Local equities failed to make it five consecutive sessions of gains yesterday as the index shed 0.82 per cent to close at 5,088.496 points on profit taking activity.
Investors sold their holdings in HSBC Bank Malta to book profits following the recent gains which saw the price appreciate by 18 per cent over the past four trading sessions. An aggregate total of 42,842 shares were transacted across 45 transactions. When the dust settled, HSBC Bank Malta ended at Lm2.14, just 5c or 2.3 per cent lower than its previous closing level.
Elsewhere, more funds were shifted into Bank of Valletta when 8,970 shares were purchased across 19 transactions. This activity helped the price reclaim the Lm3.70 for the first time since the end of last year. At the end of the session, 4,069 shares were best bid at Lm3.67 while supply was for a further 396 shares offered at Lm3.70.
Lombard Bank continued to move higher, although activity consisted of only one transaction, where 1,870 shares were exchanged at the Lm5.40 level. This price represents a 5c or 0.9 per cent premium to Thursday's closing level.
International Hotel Investments climbed two per cent to €1.02, as 10,000 shares were struck across two deals, while Maltacom shares recouped some of their previous session's decline as 3,392 shares were exchanged at the Lm1.45,5 level. Activity in Malta International Airport shares did not affect their previous closing level of Lm1.40 although the price did wobble slightly.
European stocks rise to six-year high
European stocks rose to the highest in six years yesterday on speculation shares in the region are still cheap relative to the outlook for economic and earnings growth. The FTSE Eurofirst 300 added 2.5 points or 0.2 per cent at 1,503.93 but Germany's Xetra Dax slipped 3.4 points, or 0.1 per cent, at 6,684.11 while in France, the CAC40 was essentially flat, just 0.6 points lower at 5,609.19.
Asian stocks rose the most in seven weeks, led by Toyota Motor Corp. and Samsung Electronics Co. after the region's currencies dropped against the dollar and oil prices slid to a 19-month low. The dollar reached a high of Y120.74 against the yen during the day's trading. The Nikkei 225 was up 1.3 per cent to 17,057.01. The broader Topix climbed 1.7 per cent to 1,685.27.
US stock-index futures were little changed. Advanced Micro Devices Inc. tumbled in Europe after saying fourth-quarter profit fell as its larger rival Intel Corp. cut prices to win over buyers of personal computer processors. Exxon Mobil Corp. led gains in energy stocks as oil rebounded from a 19-month low. General Electric Co. declined after Merrill Lynch & Co. said the world's second-biggest company by market value may make a large acquisition.
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.