Trading activity got off to a slow start and remained sluggish throughout yesterday's trading session at the Malta Stock Exchange with the day's activity in equities consisting of just 12,672 shares, exchanged across 14 trades and five different equities. The benchmark declined 0.3 per cent to close the session at 4853.531 points.
Maltacom was the day's only gainer, recouping some of their previous session's losses. The single trade executed on the equity was struck at the Lm1.439, which represents a 2.7 per cent premium to Wednesday's close. At the end of the session, the best bid stood for 3,187 shares at Lm1.40, against a supply of 1,663 shares at Lm1.43.
On the contrary, the index's two major heavyweights, HSBC Bank Malta and Bank of Valletta, both saw their share price dip on the day. The largest equity by market capitalisation was the day's worst performer as HSBC dropped nearly one per cent to see the day off at 1.901, just marginally above the important psychological level of Lm1.90. Trading activity in Bank of Valletta was spread across the largest number of deals, a paltry six deals. Initial trades were struck at a day's high of Lm3.643, however, subsequent selling activity trimmed 2c4 from the previous closing price to settled at Lm3.621.
Another single trade continued to augment Medserv's price at the Lm1.60 level. There were no outstanding bids when the session terminated, while sellers were ready to offload 5,000 shares at Lm1.62.
GlobalCapital experienced a volatile session with the price initially falling 9c, only to recover and close unchanged at Lm1.80, later in the session.
In the fixed interest sector of the market activity was spread across seven government stocks and six corporate bonds. The biggest loser was the Maltese lira tranche of the recently issued 4.60 per cent HSBC Bank Malta 2017 which shed 1.65 per cent as 3,700 nominal changed hands between two investors.
European stocks driven higher by utilities
Utilities and technology stocks drove European equity markets higher yesterday as cash returns and stake-building lifted the speculative appeal of both sectors. By late morning in London, the FTSE Eurofirst 300 was up 0.6 per cent, Frankfurt's Xetra Dax climbed one per cent and the CAC 40 in Paris added 0.5 per cent.
London equities gained thanks to a rally in the mining sector and strong gains for Johnson Matthey. The FTSE 100 index was 36 points higher at 6,337.8, while the mid-cap FTSE 250 rose 72.4 points to 12,095.1.
Japanese shares closed higher after global markets largely shrugged off Wednesday's 6.5 per cent fall on the Chinese stock market. The Nikkei 225 rose 1.6 per cent while the broader Topix index gained 1.3 per cent. Small-caps resumed their rise after Wednesday's hiccup, but modestly so. Investors, comforted by Wednesday's rally on Wall Street, chased up the prices of technology companies like Sony Corp, which rose 1.5 per cent. Toshiba climbed one per cent.
US stocks were poised to extend their record-breaking rally, futures showed, after A.G. Edwards Inc. and Ceridian Corp. agreed to be acquired, adding to this year's record pace of takeovers.
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.