Low trading activity characterised the mid-week session at the Malta Stock Exchange, with the index closing 0.45 per cent higher at 5,080.433 points.
The day's most actively traded equity was Bank of Valletta plc where 11,930 shares changed hands across 12 trades. The trading range was very narrow with the price moving a minimal 0c2 to close unchanged at Lm 3.96,9. At the end of the session the best outstanding bid was for 1,000 at Lm3.86,1 and the best offer was for 250 at Lm3.96,8.
HSBC shares closed the session at Lm 2.02 an increase of 0.95 per cent with just 5,000 shares changing hands at prices between Lm2.02,1 and Lm2.02 spread over eight transactions. At the end of the session the best outstanding bid was for 3,410 at Lm2.02 and the best offer was for 1,000 at Lm2.07,9.
Trading in Maltacom saw 10,070 shares being offloaded across seven transactions with the price persisting at Lm1.60 level. The end of session spread remained narrow with 1,000 shares best bid at Lm1.59 against supply of 3,000 shares at Lm1.60.
Fimbank was the day's top gainer as the equity climbed 2.35 per cent as two investors swapped 10,000 shares at the Lm1.74 level. MiddleSea Insurance shares continued their upward trend for the fourth consecutive session closing today at Lm2.13 with 2,726 shares trading between Lm2.13 and Lm2.13,1.
Elsewhere, MIA and International Hotels Investments shares traded minimally leaving the closing price unchanged for MIA and 1c lower in the case of International Hotels Investments shares.
Fresh highs for European stocks
European stocks turned higher hitting fresh five-and-a-half-year highs yesterday after a number of impressive results helped overcome earlier caution ahead of the Federal Reserve's US rate call later in the session. The focus was again on third-quarter earnings. Michelin, the world's biggest tyremaker, gained two per cent after it announced a 4.9 per cent rise in quarterly sales, in line with expectations. By mid-morning, the FTSE Eurofirst 300 was 0.3 per cent higher, Frankfurt's Xetra Dax added 0.1 per cent and the CAC 40 in Paris was 0.3 per cent higher.
Overnight US stocks were also traded with a careful eye on the Fed which, although widely-expected to keep rates on hold at 5.25 per cent, is also likely to adopt a hawkish stance on inflation - which remains at three per cent, well above the one-to-two per cent "comfort zone".
Renewed strength in the mining sector pushed London equities to a fresh five-year high. The FTSE 100 index was 0.4 per cent, higher at 6,208.0 at midday, its highest level since February 2001. The mid-cap FTSE 250 rose 0.2 per cent, to 10,418.0, a new all-time high.
Japan's beleagured consumer finance companies sank still further, helping to depress the main stock indices. The Nikkei 225 fell 0.5 per cent and the broader Topix declined 0.6 per cent.
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Valletta Fund Management (tel. 8007 2344) and Bank of Valletta plc (tel.2131 2020)