Sellers sink MSE Index

Activity picked up during the final trading session of the week at the Malta Stock Exchange with good volumes being transacted in the major three listed companies.

HSBC Bank Malta attracted the highest turnover as 35,095 shares were swapped across 27 transactions. Initial trades were executed at the Lm2.01 level. However, a constant flow of supply brought a 2c or one per cent decline to the price which closed a penny below the psychological support level of Lm2.

Bank of Valletta shares, traded within a tight range and managed to close unchanged at Lm3.59c9. The day's activity consisted in 17,030 shares, carrying a market consideration of Lm61,260, which were struck across 30 deals.

Maltacom picked up some slight activity, although sentiment remained mildly negative, as the equity lost a further 0c9 or 0.6 per cent. A total of 11,100 shares were exchanged during yesterday's session with the price closing at Lm1.49.

The day's only gainer was Malta International Airport which jumped 3c or 2.2 per cent as 4,309 shares were purchased up to the Lm1.37 level. Investors purchased shares following the company's interim results which came in ahead of expectations. The company's profit after tax decreased by just 1.8 per cent to Lm2,687,530 from Lm2,734,759, despite a 5.3 per cent decrease in passengers over the same period last year.

Elsewhere in the market, two investors swapped 6,500 shares of FIMBank without affecting the previous closing level of $1.70. While on the Alternative Companies List, Datatrak Holdings succumbed 10 per cent to close the week at the 26c level.

Mining and oil sectors push London higher

European equities were higher yesterday, led by French power supplier EDF, after a court criticised government energy tariff controls. EDF gained 5.9 per cent after a French constitutional court said on Thursday that government controls on prices charged by energy suppliers were "incompatible" with EU targets for opening up energy markets to competition. By midday, the FTSE Eurofirst 300 was up 0.3 per cent and Frankfurt's Xetra Dax gained 0.2 per cent as did the CAC 40 in Paris.

London shares were higher by mid-morning, supported by gains in the mining and oil sectors. The FTSE 100 firmed 0.5 per cent in mid-morning exchanges while the mid-cap FTSE 250 put on 0.8 per cent.

On the FTSE leaderboard, mining stocks were strong after gold broke through resistance at $640, rising 1.7 per cent to $646.90 a troy ounce following renewed weakness in the dollar.

Japanese stocks rose a touch in response to lower-than-expected consumer price inflation. Higher commodity prices almost across the board also pushed up resource stocks, while having only a moderate impact on resource-intensive users. The Nikkei 225 rose 0.3 per cent. The broader Topix advanced only 0.1 per cent.

The financial news was compiled by Valletta Fund Management (tel. 8007 2344) and Bank of Valletta plc (Tel 2131 2020). BOV and VFM are licensed by the MFSA to conduct investment services business.