Financial news

Local equities closed the final trading session of the week on a negative note with the MSE Index declining by 0.99 per cent to 5,099 points. Volume activity remained robust, although sellers dictated most of the proceedings.

Maltacom plunged five cents or 3.1 per cent as 24,800 shares were sold across 17 transactions squeezing the price down to close at the Lm1.55 level, its lowest level in 12 months.

Bank of Valletta reclaimed the Lm4 level as investors purchased shares prior to the announcement of the Group's full year results due out after the close of the session. In fact, buying activity commenced immediately as the opening bell rung out, and by the end of the session a grand total of 16,342 shares changed hands across 31 trades for a total consideration of Lm65,367. On the contrary, HSBC Bank Malta swung back into negative territory, giving up 3c5 from its previous session's gain as 7,130 shares were exchanged across 14 transactions.

FIMBank declined 2.2 per cent to $1.701 on selling activity consisting of 6,401 shares which were exchanged across two transactions.

Elsewhere in the market, Malta International Airport immediately traded higher at Lm1.39c5 and seemed heading for a positive close until the final two minutes of the session when sellers wiped out the day's gains, pushing the equity 0c5 lower to close at Lm1.38.

Medserv, which floated on the Malta Stock Exchange last Tuesday, closed the week in style gaining two cents or 1.5 per cent as 10,000 shares were purchased across two transactions, thereby helping the price close at Lm1.32.

FTSE hit by profit taking

Yesterday European shares were broadly flat as gains for telecoms groups and tech stocks were offset by falling drugmakers. Telecoms were still riding high on Thursday's upbeat earnings from Telenor and France Telecom. By midday, the FTSE Eurofirst 300 was flat at 1,452.77, Frankfurt's Xetra Dax was up 0.1 per cent, while the CAC 40 in Paris fell 0.2 per cent.

London equities turned lower by lunchtime as investors took profits following poorly received numbers from WPP Group and as drug stocks continued to lose ground. The FTSE 100 gave up 0.4 per cent, while the mid-cap FTSE 250 shed 0.9 per cent. Weaker-than-expected inflation data and its impact on banking stocks dragged on the Japanese stock market. The Nikkei 225 closed down 0.9 per cent. The broader Topix fell 0.8 per cent.

Wall Street was set for a lower open, buffeted by the economy growing at a weaker than expected rate during the third quarter, and disappointing profit forecasts from software giant Microsoft. About half an hour before the opening bell, futures for the S&P 500 were down 2.7 points and the Nasdaq was off four points. Dow Jones Industrial Average futures were down 24 points.

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Valletta Fund Management (tel. 8007 2344) and Bank of Valletta plc (tel. 2131 2020)