Local equities closed modestly higher during the final session of the week at the Malta Stock Exchange, as a decline in HSBC was offset by gains elsewhere in the market. As a result, the index closed just 0.01 per cent higher at 5,101 points.
Maltacom soared 4c9 or three percentage points as 5,900 shares were purchased across six transactions. Trading commenced late in the session when the equity declined briefly on selling activity. Nevertheless, the final trade of the day saw investors snap up shares just shy of the Lm1.70 level, with optimism returning to the equity following the company's signing of the interconnectivity agreement with Melita Cable plc, earlier in the week.
Buying activity in Bank of Valletta helped the equity secure its fifth consecutive session of gain. The equity added another penny as 17,671 shares were exchanged across 17 transactions to close the session at Lm3.98, its highest level since late July. Investors have steadily purchased shares over the past two months on anticipation of the bank's full year results which should be reported within a few weeks' time.
HSBC Bank Malta was the day's most liquid and actively traded equity with a grand total of 51,850 shares swapped across 40 transactions for a market turnover of Lm105,252. Sellers were the stronger force in the market as the equity lost 2c or one per cent to close the session at Lm2.03, although the decline could have been worse if it wasn't for some last minute buying activity.
Markets end the week at five-year record highs
The Dow Jones Industrial Average closed at a new record high of 11,948.26, up 0.81 per cent on Thursday, as the market welcomed a batch of strong earnings reports and oil prices hit their lowest level this year early in the session.
Yesterday Japanese shares followed their American counterparts upward with the benchmark Nikkei 225 index climbing one per cent to a five-month closing high of 16,536.54. The broader Topix index rose a similar 0.9 per cent to 1,628.00.
European equities rose to fresh five-year highs as gains for oil groups offset profit-taking in the banking sector after several days of strong gains. By midday, the FTSE Eurofirst 300 was up 0.2 per cent, the CAC 40 in Paris was 0.1 per cent higher. Frankfurt's Xetra Dax rose 0.3 per cent.
London's FTSE 100 hit a fresh five-year high yesterday morning, as strength in the oil and mining sectors offset profit-taking among financial stocks. The FTSE 100 and the FTSE 250 gained 0.3 per cent respectively. London's benchmark index has lagged the recent rally which has driven European and Asian indices to fresh multi-year highs. Meanwhile, the Dow Jones Industrial Average has hit a series of all-time closing highs, while the broader S&P 500 has traded at levels not seen for five years.
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Valletta Fund Management (tel. 8007 2344) and Bank of Valletta plc (tel. 2131 2020).