Financial news

The MSE Index moved higher for its second consecutive session yesterday, gaining 0.1 per cent to terminate the session at 4,650 points, on the back of buying activity in four equities.

Crimsonwing was the day's top gainer as a savvy investor snapped up a chunk of 10,000 shares at the €0.56 level in a single trade. As a result the equity gained 1c or 1.8 per cent, with 15,297 shares remaining outstanding on the bid side at this price against supply of 5,596 shares best offered at the €0.59,9 level.

Maltapost was the day's only decliner, with the equity shedding 4c1 or 4.5 per cent of its value on continued profit taking. The day's activity consisted of merely 1,289 shares which were sold across six transactions down to the €0.87,9 - level. Outstanding demand at the close of the session stood at the €0.85 level for 9,600 shares.

FIMBank was the day's most liquid equity with a grand total of 290,000 shares changing hands across four transactions. Buyers were the more determined force in the market, pushing the price higher by 2c or 1.2 per cent to close at $1.73.

HSBC Bank Malta and Go, closed modestly higher at €4.41,4 and €3.01 respectively. Both companies will be holding their annual general meeting in a few days' time.

Otherwise, Bank of Valletta and International Hotel Investments, respectively the second and third largest listed equity closed unchanged at €5.60 and €1.039 with the day's trading activity correspondingly consisting of 4,285 shares and 1,000 shares.

Weekly international equity market review

The mood in the global equity markets took a turn for the better during the week as the battered major stock indices recovered some of their recent losses on slight recovery of sagging investor confidence.

In the United States, stocks reacted positively as investors held the tentative mood of confidence inspired by the Federal Reserve's recent moves to boost liquidity and slash rates by 75 basis points. The benchmark S&P index surged 3.29 per cent to 1,341.13 points following better than expected existing home sales data for February and news that JP Morgan has substantially increased its offer for rival bank Bear Stearns.

The Nasdaq Composite index jumped 5.18 per cent to 2,324.36 points while the Dow Jones Industrial average rose 2.67 per cent on the previous week.

European equity markets charged this week with banking stocks leading the rally as the continent's bourses recovered some of its recent losses after US rivals Goldman Sachs and Lehman brothers reported better first quarter results than expected. The FTSE 100 rose 2.07 per cent to 5,660.40 points.

The Xetra Dax 30 climbed 2.01 per cent while the CAC-40 in Paris gained 2.65 per cent. Markets staged a broad rally across the Asiatic region. Honk Kong returned from a long weekend break in bullish mood and the Hang Seng index leapt 7.37 per cent.

Elsewhere in Asia the Nikkei 225 index in Tokyo rose 2.81 per cent.

This article has been prepared by Bank of Valletta p.l.c. (the Bank), which is licensed to conduct investment services business by the MFSA, for your general information only. This information is not a solicitation or offer by the Bank to acquire or sell securities. Nor does it constitute any form of advice by the Bank. Appropriate advice should be obtained before making any such decision. Past performance is not necessarily a guide to future performance and the value of your investments may fall or rise.