Financial news

Local equities traded slightly weaker during the opening session of the week at the Malta Stock Exchange with the index moving down 0.107 per cent to close the day at 4,990.601 points.

Selling activity in HSBC shares did not have any effect on the closing price of the equity which remained at its starting level of Lm2.01. The day's turnover amounted to 47,786 shares which were exchanged across 54 trades. At the end of the session 1,933 shares were best bid at Lm2.00,5 against a supply of 2,000 shares offered at Lm2.02.

Investors waited for the last 15 minutes of the session to match the first trade of the day in Bank of Valletta plc shares, which today traded "ex-dividend" ie investors buying the shares today will not be entitled to receive the 11c gross dividend declared by the company on October 27. A total of 10,765 shares were exchanged during the session across 16 deals.

Malta International Airport shares lost 1.45 per cent or 2c, closing the session at the Lm1.36 level, while 2,364 shares were exchanged across two transactions in International Hotel Investments plc shares with the price moving down €0.01 to close the day at €0.99.

Medserv attracted the highest value of business with 145,000 shares carrying a market consideration of Lm203,000 being exchanged across three transactions.

The price remained unchanged at Lm1.40. 14,080 shares in Maltacom shares were traded with the price touching the level of Lm1.54,1, the lowest level for the last 52 weeks.

The shares ended the session at Lm1.55.

Elsewhere in the market activity in Simonds Farsons Cisk shares and Plaza Centres shares did not effect their previous closing prices of 80c and 61c respectively.

Tokyo stocks flat amid US rate concerns

European equities markets were lifted yesterday as investors welcomed upbeat earnings news and a further session of oil prices remaining below $60 a barrel. By midday, the FTSE Eurofirst 300 was up 0.6 per cent, while Frankfurt's Xetra Dax gained 0.7 per cent, the CAC 40 in Paris added 0.6 per cent.

London equities moved higher amid strength in the mining sector and renewed M&A activity. The benchmark was up 0.7 per cent while the mid-cap FTSE 250 rose 0.7 per cent.

The Japanese equity market closed broadly unchanged, with some strong earnings results counterbalancing weakness in export-focused stocks on US fears. The Nikkei 225 rose 0.1 per cent. The broader Topix index was down 0.1 per cent. Some big blue-chip exporters fell on concerns the US - which last month saw unemployment drop to a five-year-low - may be less willing to cut interest rates.

Wall Street stocks were set for a firmer open, after recent losses set the stage for some bargain hunting amid a slew of merger and buyout deals. Less than an hour before the opening bell, stock index futures were climbing and trading above fair value, indicating a positive open.

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)