Slim trading volumes continued to characterise local equity trading on the Malta Stock Exchange yesterday, as activity was spread among the three larger caps and the recently listed Medserv plc. In effect, the latter was the only drag on the index which fell marginally by 0.02 per cent, to 4,899.454 points.
Bank of Valletta out-throned HSBC as the day's most actively traded equity with 17,958 shares being exchanged across 16 trades.
The bank's share price eked fractionally higher during the day, to close the session at the Lm3.60 level.
On the other hand, trading in HSBC Bank Malta produced the highest number of trades, with 27 transactions being executed. Nonetheless the share price remained stuck at the Lm1.99 level, with 2,040 shares with a bidding price of Lm1.98 and 2,547 shares offered at Lm1.99.
Medserv was the day's primary mover, with a loss of 4c or 2.96 per cent to close the day at Lm1.31, just one cent short of its issue price on October 23. The bid-offer spread at the end of the session was for 3,000 shares demanding a price of Lm1.31 against 5,000 shares best supplied at Lm1.35.
Seven trades were also executed in Maltacom shares, with no impetus on the Telecom's share price.
Tobacco stocks light up markets
European tobacco stocks were lifted by bid activity which helped equity markets nudge higher yesterday as investors awaited interest rate decisions from both the European Central Bank and the Bank of England. By midday, the FTSE Eurofirst 300 was up 0.4 per cent, Frankfurt's Xetra Dax added 0.3 per cent and the CAC 40 in Paris was 0.2 per cent higher.
Tobacco stocks leapt to the top of the FTSE 100 leaderboard after Gallaher Group confirmed it had received a bid approach. Shares in the group, which makes Benson & Hedges and Silk Cut cigarettes, jumped 19.1 per cent. The FTSE 100 traded 0.5 per cent higher. The mid-cap FTSE 250 gained 0.1 per cent.
Falls in commodity prices depressed the prices of producers, but gave a mild fillip to Japanese companies as a whole, which are net consumers of commodities. The Nikkei 225 ended up 0.6 per cent with the broader Topix up 0.5 per cent.
Wall Street stocks were set for a slightly firmer open, but stocks are seen trading in narrow ranges as investors await the November employment report, due tomorrow, to clarify the outlook for the economy, monetary policy and equities. Less than an hour before the opening bell, stock index futures were firmer and trading above fair value, indicating a positive start.
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.