Financial news
Maltacom sole gainer
The Malta Stock Exchange was driven higher thanks to gains registered in Maltacom which augurs well for next Monday's announcement of the group's full year end results for 2006. Activity on the Exchange was particularly quiet, with movements in the fixed income sector making up for a muted equity market.
The upcoming results from Maltacom instigated some buying activity in the equity as 4,340 shares changing hands, pushed the share price higher by 1c5 or 1.08 per cent, to close the session at Lm1.40. When the session terminated, a further 1,838 shares remained outstanding on the offer side at this price, against demand for 500 shares at Lm1.38,5.
HSBC Bank Malta traded in unchanged territory, given that all the deals executed in the equity were struck at the Lm1.88 level. The equity recorded the highest number of deals and volume of shares traded.
Lombard Bank was the only equity that closed the session on a down beat, as a single trade struck in the equity shed eight-tenths of a cent, to see the equity at Lm4.97.
Trades in Bank of Valletta shares had no impact on the equity's previous closing price, as the bank's equity closed at Lm3.61.
The prospective publication of Medserv's preliminary results, which were expected to be announced after yesterday's, close, did not stimulate much interest among potential investors, as only one single deal was struck at the Lm1.42 level.
Profit taking drives European markets lower
Yesterday, European equity markets were lower weighed largely by banks and telecom stocks, while concerns over escalating tensions between Britain and Iran pushed up oil prices, overshadowing takeover talk. By midday, the FTSE Eurofirst 300 was down 0.3 per cent, Frankfurt's Xetra Dax was 0.1 per cent lower and the CAC 40 in Paris fell 0.2 per cent.
In London the FTSE 100 retreated by the end of morning trade, dragged lower by weakness in market heavyweight Vodafone and amid concerns over mounting tensions between Britain and Iran. The FTSE extended its early losses to move 0.4 per cent while the mid-cap FTSE 250 lost 0.3 per cent.
Tokyo stocks rose mildly as investors indulged in last-minute buying of domestically focused stocks in the last trading session of the fiscal year. The main stock indices eked out small rises, with the Nikkei 225 ending up 0.1 per cent to 17,287.65, and the broader Topix up 0.2 per cent to 1,713.61.
US stock-index futures were little changed before reports on personal spending, prices and consumer confidence that will give further clues as to the state of the economy and whether inflation is easing.
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.