Financial News

Trading activity remained low during the mid-week trading session of the week, as investor uncertainty as to the future direction of the market remained rife.

HSBC Bank Malta was, relatively speaking, the most active equity of the session with an aggregate total of 6,520 shares changing hands across 10 transactions. The equity drifted lower by 0c9 or 0.4 per cent to close the session at its lowest value of the day, at Lm2.086.

Bank of Valletta share declined by the same nominal amount although trading activity consisted of merely 1,675 shares which were exchanged across three transactions. The decline equates to a 0.25 percentage drop with the price terminating the session at Lm3.67. At the end of the session, 2,000 shares were best bid at Lm3.661 against supply of a further 4,243 shares offered at Lm3.67.

International Hotel Investments gained 0.9 per cent as two investors swapped 2,000 shares at the €1.11 level. Concurrently, share holders were approving the five extraordinary resolutions which will pave the way for a substantial increase in capital, the acquisition of two hotels, various changes to the Memorandum and Articles of Association and a 1 for 6 bonus share issue.

Elsewhere in the market, 1,000 shares of Maltacom were swapped across three transactions with the closing price remaining intact at Lm1.48.

On the Alternative Companies List, Datatrak Holdings was the day's top gainer, notching higher by two per cent to close the session at 25c. At the end of the session, the best demand was for 3,921 shares at 24c5 against supply of 3,029 shares at 25c.

Bid battle for Corus won by Tata Steel

Bid activity in the steel sector led industrial metals groups higher yesterday, but European equity markets remained largely flat as losses for financial stocks weighed. Steelmakers led the way after India's Tata Steel won the battle for Anglo-Dutch producer Corus with an offer 608p (€9.19) a share, valuing the company at £6.2 billion. Tata's final bid in Tuesday night's auction pipped the 603p a share offer from rival bidder CSN of Brazil. Both offers came in at the high end of expectations and the Amsterdam-listed shares in Corus gained 6.6 per cent. In early trade, the FTSE Eurofirst 300 was flat at 1,521.73, and Frankfurt's Xetra Dax shed 0.1 per cent. The CAC 40 in Paris, however, gained 0.1 per cent.

London equities made early gains as Vodafone cheered investors with an upbeat trading statement. Shares in Vodafone gained 1.9 per cent after the company said it had crossed the 200 million customer mark. The FTSE 100 put on 0.2 per cent, while the mid-cap FTSE 250 was flat at 11,131.0.

Japanese stocks fell, as some of the companies that have shown sharp rises recently were hit by profit-taking. The Nikkei 225 and the Topix declined 0.6 per cent respectively.

BOV and VFM are licensed by the MFSA to conduct investment services business.

Valletta Fund Management (tel. 8007 2344) and Bank of Valletta plc (Tel 2131 2020).