The MSE Index closed the week on a positive note thanks to modest gains in the heavyweight banking sector which offset declines elsewhere in the market. As a result, the MSE Index closed the session 0.35 per cent higher at 4,894 points.
HSBC Bank Malta was the day's most active and liquid equity with a grand total of 21,883 shares changing hands across 11 transactions. The equity climbed 2c4 or 1.2 per cent to close at Lm1.96, its highest level since early May. Investor buying activity has increased over the past week ahead of the company's publication of its interim results and dividend distribution, which is expected in a few weeks' time.
With buying activity concentrated mainly on the banking sector, Bank of Valletta recouped half a cent. The day's activity consisted of 3,563 shares which were exchanged across 10 transactions helping the price close the week at Lm3.59,5.
On the contrary, FIMBank declined by 0.5 per cent to $1.94 as a few investors closed their position on the back of a weaker dollar, hovering near an all-time low against the euro and multi-year lows against other major currencies. The day's activity consisted of 13,100 shares which changed hands across two transactions.
Elsewhere in the market, a continued lack of bids meant that Maltacom continued to decline on low volume activity. The day's activity consisted in 5,001 shares which were struck across five deals, with the price closing 1c4 or 1.0 per cent lower at Lm1.40,1, its lowest level for the month.
Profit taking activity knocked a penny off Simonds Farsons Cisk's share price, the local brewer's equity closed the week at 97c, while a single transaction in Malta International Airport saw two investors swap 578 shares at the Lm1.33 level, which represents a 0c4 or 0.3 per cent discount to Thursday's closing level.
Otherwise, trades executed in Middlesea Insurance and Datatrak Holdings, the latter quoted on the Alternative Companies List, did not affect their previous closing prices of Lm1.73 and 23c respectively.
European markets reach new peak
Yesterday, European stock markets hit a new six-and-a-half-year high following the record close on Wall Street. A 2.1 per cent gain for the Dow Jones Industrial Average drove the FTSE Eurofirst 300 to 1,635.58, its highest level since November 2000, while Germany's Dax Index set a new high of 8,151.57. By late morning, the pan-European benchmark was up 0.5 per cent, to 1,628.7.
London shares fell back slightly after a strong opening but still ended the morning in positive territory. The FTSE 100 was up 0.3 per cent while the mid-cap FTSE 250 jumped 0.9 per cent. Rio Tinto shares shed early gains and were down 0.3 per cent after Alcoa last night withdrew its offer for Canada's Alcan, leaving the way clear for Rio to agree a $44bn deal.
A bounceback in chip-related shares and a sturdy performance overnight by US stock markets pushed the Japanese share market up strongly. By the close of trading the Nikkei 225 was up 1.4 per cent and the broader Topix rose 1.1 per cent.
US stock-index futures rose after General Electric Co. boosted its buyback plan and speculation that Alcoa Inc. will be purchased intensified.
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.