Financial news

Equities traded mainly unchanged during the final trading session of the week at the Malta Stock Exchange with buyers and sellers agreeing to exchange shares close to their previous closing level. As a result the MSE index closed three points lower at the 5,105.4 mark.

Naturally, HSBC Bank Malta attracted most of the day's interest with investors gearing up for the company's full year results which were reported after the close of the session. Enthusiastic investors initially pushed the price higher by 1c to the Lm2.149 level. However, the price was kept in check and brought back down to Lm2.135 by shareholders who on the contrary, decided to exit their position. The day's activity consisted of 16,275 shares which were swapped across 17 transactions.

All trades executed in Bank of Valletta were struck without altering its previous closing price at the Lm3.699 level. The day's turnover consisted in 3,414 shares, for a total market value of Lm12,628, which were exchanged across six trades. At the end of the session, a further 1,075 shares remained unfilled on the offer side, while the best demand was for 850 shares at Lm3.68.

Simonds Farsons Cisk was the day's only gainer, as the price advanced by 1c or 1.2 per cent as two shareholders swapped 1,590 shares at the 83c level, which is also the highest price reached for the current calendar year.

International Hotel Investments consolidated around the €1.12 level as 6,698 shares changed hands across three transactions. Similarly, Middlesea Insurance remained steady at the Lm1.98 price level on two trades with an aggregate amount of 132 shares.

European markets drop for second consecutive day

European shares fell yesterday as weakness for banks followed results from Swedbank and news of a US acquisition by Spain's BBVA. In early trade, the FTSE Eurofirst 300 was down 0.2 per cent as did Frankfurt's Xetra Dax and the CAC 40 in Paris lost 0.3 per cent.

London equities slipped back from six-year highs in opening trade as mining stocks lost ground and recent bid rumours started to fade, but there were gains for Compass Group after an upbeat trading statement. The FTSE 100 started the day 0.2 per cent lower and the FTSE 250 fell 0.1 per cent as mid-cap engineering stocks came under pressure. The Nikkei 225 dipped on mild profit-taking after rising for five straight days. But the very mild decline suggested that the upward momentum of Japanese shares has not yet been lost. The Nikkei 225 and the Topix declined 0.1 per cent respectively.

Overnight Wall Street stocks edged up and set new highs after rebounding from a choppy early session in spite of a mixed set of economic data releases. Ben Bernanke's second day of testimony to Congress also somewhat damped the bullish market sentiment that followed the Federal Reserve chairman's comments on Wednesday.

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.