Trading activity during yesterday's session at the Malta Stock Exchanged was characterised by a sudden and unexpected drop in Bank of Valletta's share price which occurred deep into the session. As a result the MSE Index finished 1.48 per cent into negative territory at 5,088 points.
Bank of Valletta was the day's most actively traded equity with 76,875 shares, carrying a market consideration of Lm275,828, exchanged across 83 deals. Trading got off to a slow start although Friday's closing level of Lm3.75 was supported by a number of buy orders.
Halfway through the session, the equity declined to the Lm3.70 level on low volume selling activity. However, with only a quarter of an hour to the closing bell, a fairly large supply of shares hit the market pulling the price down all the way to the Lm3.50 level. In the dying seconds of the session, the equity failed to react any further and closed the day 6.7 per cent lower.
HSBC Bank Malta closed the day's session up a penny at Lm2.11, after touching a high of Lm2.13 early during the session on fresh buying activity. The day's activity saw a total of 8,266 shares changing hands during the session across 22 deals.
Maltacom recovered 2c or 1.1 per cent as 1,075 shares were purchased across three transactions at the Lm1.84 level. Similarly, Malta International Airport moved 2c5 or 1.9 per cent higher as 8,100 shares were purchased at Lm1.35 across six transactions.
Elsewhere in the markets, GlobalCapital declined 3c or 1.4 per cent to Lm2.15 on low volume selling activity, while International Hotel Investments shed 1.1 per cent to terminate the session at '0.95.
Tokyo shares reach three-month closing high
Yesterday, Europe's bourses started the week moderately higher at levels last seen in mid-May as investors continued their positive reaction to the larger than expected increase in US jobs on Friday. Trade is likely to be thinner than usual with US markets closed for Labour Day. The FTSE Eurofirst 300 added 0.3 per cent with the Xetra Dax in Frankfurt 0.5 per cent ahead and the CAC-40 in Paris 0.3 per cent better.
US stocks finished last week at fresh three-month highs following a data-heavy week that gave investors plenty to contemplate over the holiday weekend.
Back yesterday, London equities advanced, mirroring a strong rally on Wall Street on Friday and helped by gains from Unilever and mining stocks. The FTSE 100 rose 0.3 per cent while the mid-cap FTSE 250 added 0.4 per cent.
Japan's Nikkei 225 climbed to a three-month closing high, buoyed by improved capital spending figures and Friday's gains on Wall Street. The Nikkei 225 climbed 1.4 per cent to 16,357.30, its highest level in more than three months. The broader Topix increased one per cent to 1,649.32. Shares of Japanese exporters set the upward pace.
BOV and VFM are licensed by the MFSA to conduct investment services business.
Valletta Fund Management (tel. 8007 2344) and Bank of Valletta plc (Tel 2131 2020).