Yesterday's session at the Malta Stock Exchange was characterised by long periods of inactivity and low volume. Sellers were nevertheless the major force in the market, hitting bids placed at lower levels than the previous close, leading the MSE Index to shed 0.1 per cent and close at 4,160 points.
For yet another session, HSBC Bank Malta reversed a negative trend towards the end of the session to close higher by 1c or 0.3 per cent at €3.82. HSBC Bank Malta will be reporting its interim results for the period ending June 30, following today's trading session. Local investors are eagerly awaiting the results from the Index heavyweight which will be the first for a local bank covering the first six months since the introduction of the euro. Bank of Valletta was the day's most liquid and actively traded equity with a grand total of 10,552 shares, carrying a market consideration of €48,569 being exchanged across 10 transactions. The equity dropped 5c2 or 1.1 per cent to close back down at €4.60.
Grand Harbour Marina was the day's top gainer, with the Vittoriosa marina operator gaining 4c5 or 2 per cent as 6,000 shares were purchased up to the €2.295 level. The equity traded for the first time since news that the yacht marinas in Msida, Ta' Xbiex and Mġarr will be privatised by the government was made official following a cabinet decision last Monday.
For the first time since May 2, a trade was struck in 6pm Holdings which saw two investors swap a mere 565 shares at the £0.70 level. This represents a 6.7 per cent discount on its previous closing price.
Maltapost lost 3c or 3.8 per cent across two transactions with sellers offloading an aggregate total of 4,033 shares at the €0.77 level.
Elsewhere, Go and Malta International Airport traded unchanged with 750 shares of the telecoms provider changing hands at €2.50 and 4,725 shares of the airport operator struck at €3.12.
International market report - weekly round up
Global equity markets finally managed to post in a positive outing as investors took a respite from the recent doldrums. The drop in the price of oil was among the main catalysts for this week's optimism. All major indices closed off the week under review in positive territory, with European equity markets leading the way.
European stocks staged a sharp rally as the French CAC-40 surged by an impressive 7.20 per cent, while the Xetra Dax and the FTSE 100 rose by 6.19 per cent and 5.81 per cent respectively.
Meanwhile, US stocks halted a six-week slide on a bout of positive earnings reports, including Citigroup, JPMorgan Chase and Wells Fargo which all helped to lift sentiment.
On the other hand, regulators also stepped up efforts to buoy the nation's largest mortgage financiers, Fannie Mae and Freddie Mac.
The technology weighted index, Nasdaq was the main laggard with a relatively lower percentage gain of 1.80 per cent as disappointing results from Google and Microsoft, coupled with a conservative fourth quarter outlook from Apple tampered some of the enthusiasm.
Asian markets rebounded heavily this week after last week's negative performance. A plunge in manufacturer's confidence in Japan was set off by a depreciating yen which boosted exporters to see the Nikkei 225 gaining 5.55 per cent. At the same time the Hang Seng Index posted a 6.19 per cent gain.
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.