Financial news

Yesterday's session saw very light volumes on the Malta Stock Exchange, as a positive day for HSBC Bank Malta overshadowed a downbeat session for Bank of Valletta, Maltacom and Datatrak Holdings, as the Index gained 14.5 points to close at 4,831.72 points.

HSBC shares which usually see the highest number of trades and volumes were no exception to yesterday's gloomy session on the Malta Stock Exchange, as the equity registered a mere number of three trades, for a total of 2,500 shares. The equity traded immediately at a day high of Lm1.89, a level it managed to maintain by the end of the session.

BOV, the second most capitalised equity on the market shed a full cent, to close the session at Lm3.56. At the end of the session, the best bid stood for 2,444 shares at Lm3.55, whilst a further 6,550 shares remained unfilled on the offer side at Lm3.60 Datatrak Holdings was the worst performer of the day as the share trading on the Alternative Companies List dropped by 4.26 per cent, to see the day off at 27c.

After a very positive two weeks, Maltacom shares registered their first drop in price, as a single trade executed in the equity, trimmed half a cent from the previous closing price, to close at Lm1.49,5.

The only equity that maintained a significant level of trading activity was FIMBank, as 32,200 shares were exchanged across five deals to see the equity climb a further half a dollar cent to USD1.95

Elsewhere in the regular market trades in Malta International Airport and Middlesea Insurance had no monetary impact on the shares' previous closing prices of Lm1.36,2 and Lm1.90, respectively.

European stocks in positive territory

European equities, yesterday were firmer as energy stocks led the way after a spike in oil prices, while merger activity continued to provide much of the focus. By midday, the FTSE Eurofirst 300 was up 0.3 per cent as did Frankfurt's Xetra Dax. The CAC 40 in Paris gained 0.2 per cent.

London equities moved higher in midday trade supported by oil majors after an overnight spike in crude prices on concern of gasoline supply shortages in the US. The FTSE 100 was 0.3 per cent higher while the FTSE 250 slipped 0.1 per cent. A strengthening in the yen against the dollar helped push the Japanese stock market down yesterday afternoon. By late afternoon, the yen had risen to 118.7 yen against the dollar, pushing down export-focused stocks. At the close of trading, the Nikkei 225 was down one per cent and the broader Topix was down 1.2 per cent.

Wall Street rallied overnight as investors sought a silver lining in a mix of earnings, monthly retail sales figures and economic data. Stocks moved lower in early trade after economic reports showed higher import prices, fanning inflation worries, and lower weekly labour hiring. The negative mood reversed as healthcare, pharmaceutical, railroad, energy and industrial stocks attracted buyers.

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.