Financial news
HSBC lift the index higher
Another positive day for HSBC Bank Malta lifted the index higher as the most capitalised equity on the Malta Stock Exchange outshined a negative day for the smaller caps, to see the index close 0.3 per cent higher at 4871.37 points.
Given the capitalisation of HSBC in the local benchmark, gains in the bank were enough to offset a downbeat session from half of the equities that traded yesterday. The equity breached the psychological level of Lm1.90, to close the session at Lm1.92, a 1.05 per cent gain over Thursday's close. At the end of the session a further 5,600 shares stood at Lm1.90 against supply of 1,073 shares at Lm1.92.
Bank of Valletta was the only other share apart from HSBC that gained some ground on the day, as the equity climbed half a cent. Activity was restricted to a relatively small number of shares, as eight deals carrying 2,895 shares changed hands, for the equity price to close at Lm3.625.
GlobalCapital was once again the day's worst performer, as the equity shed 8c or 4.32 per cent to end its trading day at Lm1.77, which equates to a new trading low for this year.
Malta International Airport and Lombard Bank each dropped 2c on a mere number of deals. MIA registered higher volumes, as the sale of 4,000 shares across two deals pushed the equity price to a close of Lm1.37. On the other hand, trading activity in Lombard shares saw 50 shares exchanged across one single deal to close the session at Lm4.90.
Elsewhere in the regular market, trading in the dollar denominated equity FIMBank, left the previous equity price unmoved at $1.95.
European stocks positive for first time in three days
Alliance Boots was the leading gainer in London yesterday as the FTSE reversed two days of losses. The drug company surged eight per cent to £11.32 as takeover speculation hit new heights. Boots was the biggest riser in the FTSE 100, which was up 45.8 points to 6,486.0. The mid-cap FTSE 250 rose 85.9 points to 11,884.1.
European stocks climbed for the first time in three days after Alliance Boots Plc received a sweetened $21.3 billion offer and takeover speculation intensified in the banking and steel industries. National benchmarks gained in all 18 western European markets. The UK's FTSE rose 0.8 per cent, France's CAC 40 gained 1.5 per cent. Germany's DAX climbed 1.5 per cent.
In Japan the Nikkei 225 rose 0.5 per cent to 17,452.62, boosted by a falling back in the yen's value to Y118.7 to the dollar by late afternoon after a steep strengthening on Thursday. The Nikkei has a strong weighting in technology stocks, many of which are heavily reliant on overseas demand. But the broader Topix rose just 0.2 per cent to 1,710.07, depressed by the poor performance of the banking sector in which it has a strong weighting.
US stock-index futures rose after Caterpillar Inc., Google Inc. and American Express Co. reported earnings that beat analysts' estimates.
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.