Financial news
Index higher on HSBC gains
During the final trading session of the week, investors seemed to channel funds out of Bank of Valletta into HSBC Bank Malta. The sheer index weighting of the latter helped the MSE Index close yesterday's session on a positive note, gaining 0.4 per cent to 4873.849 points.
As a matter of fact, although overall volume remained relatively light, HSBC recouped all the losses registered during Thursday's session. Lack of supply at the Lm1.90 level, left investors wishing to hold a position in the equity with no option but to raise their bids. In the end the price settled at Lm1.929, which represents a 1.5 per cent premium to its previous closing level.
On the other hand Bank of Valletta was the day's only equity to terminate the session in red, as the largest bank in asset terms shed 2c1 on the highest number of deals and volume. The equity saw 10,095 shares being exchanged across 22 trades with a closing price of Lm3.60. At the end of the session the best bid stood for 300 shares at Lm3.601 whilst supply for 4,677 shares was best offered at Lm3.64.
A similar amount of shares traded in Malta International Airport and Maltacom without affecting their previous closing prices of Lm1.38 and Lm1.439 respectively.
A single deal of 530 shares in Simonds Farsons Cisk moved the price higher by a further cent, to see the week off at a year high of 93c.
Shares of International Hotel Investments, failed for the second day running to adjust to the 1 for 6 bonus issue which became effective after the close of business on Wednesday. The last traded price of the day was at €1.16, however outstanding demand is for 6,000 shares at €1.00 with supply for 1,827 shares offered at €1.05.
European stocks advance
Yesterday, European stocks hit fresh six-and-a-half-year highs as takeover speculation offset any caution ahead of non-farm payrolls from the US later in the session. By late morning, the FTSE Eurofirst 300 was up 0.5 per cent to 1,619.04, Frankfurt's Xetra Dax added 0.7 per cent to 7,934.85 and the CAC 40 in Paris gained 0.5 per cent to 6,135.32.
London equity markets were higher at noon as miners rose on firmer metal prices and investors awaited US jobs data for clues over the possibility of an interest rate cut this year. The FTSE 100 was up 10 points, 0.15 per cent, at 6,631 in early afternoon trade while the mid-cap FTSE 250 rose 53 points, or 0.44 per cent, at 12,163.4.
Japanese equities traded higher, with the Nikkei 225 briefly rising above the 18,000 barrier for the first time in three months. The Nikkei 225 rose 0.5 per cent to close at 17,958.88 while the broader Topix gained 0.7 per cent to 1,767.88. Exporters were on the move, fuelled by an upbeat outlook for the US economy.
US stock-index futures gained after hiring rose more than expected last month, signaling a rebound in economic growth.
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.