Financial news
Index flat on low volumes
On the first trading session of the week, the Malta Stock Exchange headed in no particular direction, as mixed trading activity was registered on the Exchange, with the Index closing fractionally lower at 4829.685 points.
The day's top performer was GlobalCapital, which continued on last week's positive streak. The diversified financial company rallied by 8c5 or 4.4 per cent to close at Lm2 on the execution of 11 deals.
On the other hand, International Hotel Investments closed the session on a less optimistic note, as the euro denominated equity dropped two euro cents to close at €1.03.
The Index's number one heavyweight reclaimed the Lm1.90 spot, as 9,675 HSBC Bank Malta shares exchanged hands.
On the contrary HSBC's main rival, Bank of Valletta dropped 1c5 and retraced to the Lm3.62,5 level.
A mere 345 shares, trimmed eight-tenth of a cent from Maltacom's closing price, to see the telecommunication company settle at Lm1.40,2.
A single trade in Middlesea Insurance saw the equity recover some of the recent losses as the largest insurer on the island climbed 2.88 per cent to Lm1.75.
Two trades executed in Lombard Bank Malta pushed the price higher by 2c to Lm4.87, while the same number of trades effected on Simonds Farsons Cisk propelled the share lower by one-tenth of a cent to Lm1.
On the fixed income sector of the market, activity was spread on four corporate issues and nine government stocks, with one-third of the sovereign issues dealt on the day trading marginally lower.
European stocks decline
Yesterday, Sacyr Vallehermoso, Unibail Rodamco and MAN headed losses for European equities, as interest rate concerns continued to dominate the property and building sectors and those stocks most geared to capital spending. By late morning, the FTSE Eurofirst 300 was down 0.6 per cent, Frankfurt's Xetra Dax shed 1.1 per cent and the CAC 40 in Paris lost 0.9 per cent.
London equities fell in midday, with miners dominating the list of losing shares after Cazenove forecast weaker copper, gold and platinum prices. Mining stocks weighed the most on the FTSE 100 after analysts at Cazenove forecasted weaker metals prices. The FTSE 100 and the FTSE 250 were 0.4 per cent weaker.
Japanese stocks traded lower, with the real estate sector taking a pummelling from US concerns about the credit market and the prospect of higher US interest rates. The Nikkei 225 dipped 0.6 per cent to close at 18,087.48 while the broader Topix index was down 0.7 per cent at 1,764.87.
US stock-index futures rose before a private report that may show home resales fell last month, giving more room for the Federal Reserve to cut interest rates.
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.