Trading for yesterday's session at the Malta Stock Exchange was marked by a negative outcome as the Index declined by a marginal 0.1 per cent to close at the 3,014 level. Activity in the equity market was spread over an aggregate 41 deals with investors trading in five active listings.
Go was the most liquid and actively traded equity when investors swapped a total of 23,150 shares over 20 deals for a market consideration of €40,347. The quadruple play communications' company was also a gainer during the session as it rose by 1c to terminate at €1.75. In its interim directors statement published before the opening bell, Go explained that it continued to grow in its overall client base in spite of increased competition.
Similarly, Bank of Valletta, the largest bank in asset terms, was also a gainer for the day as the equity moved higher a further 1c3, which equates to a 0.5 per cent increase, to close at €2.40. Trading activity for the financial services company was spread over a total of four deals for a market value of €11,989.
HSBC Bank Malta was a non-mover for the day as the price closed unchanged at €2.60 despite trading at an intra-day high of €2.63. Activity in the bank resulted in 18,640 shares being struck over 12 deals.
Likewise, Maltapost was also static for the day as it terminated the session at €0.71. A single low-volume deal was struck in the postal operator incumbent.
International Hotel Investments was the day's sole laggard defying the relatively positive trend of other equities by declining by 1c or 1.1 per cent on profit-taking activity to close at €0.94.
In the fixed interest sector of the market, activity was spread over four government stocks and eight corporate bonds. The highest turnover in the government securities was registered in the 5.10% MGS 2014 as 1,640,000 nominal were exchanged over just two deals as it rose by 12 ticks to close at €106.75.
International market report - weekly round-up
In a relatively uneventful week for international markets with lack of economic data and the stress tests results in the US behind us, markets took a breather following several weeks of gains.
There are conflicting reports on the capital needs of US banks following the official results of the stress tests. According to the Federal Reserve, the 19 banks under scrutiny will need $75 billion of additional capital to absorb possible losses.
The IMF reckoned in its Global Financial Stability Report a much higher estimate amounting to $275 billion.
Meanwhile, major US indices closed the week in negative territory with the technology-based Nasdaq heading the list as it shed 5.40 per cent, followed by the S&P 500 which shed 3.87 per cent. The Dow Jones also closed in the red as it declined by 2.67 per cent.
On the other side of the Atlantic, equity markets were characterised by volatility during the week with energy stocks gaining on crude as prices rebounded and banking shares in the doldrums. Equities across the continent ended negatively with London's FTSE 100 and Frankfurt's Xetra Dax shedding 1.48 per cent and 3.14 per cent, respectively. The French CAC-40 was however the worst performer during the week as it declined by 3.98 per cent.
In Asia markets also closed lower as confidence that fuelled a rally in stocks to seven-month highs was undermined by reports that highlight economic weakness. Both the Nikkei 225 and the Hang Seng closed in the red to drop by 3.11 and 3.18 per cent respectively.
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.