Financial news
Negative momentum persists in GlobalCapital
Trading on the local equity remained particularly subdued for the second day running, as the day's activity was limited to four issues and a total of 22 deals executed. The Malta Stock Exchange index wrapped up the day in negative territory, easing by 0.167 per cent, to settle at 4,893.467 points.
GlobalCapital maintained the negative momentum, ending the session as the worst performer for the second consecutive day. Trading in the equity consisted of a single deal for 500 shares which was executed at Lm1.80, 6c below Monday's closing level.
Activity in Bank of Valletta shares was limited to the last few minutes of the session when a total of 2,157 shares changed hands across 10 deals. The equity ended once again in negative territory, easing 1c9, to end the day at Lm3.651.
Also in the banking sector, shares of HSBC Bank Malta ended marginally in positive territory at Lm1.95. Trading in the equity remained particularly subdued with seven deals executed for a total of 2,888 shares.
Shares of FIMBank which notched up a US$0.005 gain to close the day at US$1.95 ended on a similar pattern.
In the fixed-interest segment of the market, activity was spread between four corporate issues and five government stocks.
European stocks decline
European stocks dropped yesterday, led by Nestle SA, Unilever NV and Rio Tinto Group. The Dow Jones Stoxx 600 declined 0.3 per cent after gaining as much as 0.1 per cent. The Stoxx 50 lost 0.5 per cent and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, slid 0.4 per cent.
Mergers and acquisitions continued to boost the FTSE 100 in London. Reuters gained 3.7 per cent as Thomson Corp. agreed an £8.7 billion deal to buy the media and information group. The deal, supported by the Reuters Founders Share Company, still needs regulatory clearance and shareholder approval. The wider market was steady, with the FTSE 100 up 6.6 points at 6,562.1 and the mid-cap FTSE 250 gaining 58.3 points to 12,095.2.
Asian stocks dropped after Japanese machinery orders unexpectedly fell and metals prices slumped. Sony Corp., the world's second-largest consumer electronics maker, slumped the most in two months. BHP Billiton Ltd, the biggest mining company, dropped to a one-week low.
US stock-index futures fell after Wal-Mart Stores Inc. forecast earnings that trailed analysts' estimates, adding to concerns inflation data today will keep the Federal Reserve from cutting interest rates as the economy weakens.
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.