The MSE index ended lower on the first trading session following the Christmas break as declines in the two largest capitalised companies weighed heavily on its performance.
HSBC Bank Malta was the day's top decliner as investors wishing to exit their positions continued to supply shares onto the market. The equity was also the day's most liquid and actively traded, with almost 50,000 shares being exchanged across 32 transactions. The share price slipped 2c or one per cent as buyers craftily lowered their bids down to the Lm1.92 level to gain the best possible entry level ahead of the group's full year results, due out in about a month's time.
Bank of Valletta also ended lower, albeit on much lower volume. In fact, the day's total turnover amounted to just 2,136 shares which were swapped across eight transactions. The equity immediately commenced trading lower at the Lm3.57 level and continued to do so, until the session's closing bell halted the decline at the Lm3.55 level which represents a 3c or 0.8 discount compared to last Friday's close.
GlobalCapital was the day's only gainer as demand returned to the market late in the session when 2,654 shares were scooped up in a single purchase across four transactions executed in rapid succession. All supply at up to the Lm2.16 level was cleared off the board, thereby pushing the price higher by 5c9 or 2.8 per cent.
Initial selling activity in Maltacom saw the price decline back to its recent low of Lm1.45, but a last minute purchase restored the price back to close unchanged at Lm1.47. The day's activity consisted of merely 3,200 shares which were swapped across four transactions.
Toyota leads Tokyo stocks to seven-month high
European equity markets moved higher yesterday as investors took their cue from overnight gains in the US and Asia. By midday, the FTSE Eurofirst 300 index was up 0.8 per centt, the Xetra Dax index was up 1.3 per cent and the CAC 40 in Paris was1.1 per cent higher.
London equities started strongly after the Christmas break, with higher mining and oil stocks supporting a solid rally. There were further gains for InterContinental Hotels as traders continued to give credence to rumours of potential bid interest in the company. The FTSE 100 started 0.8 per cent higher at 6,239.6, a rise of about 50 points. The mid-cap FTSE 250 was 0.6 per cent higher at 11,146.0.
US markets were open on Boxing Day, although trade remained light. The Dow Jones Industrial Average closed 0.5 per cent higher making most headway toward the end of an otherwise lacklustre session.
Bullish domestic buying of shares in Toyota and Nippon Steel led the Japanese market to a further session of gains and propelled the Nikkei 225 stock average to a seven-month high. The broader Topix index advanced 0.27 per cent to finish at 1,676.95.
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.