Financial news

Trading activity in local equities dwindled during yesterday's session at the Malta Stock Exchange and, although five companies saw deals being struck in their shares, volumes were particularly low. A slim decline in the largest capitalised company brought a minimal decline to the MSE index which closed the session at 4,936 points.

In spite of the low activity, HSBC Bank Malta remained the most liquid equity with 23,710 shares changing hands across 24 transactions. Buyers and sellers seemed content to trade shares at the Lm2.02 level, although the equity dipped by the slimmest of margins towards the end to close at Lm2.01,9. At the end of the session, 260 shares remained outstanding at this level against supply for 3,600 shares at Lm2.02.

Two trades in FIMBank, executed just as the opening bell rung out, saw investors swap a mere 800 shares without affecting the previous closing price of $1.70.

Activity in Maltacom consisted of 1,662 shares which were swapped across two transactions towards the very end of the session at the Lm1.49 level. The aggregate value of the deals amounted to just Lm2,476 leaving, at the end of the session, a further 838 shares best bid at this price against supply for 2,000 shares at Lm1.49,5.

Elsewhere in the market, two investors swapped 1,165 shares of International Hotel Investments without affecting their previous price of €1.

On the alternative companies list, Datatrak Holdings shed 6.8 per cent of its value when 2,464 shares were sold at the 28c9 level. Supply at this level remains relatively plentiful with a further 9,536 shares offered.

Europe turns lower on thin trade

European stocks edged lower yesterday as financial stocks sagged but, with the closure of US and Tokyo markets for public holidays, trade was thin and lacked direction.

Swisscom, the telecoms group, gained 1.9 per cent to SFr451.75 after it said late on Wednesday it was in talks with the UK's Vodafone to repurchase a 25 per cent stake in Swisscom Mobile. Vodafone shares gained 1.1 per cent to 135p. Greek mobile group Cosmote meanwhile gained 0.7 per cent to €21.22 after Greece's market regulator approved the company's mandatory public offer for the remaining shares it does not already own in Germanos, the phone retailer. KBC Group, the Belgian financial services company, fell 2.7 per cent to €83.65 as concerns over lower fees and loan impairment charges overshadowed better-than-expected third-quarter profits.

France's Credit Agricole fell 2.1 per cent to €32.22, advancing the previous session's losses when it reported a continued slowdown in profit growth and weaker-than-expected third-quarter revenues.

By mid-morning, the FTSE Eurofirst 300 was down 0.2 per cent, Frankfurt's Xetra Dax fell 0.1 per cent, the CAC 40 in Paris shed 0.2 per cent and London's FTSE 100 lost 0.3 per cent to 6,143.2.

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