During the final trading session of the year, local equities registered strong gains as moderate buying activity was met by a relatively thin offer side, which propped up equity prices in the process. The MSE index closed the year almost two per cent lower from where it started in January, but 0.9 per cent higher on the previous day at 4,873 points.
Lombard Bank was the day's top gainer as the equity jumped 26c or 4.7 per cent on late buying activity which saw 11,869 shares being purchased in rapid succession across 10 transactions. The equity ended the session at Lm5.76.
Bank of Valletta leapt 13c or 3.6 per cent as 13,072 shares were exchanged across 15 transactions. The equity rallied to the Lm3.70 level, reversing in a single session all the decline sustained during the past eight weeks.
HSBC Bank Malta dropped another penny, to close the year at its lowest level. The equity remained the most liquid and actively traded with 92,039 shares, carrying a market consideration of Lm175,033, exchanged across 61 transactions. The equity traded within a tight trade range. However, the final trade of the day was struck at the Lm1.90 level, which represents a 1c or 0.52 per cent discount to its previous closing price.
Across two purchase orders, an aggregate total of 4,565 shares in GlobalCapital were collected off the offer side helping the price gain 2c or 0.9 per cent to close the year at Lm2.20.
European markets end year in negative territory
European stocks fell on the final trading day of 2006 yesterday, led by BP Plc and Royal Dutch Shell Plc, after crude oil traded near a four-week low in New York. By midday, the FTSE Eurofirst 300 was down 0.3 per cent to 1,483.35, Frankfurt's Xetra Dax was off 0.1 per cent to 6,606.15, the CAC 40 in Paris was up 0.1 per cent to 5,539.39 and London's FTSE 100 was down 0.5 per cent to 6,210.2.
Investors gave Tokyo a final boost at the year-end, taking the Nikkei 225 stock average up moderately in a shortened session and giving the market a fourth year of growth. The index ended the year with a 6.9 per cent gain, at 17,225.83, marking Tokyo's longest bull-run since 1989. The broader Topix index closed the year up just 1.9 per cent at 1,681.07.
US stock-index futures were little changed on the last trading day of the best year for equities since 2003. US stocks fell overnight for the first time in three days, dragging the Dow average from a record, as stronger-than-expected data on consumer confidence and home sales damped optimism the Federal Reserve will reduce interest rates to accelerate growth.
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.