Financial news
Losses extended
Local equities extended their previous sitting's losses during yesterday's trading session at the Malta Stock Exchange with declines in HSBC Bank Malta weighing heavily on the index which shed a further 0.4 per cent to close at 4,767 points.
HSBC Bank Malta was the day's most liquid equity with 71,975 shares changing hands for a total market consideration of Lm132,795. The equity was also the most actively traded with 64 deals being struck during the session. Buyers were firmly in control of the price movements, as supply remained abundant not withstanding its nine-month slide in value. Investors craftily placed their bids up to 2c or 1.1 per cent lower, down to the Lm1.84 level with suppliers constantly hitting their purchase orders.
Bank of Valletta was the day's second most active equity with 6,766 shares changing hands across 15 transactions. The equity tentatively climbed by 1c to the Lm3.61 level. However, the gain only lasted a couple of minutes with the equity traded back to close unchanged at Lm3.60.
A single transaction in FIMBank saw two investors swap a mere 1,700 shares without altering the previous closing price of $1.73.
Malta International Airport climbed by the slimmest of margins as 416 shares were swapped across two transactions at the Lm1.37,5 level.
Elsewhere in the market, Maltacom declined 0c5 or 0.3 per cent as 2,000 shares were struck across a single deal at the Lm1.48,5 level.
Asian resources stocks fall
European stocks fell after the US Federal Reserve showed increased concern that the economy will slow and inflation will accelerate. By midday, the FTSE Eurofirst 300 was down 0.5 per cent, Frankfurt's Xetra Dax shed 0.6 per cent, the CAC 40 in Paris lost 0.8 per cent and London's FTSE 100 slipped 0.7 per cent.
Asian resources stocks fell, led by BHP Billiton and PetroChina Co., after copper prices had the biggest drop since June and oil plunged the most since April 2005. Japanese exporters rose as investors bought companies that benefit from a weaker yen. The Nikkei 225 Stock Average climbed 0.7 per cent to an eight-month high on the year's first day of trading in Japan.
US stocks were set for a lower open yesterday, as investors pondered the outlook for interest rates and the economy ahead of the monthly jobs report due out today.
Some lower-than-expected retail same store sales for December were also overhanging the market and less than an hour before the opening bell, stock index futures were lower, but mixed versus fair value. S&P 500 futures were down 1.3 points at 1423.50, while Nasdaq futures were down one point at 1778. Futures for the Dow Jones Industrial Average were down nine points at 12,521.
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.