Financial news
Widespread trading on MSE
Trading volumes remained weak in the opening session of the week on the Malta Stock Exchange, although activity in general was widespread. The MSE index closed the day lower by 0.20 per cent at 5,113 points, on the back of some weakness in Bank of Valletta shares which fell towards the end of the session.
In effect Bank of Valletta shares terminated the session down by 1c4 or 0.38 per cent, to Lm3.705, after having traded almost unchanged for most of the session. Trading volumes were particularly subdued with a mere 2,921 shares changing hands across six deals. At the end of the session, the best supply on the market stood for 380 shares at Lm3.718 while demand was for 184 shares at Lm3.705.
Shares of the other major bank - HSBC Bank Malta, also finished slightly in the red, with the equity shedding 0.23 per cent to close the session at Lm2.13. The bank is due to report on its full year performance for 2006 this Friday and investors are eagerly awaiting the results for further market direction. The session's activity in the equity consisted of 13,815 shares and 16 deals which were executed between Lm2.135 and the closing price.
In the rest of the equity market, a marginal decline in price was registered in Malta International Airport shares which closed at Lm1.399 while trading in International Hotel Investments and Plaza Centres shares did not alter their previous closing levels.
Europe markets decline
European equities were lower yesterday as technology stocks, industrial groups and financial services companies slipped following gains last week. By midday, the FTSE Eurofirst 300 was down 0.5 per cent to 1,534.98, Frankfurt's Xetra Dax shed 0.6 per cent to 6,868.64 and the CAC 40 in Paris lost 0.7 per cent to 5,653.82.
In London the FTSE 100 was trading lower despite sharp gains for Vodafone after the UK's largest mobile phone company sealed the $18.8 billion battle for control of Hutchison Essar. In the wider market, the FTSE 100 was down 17 points, or 0.3 per cent, to 6,365.4 in a broad-based retreat.
The FTSE 250 fell 58.3 points, or 0.4 per cent to 11,464.1. US stock-index futures were little changed before a retail sales report and testimony from Federal Reserve chairman Ben S. Bernanke that may give clues on the outlook for economic growth and interest rates. Caterpillar Inc., the world's largest maker of earth moving equipment, climbed in Europe.
Wal-Mart Stores Inc., the world's biggest retailer, declined. Exxon Mobil Corp., the world's largest oil company, fell as crude oil prices retreated. Novelis Inc. jumped after Hindalco Industries Ltd, India's biggest aluminium producer, agreed to buy the Atlanta-based company.
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.