Financial news
No gainers on Index
The Malta Stock Exchange closed off the last trading session of the week in negative territory, as the benchmark dropped 5.56 points to close at 4,828.786 points.
Intraday trading on HSBC Bank Malta breached the important psychological level of Lm1.90 to hit an intra-day low of Lm1.89.
The day's low was short lived as investors upped their interest in the equity helping the price recover to close unchanged at Lm1.90. The equity was once again the most heavily traded equity in terms of both volumes and deals.
The two other banking equities trading yesterday, namely Bank of Valletta and FIMBank, saw trades executed at their previous closing levels of Lm3.60 and $1.90 respectively.
Datatrak Holdings, quoted on the Alternative Company's List was the worst performer on the day, dropping almost five per cent as 7,707 shares were exchanged across three transactions, pushing the price to a year low of 23c.
The re-branding of Maltacom Group into GO, looks to have boded negatively for the share price, as the equity dropped one cent, sensing that the company may incur a hike in costs due to the re-positioning of its image. The telecommunication company closed at a three month low of Lm1.41.
The execution of three deals in Middlesea Insurance impinged negatively on the insurer's share price as it trimmed three full cents from the equity's previous closing price to end the session at a multi- year low of Lm1.77.
Meanwhile the euro denominated equity International Hotel Investment and Malta International Airport terminated the session unchanged at €1.05 and Lm1.35 respectively.
The government sector of the fixed income market looks to have found its floor as trading in seven different issues had no impact on the MGS's closing prices, while two out of the three issues dealt on the corporate side of the market traded in negative territory.
Global markets end week in positive territory
On Monday European equity markets made a strong start to trading, helped by hopes for further consolidation in the steel sector. Wall Street was mixed, weighed down by technology shares and the market lacked the flurry of deal activity that has come to define the start of a trading week in recent months.
On Tuesday European equities turned higher after early losses thanks to earnings and upgrades offsetting losses for financial stocks.
On Wednesday European equity markets were lower, but strong results from Spain's Inditex brightened the retail sector. Losses in the banking sector came as fresh concerns over rising global interest rates drove the benchmark US Treasury bond yield to a five-year high. London equities edged lower, as gilt yields reached seven-year highs, tracking US benchmark bond yields and adding to fears of higher corporate borrowing costs.
On Thursday strength for European equities came thanks to overnight support from Wall Street, and after eurozone inflation data eased some concerns over interest rates, helping bond yields move lower. Japanese shares rose, boosted by the recovery in the US stock market and a weakening in the yen.
Yesterday, European equity markets were higher supported by banks and oil groups. Japanese large and mid-cap shares rose, gaining from an overnight rise in US shares and a further weakening in the yen against the dollar.
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.