Financial news
Negative sentiment prevails
Trading activity in local equities listed on the Malta Stock Exchange picked up slightly during yesterday's session. However, most shares closed the day in the red. Thus the MSE index closed in negative territory for the third consecutive session, dropping 0.16 per cent to finish at 5.099 points.
HSBC Bank Malta was the day's most liquid and actively traded equity as 21,169 shares were exchanged across 24 transactions. The price finished lower by 0c4 or 0.2 per cent as slightly more determined sellers outweighed the more selective buyers. Shareholders are keenly awaiting the bank's full year results which are due after tomorrow's closing session.
Selling activity spilled over to Bank of Valletta where merely 2,051 shares were swapped across four transactions. The price closed slightly negative at Lm3.70 leaving 350 shares best bid at Lm3.68 against 341 shares offered at Lm3.709.
Elsewhere, trading activity in FIMBank and Lombard Bank Malta left their previous levels unchanged at $1.74 and Lm5 respectively.
International Hotel Investments rose to a new record high as initial buying activity saw the price touch the €1.17 level. However this level was not maintained as subsequent activity brought the price down to close unaltered on the day at €1.16.
GlobalCapital was the day's biggest loser as 3,790 shares were sold across six transactions down to the Lm2 level, while simultaneously two shareholders swapped 1,400 shares of Malta International Airport at the Lm1.398 level, which represents a very slim discount to its previous closing price.
European equities ahead
In a busy day for corporate earnings, European equity markets moved higher by lunchtime yesterday, helped by record results from Commerzbank and expectations that DaimlerChrysler will announce a dramatic restructuring. The FTSE Eurofirst 300 rose 0.2 per cent, while Germany's Xetra Dax added 0.4 per cent and France's CAC 40 gained 0.2 per cent. The FTSE 100 broke through the 6,400 barrier for the first time in more than six years. Mining stocks continued to benefit from higher metals prices as the price of tin touched an all-time high.
Japanese stocks continued their strong upward run as investors turned their sights on Sony and other electronics makers and exporters with exposure to the weak yen and the expanding European economy. With a seven-year high now within striking distance, the Nikkei 225 Average was 0.74 per cent higher at 17,752.64. The broader Topix Index gained 0.54 per cent, to hit 1,765.31, reflecting brisk gains for tyre and rubber makers.
Overnight Wall Street stocks rallied on sound earnings figures, an analyst upgrade for General Motors and reports of a possible takeover approach for Alcoa, the aluminium group. The rebound in oil prices, up $1.25 to $59.06, also lifted energy groups, with shares in Exxon rising 1.1 per cent.
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