Financial News

Equities traded flat during Thursday's session at the Malta Stock Exchange, with relatively low volumes as investors focus their attention away from the trading of securities.

Nevertheless, HSBC Bank Malta remained the most liquid and actively traded equity as 21,299 shares, carrying a market consideration of Lm41,558, were exchanged across 20 trades. The deals were triggered by buyers who picked up shares from a substantial offer side. The highest deal of the day was struck at the Lm1.95,5 level. However, the equity only managed to close the session 0c1 higher at Lm1.95,1.

Trading in Bank of Valletta dwindled down to just 3,154 shares which were exchanged across six transactions. All trades were executed without moving its previous closing level of Lm3.58.

FIMBank continued to trade at the $1.70 level as 4,000 shares were swapped across two transactions. FIMBank has been jammed at this level since the end of October with practically all trades being struck at this level.

GlobalCapital went from being the previous session's top gainer to the day's only loser. Some profit taking was triggered, albeit in very small amounts. The day's activity saw merely 154 shares being exchanged across two transaction with the equity closing the day 3c1 or 1.4 per cent lower at Lm2.20,9, after touching an intra session low of Lm2.10.

Activity in Medserv continued to keep the equity liquid, notwithstanding its relatively small number of share in free float. During yesterday's session, 8,000 shares were exchanged across two transactions without affecting its previous closing price of Lm1.35.

European markets volatile

On Thursday European equity markets were firmly in holiday mode, with gains for financial stocks offsetting losses for mobile telecom groups and oil producers leaving the FTSE Eurofirst 300 flat. By midday, the pan-European index flat at 1,480.68 amid thin volumes as traders wound down for the Christmas break. Frankfurt's Xetra Dax was down 0.1 per cent, while the CAC 40 in Paris was up fractionally at 5,515.86.

London equities were little changed as gains for the financials sector balanced out weakness amongst the miners. The FTSE 100 was down 5.5 points at 6,193.1 in late morning trade trade, while the mid-cap FTSE 250 was up 19.2 points at 11,064.0, helped by a strong opening for housebuilders after a trading update from Persimmon.

Overnight US stocks settled a touch lower, as cautious investors clipped an early broad advance. The tech-heavy Nasdaq Composite led the major stock indices earlier in the day, but had surrendered gains to close 0.1 per cent lower.

The Nikkei inched up to a fresh seven-month closing high thanks to a weak yen, but its advance was limited by yet another business scandal. The Nikkei 225 rose 0.2 per cent and the broader Topix was up 0.3 per cent.

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.