Trading activity remained robust during yesterday's session at the Malta Stock Exchange although a bout of profit taking brought weakness in the larger banks shares.
Bank of Valletta dropped 11c or 2.3 per cent to the Lm4.75 level as 21,572 shares were sold across 43 transactions. The equity commenced trading at its previous closing level of Lm4.86, but as the session progressed investors continued to sell shares and realise gains generated from the recent rise in price.
Selling activity was also evident in HSBC Bank Malta, where investors offloaded shares a day before the bonus shares were allotted. The day's turnover remained elevated with 206,029 shares being exchanged across 339 trades. As a result the equity declined four cents or 1.3 per cent to close at the Lm2.95 level.
Maltacom's shares were particularly volatile with the price weakening to Lm1.85,1 before rallying to Lm1.90 and therefore closing the session unchanged at Lm1.86. The day's turnover amounted to 25,113 shares which were struck across 23 deals.
Activity in Global Financial Services Group was relatively similar, as the equity initially declined down to Lm1.92,1, only to recover later in the session to close unchanged at Lm2. Likewise, International Hotel Investments closed unchanged at €0.90 after shedding 4.4 per cent during the session.
Elsewhere in the market, single deals in FIMBank and Malta International Airport were executed at their previous closing prices of $2.12 and Lm1.46 respectively, while 2,180 shares of Lombard Bank were exchanged without affecting its closing price of Lm11.
Europe lower as crude hits record
Following overnight declines on Wall Street, European equity markets extended initial losses yesterday as traders returned from the Easter break to be faced with crude oil prices above $70 a barrel and gold at a 25-year high.
The FTSE Eurofirst 300 fell 2.5 points or 0.2 per cent to 1,366.7 while the German Dax lost 11.2 points or 0.5 per cent at 5,887.5 and the French CAC 40 retreated 8.2 points or 0.2 per cent to 5,094.4.
Oil stocks were prominent on the leader board as crude prices rose to record highs with the Nymex front month contract trading at $70.88 a barrel, above the post-Katrina high reached last autumn.
London stocks gained yesterday, cheered by a rally in the commodities sector and broker upgrades.
The FTSE 100 was 21.6 points, or 0.4 per cent, higher at 6,051.0 on the first day of trading following the Easter weekend. The mid-cap FTSE 250 was broadly flat, off 0.7 points at 9,775.7.
Wall Street retreated sharply on Monday as worries about record high oil prices offset solid earnings from the financial services sector to pull the market lower.
US crude oil futures closed at $70.40 a barrel, a record high amid continuing tensions over Iran's nuclear programme and lingering fears over supply disruption in Nigeria. Japanese stocks rose sharply yesterday, pulling the benchmark Nikkei average up sharply from its lowest close in more than two weeks.
The Nikkei 225 closed 1.4 per cent higher at 17,232.86. The Topix rose 1.3 per cent to 1,741.75.