer. The pubs group gained 2.1 per cent to £10.15 after Deutsche Bank raised its price target on the stock from £10.60 to £12.00. The FTSE 100 was up 22.1 points in late morning. The mid-cap FTSE 250 firmed 20.2 points.
European equities were higher, led by technology and transport stocks as lower oil prices offered support, while a rally in US equity markets also lifted sentiment. By mid morning, the FTSE Eurofirst 300 was up 0.4 per cent, while Frankfurt's Xetra Dax added 0.4 per cent. In Paris, the CAC 40 gained 0.5 per cent.
Late on Tuesday minutes from the US Federal Reserve's last interest rate setting meeting offered the markets little direction. The Dow Jones Industrial Average to turn round early losses and end 0.2 per cent higher, while the Nasdaq Composite added 0.5 per cent.
Japanese stocks ended the day marginally lower, despite rallying earlier in day on increased expectations of a halt to monetary tightening in the US and lower oil prices. The Nikkei 225 fell 0.1 per cent at 15,872.02, while the broader Topix fell 0.2 per cent to 1,612.66.
BOV and VFM are licensed by the MFSA to conduct investment services business.
Valletta Fund Management (tel. 8007 2344) and Bank of Valletta plc (Tel 2131 2020).