Equity prices registered minimal changes during the final trading session of the week with the MSE Index closing the day practically flat at 4,877 points.
FIMBank was the day's most liquid and actively traded equity with a grand total of 24,900 shares changing hands across eight transactions. More importantly, by closing 0.2 per cent higher at $1.944, the equity climbed to its highest level in two months as investors purchased shares ahead of a rights issue offer, which should see the company raising $25 million, and which is expected by the end of the year.
On the contrary trading in HSBC Bank Malta was confined to a single deal where a mere 107 shares were swapped at Lm1.90. Trading in Bank of Valletta shares was only slightly better with 1,640 shares changing hands across two transactions without affecting their previous closing price of Lm3.60c.
Maltacom recouped its previous session's entire decline as 1,120 shares were purchased over three transactions. The buying activity cleared all supply up to the Lm1.40 level leaving, at the end of the day 200 shares best bid at Lm1.38 against supply of 5,475 shares which are offered at Lm1.42.
Activity in International Hotel Investments remained robust as 20,000 shares were swapped across five transactions. The momentum was still driven by buyers who managed to pull the equity higher by the slimmest of margins to close the week at €1.095.
Deals struck in Malta International Airport did not alter their previous closing price of Lm1.40. Similarly Plaza Centres closed unchanged at 74c on a total volume of 9,600 shares. Deals in Plaza Centres shares have picked up over recent sessions as the first of a two phase development which commenced in February 2007, and which will eventually increase its floor area by almost a quarter, nears completion.
The fixed interest sector of the market was characterised by single deals struck in two corporate bonds and seven government stocks. With the exception of the euro denominated 4.60 per cent HSBC Bank Malta 2017 which gained 200 ticks to €97.00, all securities lost ground as investors demanded higher yields for their funds.
Global stocks retreat
Yesterday, European equities fell in early trade as investors took a cautious attitude to the last day of trade in the third quarter. During the turbulent third quarter the CAC 40 has been one of the worst performing European indices, down 5.4 per cent over the period. The Xetra Dax, however, has lost only 1.6 per cent, with the FTSE 100 down 1.8 per cent. Yesterday, the FTSE Eurofirst 300 fell 0.3 per cent, Frankfurt's Xetra Dax eased 0.1 per cent and the CAC 40 in Paris lost 0.3 per cent.
London's FTSE 100 gave up brief opening gains as Tate & Lyle tumbled after a trading update and Northern Rock resumed its decline after two sessions of gains. The last trading session of a highly volatile third quarter saw the blue-chip FTSE 100 trading down 0.2 per cent. The mid-cap FTSE 250 stood 0.3 per cent lower.
Japanese shares slipped as investors sold property-related stocks to lock in profits after recent sharp gains. The benchmark Nikkei average lost 0.3 per cent and the broader Topix index edged down 0.1 per cent.
US stock-index futures retreated as investors speculated the housing slump may hurt earnings growth.
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.