Robust buying activity, concentrated mainly towards the end of the session, helped the MSE Index close yesterday's session in positive territory by 0.7 per cent at 5,141 points.
The trading activity was distinguished by the almost seven per cent gain registered in Maltacom, as 17,075 shares were purchased across 12 transactions. The equity commenced trading in positive territory, quickly climbing a penny to trade at the Lm1.60 level. Once supply at this level, from anxious sellers was cleared, subsequent buying activity quickly cleared through an otherwise thin offer side, helping the price close the week at the Lm1.70 level.
Fresh buying activity in International Hotel Investments helped the equity rally to a seven-month high as 3,500 shares were swapped across five deals, pushing the price higher by two per cent, to close at the €0.97.
Banking sector equities had mixed fortunes. Bank of Valletta suffered slight profit-taking activity, declining just 0.3 per cent to Lm3.85 on 6,090 shares.
On the contrary Lombard Bank gained a penny as 170 shares were swapped between two investors at the Lm4.71 level. Similar to its previous trading session, HSBC Bank Malta gently drifted to the Lm2.05 level before late demand saw the equity reverse its intraday losses completely, closing at Lm2.08 on a total volume of 22,660 shares.
Elsewhere, supply of 1,700 shares in Plaza Centres was immediately scooped up in a single deal at 67c. At this level, the company remains the best income yielding equity on the local market.
European shares extend four-month highs
The Japanese stock market rose slightly yesterday as confidence in the global economy began to stabilise. However, it still failed to recover from the Nikkei 225 stock average's sharpest fall in two months. The broader Topix rose 0.5 per cent.
European stocks pushed through significant highs, with Frankfurt's Xetra Dax passing through 6,000 as auto stocks and financial groups led the way. The FTSE Eurofirst 300 was up 0.1 per cent, the Dax was up 0.4 per cent and the CAC 40 in Paris gained 0.3 per cent.
London equities broke through the key 6,000 barrier amid continued strength in world equity markets. With the Dow Jones Industrial Average briefly overtaking its record closing high overnight, the FTSE 100 touched 6,002.9 in morning trade.
In a bumper day for UK equities, the mid-cap FTSE 250 breached the 10,000 level, also for the first time since May. However, by late morning, profit taking was already in evidence, and the index was down seven points to 5,963.9.
US stocks were set to open higher, as investors tried once more to bring the Dow to an all-time high. An hour before markets opened, S&P 500 futures were 2.6 points above fair value, while Nasdaq Composite futures were 1.93 points above fair value.
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