The MSE Index closed yesterday's trading session firmly in the red, in view of a lower closing by the highest capitalised company on the exchange. Subsequently, the Index lost 0.56 per cent to close the day at 4,880 points.
HSBC Bank Malta was the day's most actively traded equity as well as the session's biggest loser. A grand total of 16,535 shares, carrying a market consideration of Lm32,563, were exchanged across 22 transactions. The equity immediately showed signs of fatigue with just a few shares going through at the Lm1.98 and an overhang of shares building up on the offer side at this level. It was, however, towards the end of the session that the flood gates gave way, squeezing the price lower by 3c or 1.5 per cent down to Lm1.95.
On the contrary, investors purchased FIMBank shares, thereby pushing the equity price higher by 0.5 per cent to close at the $1.95 level. With the dollar at multi-year lows against major currencies, FIMBank has recently benefited from increased trading activity.
Maltacom declined to its lowest level since the end of June as 6,600 shares were sold across seven transactions. The equity shed 0c2 or 0.14 per cent to terminate at the psychological level of Lm1.40. However, not all demand at this price was fulfilled, and at the end of the session 1,635 shares stood on the bid side against supply of 9,810 shares offered at Lm1.41.
Two investors swapped 2,467 shares of International Hotel Investments without affecting the previous closing price of €1.05, while similarly, 2,472 shares of Simonds Farsons Cisk where struck across two deals at the 97c level.
European shares up again
Yesterday morning, European bourses snapped a two-day losing streak, buoyed by upbeat earnings updates and an uptick in merger activity. SAP jumped 4.1 per cent after the German software giant surprised markets with strong second-quarter licence sales. The Eurofirst 300 index of top European shares was up 0.6 per cent after falling 1.2 per cent on Wednesday. Germany's Xetra Dax added one per cent and the CAC 40 in Paris gained 0.7 per cent.
London shares made a solid recovery following a two-day losing streak, mirroring gains in both the US and Asia. Mining stocks gained after the sector performed well in Australia overnight. Lead prices hit a record, tin touched a three-month high and copper and nickel prices also rose. The FTSE 100 rose 0.8 per cent, while the mid-cap FTSE 250 put on 1.2 per cent.
US stock-index futures gained after better-than-expected reports from Bank of America Corp. and International Business Machines Corp. improved the outlook for earnings at banks and computer companies.
Sharp rises in the shares of steelmakers, consumer finance companies and other sectors more than made up for further declines in property stocks, pushing the Japanese market moderately higher. The Nikkei 225 finished up 0.6. The broader Topix rose 0.5 per cent.
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.