Financial news
Index gains on IHI
International Hotel Investments had an immediate positive impact on the Malta Stock Exchange after last week's baptism as the third largest equity in terms of market capitalisation on the local equity market, as the Index closed 0.407 per cent higher at 4821.761 points.
The euro denominated equity was the main catalyst for today's positive performance on the local benchmark, following a rally of 5.5 per cent. Trading in IHI. shares was spread across 11 deals carrying an amount of 11,259 shares. At the end of the session there stood a mere buy order of 70 shares at €1.055, while the best supply stood for 16,409 shares at €1.10.
Bank of Valletta shares dropped a full cent on the exchange of 2,763 shares. The largest bank in asset terms closed the session at a day low of Lm3.63.
Unsurprisingly, HSBC Bank Malta registered once again the highest number of deals and volumes traded. The Index's heavyweight inched marginally higher by one-tenth of a cent to terminate the session at Lm1.91,1 and accompany IHI shares as the only other gainer on the day.
A limited number of trades in Malta International Airport and Simonds Farsons Cisk had no monetary impact on the equities' previous closing prices as the shares closed unchanged at Lm1.38 and Lm1, respectively.
The worst performers on the first day of trading for this week were Maltacom and Middlesea Insurance, as the telecommunication company shed 0.62 per cent while the insurance company slipped 1.08 per cent. Both shares dropped on relatively low volumes as Maltacom closed at Lm1.44, while Middlesea closed at Lm1.84.
European equity markets higher
Yesterday, European equity markets made a strong start to trading, helped by hopes for further consolidation in the steel sector after ThyssenKrupp denied that it was holding merger or cooperation talks with either US Steel or Severstal of Russia.
Hopes for fresh bid activity in the utilities sector helped London equities extend gains in midday trade.
Centrica, moved into the limelight with a two per cent rise to 366.8p after remarks from Gazprom raised hopes that the Russian company was poised to make a bid. The FTSE 100 was 0.8 per cent stronger at 6,556.2, while the FTSE 250 was 0.6 per cent higher at 11,652.0 as mid-cap retailers and transport stocks drove gains.
Japanese stocks rose moderately, as export shares responded positively to Friday's rise in US share prices and an upward revision in economic growth figures provided some support to domestic stocks. The Nikkei 225 was up 0.3 per cent at 17,834.48. The broader Topix also rose 0.3 per cent to 1,761.15.
US stock-index futures fell after bond yields and oil prices increased, reinforcing concern that the Federal Reserve may raise interest rates. Walt Disney Co., the world's largest theme-park operator, and General Motors Corp., the biggest US automaker, led declines in the Dow Jones Industrial Average.
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.