Positive sentiment maintained

Major listed equities pushed the Malta Stock Exchange index higher during the last trading session of the week, on the back of an extension of positive sentiment. Today's upbeat trading session helped the index close at 5123.766 points, 0.447 per cent higher than its previous close.

Maltacom was the day's top gainer with investors regaining a certain degree of optimism in the equity. Trades were spread across five transactions, with 2,011 shares changing hands and the price closing at Lm1.48. At the end of the session, 1,166 shares were best bid at Lm1.45 while the best supply on the market was for 5,000 shares at the closing price.

Bank of Valletta breached the Lm3.70 level, as a mere number of two trades managed to thrust the price higher at Lm3.719, thereby gaining 1c9 on Thursday's closing level. Shares of HSBC Bank Malta were once again the most heavily traded equity on the local index, as 11,460 shares carrying a monetary value of Lm24,409, were swapped across 15 trades. Meanwhile, a single trade was struck in FIMBank shares without affecting the previous closing price of $1.74.

International Hotel Investments, continued their positive run as they gained a further cent, to close at an all time high of Lm1.16. Two deals were swapped in the equity. Meanwhile Malta International Airport regained the Lm1.40 level as four deal with an aggregate amount of 2,000 shares were exchanged during the session Middlesea shares were the only equity bucking the positive trend, as the insurance company lost 2c or one per cent, on five transactions that pushed the share price down to Lm1.98.

European stocks recover

European equities rallied, recovering their poise yesterday after losses in the previous session sparked by concerns over the prospect of rising interest rates. By midday, the FTSE Eurofirst 300 was up 0.5 per cent, Frankfurt's Xetra Dax added 0.6 per cent, the CAC 40 in Paris gained 0.6 per cent.

London equities rose to fresh six-year high. The deal-making boom continued as FirstGroup completed the acquisition of the US company behind Greyhound buses. By mid-day, the FTSE 100 was up 0.5 per cent, to 6,378.9, its highest level since December 2000. The FTSE 250 surged 72.5 points, or 0.8 per cent, to a fresh all-time high of 11,514.1 amid strength in support services and engineering companies.

A lacklustre morning session gave way to more enthusiastic afternoon action on Tokyo dealing floors, with the shipping and banking sectors both climbing sharply. The Nikkei 225 index was up to a psychologically key level; the benchmark index ended the afternoon session 211.85 points, or 1.23 per cent, higher at 17,504.33. The Topix index, which more broadly reflects buying of non-tech issues, closed at 1,745.09, up 24.91 points, or 1.45 per cent.

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.