The Malta Stock Exchange registered a lacklustre mid-week trading session, with share trading limited to just three different equities, while activity in the fixed income market was spread over three corporate issues and a single government stock. Bank of Valletta was the only mover on the equity market, dropping a single cent to close the day at Lm3.60. The largest bank in asset terms had a weak opening to the session, but trading was restricted to a couple of deals for a total turnover of 2,150 shares. At the end of the session, a mere 100 shares stood as the best bid at Lm3.58 against supply of just 504 shares at Lm3.60.
Another two deals were executed in HSBC Bank Malta, where volumes were even thinner than the ones registered for BOV. The index heavyweight traded unchanged at the Lm1.89. Demand and supply left over at the close of the session was slightly more robust with 1,000 shares bid at Lm1.882 and 200 shares offered at Lm1.89. Atypical trading in Lombard Bank, saw the largest number of both trades and deals yesterday. Nonetheless, renewed interest in the equity failed to propel the equity in any particular direction. After opening the session five-tenth's of a cent lower, hitting an intraday low of Lm4.93,4, investors upped their interest at these levels and poured fresh funds into the market to help the price regain the Lm4.94 level. Trading activity was based on the exchange of 15,988 shares across 11 deals.
Volumes were also restricted in the fixed income market with traded volumes in slight breach of the 23,000 nominal. The euro denominated bond of GAP Developments was the main gainer after its previous session drop, reclaiming the par level, after a government statement to the local press that it is to stand by the waiving of the Crowne Plaza Environmental Impact Assessment.
Elsewhere in the fixed income market a single trade was executed in the sovereign bonds with a drop in price of the 5.9 per cent MGS 2015.
European markets higher as the US rests for Independence Day
Further deal activity boosted Wall Street on Tuesday and the strong start to the third quarter propelled technology stocks towards a milestone for 2007. The Nasdaq 100 index is higher by 11.9 per cent in 2007 and leads the major US benchmarks. While the Nasdaq was at fresh highs for this year on Tuesday, the S&P 500 and Dow Jones Industrial Average remain below their record closes made in early June.
European equity markets moved higher in morning trade yesterday, helped by strength in the oil services, travel and leisure and real estate sectors. Trading was expected to be quieter than normal due to the July 4 holiday in the US. The FTSE Eurofirst 300 rose five points, or 0.3 per cent to 1,618.19 while Germany's Xetra Dax added 32.2 points, or 0.3 per cent at 8,087.6 and in Paris, the French CAC increased 25.05 points, or 0.4 per cent to 6,094.89.
Japan's Nikkei 225 eked out a marginal rise, but broad gains were hobbled as shortfalls on some corporate news offset rallies in some exporter shares on stronger-than-expected US factory orders data.
The benchmark Nikkei 225 average ended the day up 0.1 per cent at 18,168.72, while the broader Topix index was largely unchanged at 1,782.44. Some analysts said the high price-to-earnings ratios of Japanese large caps compared with international rivals are hindering gains for the Nikkei, which remains below last month's seven-year closing high.
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.