Trading on the Malta Stock Exchange was broadly in line with that registered over the past few days, as activity on the equity market continued to remain subdued, while the bond market was once again characterised by further price declines.

The MSE index closed the day at 4,866.992 points, representing a gain of 0.235 per cent over Friday's close. Shares of HSBC Bank Malta provided the main uplift to the index as the equity gain 1c9 during the session to end the day at Lm1.919. Activity in the equity was limited to 16 deals over which a total of 20,279 shares shifted hands.

Also in positive territory ended shares of International Hotel Investments which gained €0.009 to €1.10 on a solitary deal for a substantial 50,000 shares.

In contrast, Middlesea Insurance shares gave up 4c9 or 2.6 per cent on very low volumes. Two trades in the equity were executed at the closing price of Lm1.851. Also in the red finished shares of Maltacom which declined by 1c5 to Lm1.465.

Meanwhile shares of Bank of Valletta ended flat at Lm3.64 after having opened 1c higher. Activity in the equity was particularly subdued as a mere 2,615 shares changed hands over five deals.

In the rest of the equity market, Datatrak Holdings, listed on the Alternative Companies List of the Exchange, fell by 1c to close the session at 26c.

European stocks advance

Yesterday European equity markets were mixed in mid-morning trade as attention focused on developments in the Italian banking sector but Acciona of Spain enjoyed strong gains as investors warmed to its transformation story. The FTSE Eurofirst 300 slipped 0.1 per cent after closing at a fresh six-and-a-half high on Friday. In Germany the Xetra Dax added 0.2 per cent but in Paris, the French CAC 40 fell 0.3 per cent.

The FTSE hit a new six-and-a-half-year high as the heavyweight oil and mining stocks moved higher. By midday, the blue-chip index was up 22.9 points to 6,663.8, its highest level since September 2000, while the mid-cap FTSE 250 gained 43 points to 12,245.1. Oil stocks continued recent strength as some took the view that the sector could move higher.

Japanese shares headed higher, buoyed continued yen weakness. The Nikkei 225 gained 0.9 per cent as was the broader Topix. The yen weakened to Y163.85 against the euro, after hitting a record low of Y163.9.

US stock-index futures rose after Goldman Sachs Group Inc. and TPG Inc. agreed to buy Alltel Corp. for about $24.7 billion in the largest leveraged buyout of a telecommunications company.

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.

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