Financial news
Significant trading in IHI
Dealing on the Malta Stock Exchange was once again relatively low, although today's trading was marked by high volumes being struck by larger players. The index closed marginally lower at 4828.957 points.
Trading in the two largest constituents of the benchmark, HSBC Bank Malta and Bank of Valletta had no impact on their previous closing levels. HSBC shares seem to have consolidated around the Lm1.90 level as a volume of over 15,000 shares were traded across 14 trades, which was the largest number of deals for the day.
Bank of Valletta shares had a quiet day, with no or limited intra-day volatility, as seven trades were executed carrying a monetary value of Lm14,964.80. At the end of the session best demand stood for 1,600 shares at Lm3.56 while best supply stood for 538 shares at Lm3.58.
FIMBank and Maltacom shares were the main catalysts for the index to close in the red, even though marginally, as both shares lost half a cent and two tenths of a cent respectively. Trades in FIMBank were executed towards the end of the session, where the equity shed the 0.27 per cent gained in the previous session, to close the day at US$1.875.
The day's heaviest volumes were traded in International Hotel Investments, as 127,750 shares changed hands, un-altering the previous closing price of €1.17.
European stocks up
The FTSE 100 surged amid a sharp rally in global equities in London yesterday. Strong overnight markets in Asia and a rally on Wall Street boosted sentiment and helped the FTSE 100 rise 100 points at 6,101.4.
European stocks rallied for the first time in four days after takeovers accelerated and US financial companies offered reassurance a sub-prime loan crisis won't spread. Markets pared gains after a government report said prices paid to US producers rose more than forecast in February, boosted by higher costs for energy, cigarettes and toys. National benchmarks gained in all 18 western European markets.
Asian stocks staged a broad recovery, led by Tokyo, boosted by an overnight rebound in US stocks and a fallback in the yen. Japan's major indices had clawed back some of the losses of the previous day, when the Tokyo market saw its second fastest fall this year. The Nikkei 225 and the Topix ended the day up 1.1 per cent respectively.
US stocks were set for a lower start, after an unexpected jump in wholesale inflation offset deal activity. Less than an hour before the opening bell, S&P 500 futures were down four points at 1,397.70 while Nasdaq futures were down 7.2 points at 1761.2.
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.