MSE turns positive

Trading at the Malta Stock Exchange turned positive today, as the local benchmark reversed yesterday's losses following gains from HSBC Bank Malta, FIMBank and Maltacom.

HSBC Bank Malta regained the Lm1.90 level, as the day's best performing equity gained three full cents or 1.6 per cent. Intraday activity was uncharacteristically marked by a low number of deals and relatively light volumes, as 4,857 shares were exchanged across seven deals.

Considerable volumes were once again upheld in Maltacom shares, as the equity registered the same number of deals it had yesterday but carrying nearly twice the amount of shares, as 28,300 shares were swapped across 11 deals.

At the end of the session the share closed at Lm1.50, which equates to today's intraday high. Investors continue to scent upbeat prospects for FIMBank shares after the recent positive run, as the dollar denominated share gained 0.52 per cent, to see the day off at USD 1.93. At the end of the session, the best bid stood for 5,200 shares at USD 1.92, while a further 4,000 shares remained unfilled on the offer side at USD 1.94.

A muted number of trades in Middlesea Insurance, saw the equity shed three tenths of a cent to close the session at Lm1.90.

A mere trade in Lombard Bank shares propelled a downbeat session as the equity dropped 5 cents or 1.01 per cent to Lm4.92.

Elsewhere in the regular market eight trades in Bank of Valletta shares, had no monetary impact on the equity's previous closing prices of Lm3.57.

European reach six-year highs again

Yesterday European equity markets recaptured six-year highs, clawing back the steep losses suffered during a three-week spell of volatile trading in February and March.

By midday, the FTSE Eurofirst 300 was 0.4 per cent higher at 1,554.13 - a new six-year peak, and its highest level since late February when global stock markets corrected sharply over fears of US economic slowdown. Frankfurt and the CAC 40 in Paris gained 0.4 per cent respectively.

London equities moved higher in midday trade, with Marks & Spencer the latest retailer to rise higher on talk of bid interest from private equity. The FTSE 100 was 0.2 per cent higher while mid-cap engineering stocks lost ground as the FTSE 250 fell by 0.1 per cent.

Japanese stocks were broadly unchanged, with sentiment subdued by a lacklustre clutch of economic data. The Nikkei 225 closed up 0.03 per cent while the broader Topix index edged up 0.19 per cent.

US stock-index futures gained after the first member of the Dow Jones Industrial Average to report earnings reported a profit that beat analysts' forecasts.

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.