The MSE index closed modestly higher by a mere 0.212 per cent as gains in HSBC Bank Malta plc and Maltacom plc were somewhat offset by a drop in Bank of Valletta plc. As a result the MSE index closed the session at 4,880.981 points. Bank of Valletta plc was the most actively traded equity with 13 deals being exchanged holding a total consideration of Lm33.421. Initial selling activity saw the price moving up to Lm3.59 but subsequent activity saw the equity drop back to Lm3.58, thereby shedding 0c5 over the previous closing price. At the end of the session 4,700 shares were best bid at Lm3.57,5 against 2,945 shares being offered at Lm3.59.
Gains registered in HSBC Bank Malta were the main catalysts for yesterday's positive closure on the MSE. The index heavyweight gained 1c or approximately half per cent over the prior day's closing price to close the day at Lm1.93. Today's activity consisted of 11,230 shares being struck across six transactions with all shares being exchanged at the day's closing price.
The other gainer for the day was Maltacom plc, where the share price moved up by nine-tenths of a cent to close the day at Lm1.44,9. Trading activity remained relatively low where a total of 8,103 shares were exchanged across seven transactions. At the end of the session there was an unsatisfied demand for 3,397 shares at Lm1.44 against supply of 16,175 shares being offered at Lm1.45.
Despite Monday's positive reaction to Middlesea Insurance plc's encouraging set of results for the six months ended June 30, 2006, the equity registered a muted level of activity yesterday, with a mere single trade of 80 shares being struck at the Lm1.69 level without affecting the previous closing price.
Global stocks rise
Yesterday European equities extended their recovery after strong gains on Wall Street overnight and in Asian markets. By late morning, the FTSE Eurofirst 300 was up 0.9 per cent, Frankfurt's Xetra Dax added 0.8 per cent and the CAC 40 in Paris climbed 0.7 per cent.
The rebound on London equities markets entered its fifth consecutive session yesterday as action by central banks continued to boost sentiment. There were further gains for financial and resource stocks. The FTSE 100 started the session 1.1 per cent higher at 6,266.3, a rise of 71 points adding to the 337 point advance made since last Friday. The blue chip benchmark is now back in positive territory for 2007, trading 45 points above the level at which it opened in January.
Asian stock markets were broadly higher for the fourth day this week with investors continuing to regain their appetite for risk as credit-crunch worries subsided. The Nikkei 225 powered ahead 2.6 per cent to close at 16,316.32, with exporters helped by a 0.6 per cent weakening of the yen.
US stock-index futures climbed after Countrywide Financial Corp. received $2 billion of new capital, easing concern the credit rout will spread.
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.