Financial news

The mid week session at the Malta Stock Exchange was characterised by very low trading activity where just 12 trades were registered across the equity market. As a result the MSE index closed modestly higher by 0.099 per cent at 4,870.647 points.

For the third consecutive session International Hotel Investment was the most actively traded equity with 50,489 shares being exchanged across two transactions. As a result of this consistent buying activity, the share price moved up by a further one euro cent to close the session at €1.06. The Board of Directors will be meeting next Thursday to review the financial statements for the period ending June 30.

Bank of Valletta traded flat with 4,730 shares being exchanged across eight transactions. The first trade of the session was struck 45 minutes off the closing bell, highlighting the lack of liquidity present in the market. Lackluster activity in the banking equity did not have any effect on the share price which remained unchanged from the previous closing price of Lm3.58,5.

Similarly, Maltacom shares traded for the tenth consecutive session at the Lm1.44 level. The day's activity consisted of just 1,385 shares which changed hands across two trades. At the end of the session 1,000 shares were best bid at Lm1.42,6 against supply of 6,603 shares offered at Lm1.44.

The Board of Directors of Medserv plc are scheduled to meet on Wednesday to discuss the company's half yearly report for the period ended June 30.

European and Asian stocks rise

Yesterday, European stocks were buoyed by hopes that further measures will be taken by central banks to restore order to financial markets. By mid morning, the FTSE Eurofirst 300 was up 0.9 per cent to 1,495.42, Frankfurt's Xetra Dax added 0.4 per cent to 7,455.87 and the CAC 40 in Paris gained one per cent to 5,471.77.

London equities were higher, supported by strong BHP Billiton results, while investors awaited possible market-calming action from central banks. The FTSE 100 in London opened 0.7 per cent higher at 6,128.2, while the FTSE 250 was up 1.1 per cent to 10,755.3. BHP Billiton, the London-listed Australian miner, led the mining sector higher after reporting a 35 per cent rise in underlying profit to $13.7 billion, beating forecasts, thanks to record sales. The company said it expected "significant" volume growth in 2008 and that it did not expect recent volatility in global markets to have a material impact on demand as the economy was seen remaining strong.

In Tokyo, the Nikkei 225 closed virtually unchanged at 15,900.64, while the broader Topix was down 0.3 per cent to 1,544.89. The Topix was hit by renewed nervousness about bank stocks, which have a heavy weighting in the index.

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.