Equities ended yesterday's trading session at the Malta Stock Exchange on a mixed note, although volume activity remained sturdy.
A large single purchase order in Bank of Valletta soon after the opening bell took the rest of the market completely by surprise as the equity immediately rallied all the way up to the Lm4 level. Although the price closed lower, the turnaround was sustained with further buying activity ensuring a 10c2 or 2.7 per cent gain to Lm3.90.
Profit taking continued to dominate HSBC Bank Malta, as investors deemed the price had risen too much, pricing in over-optimistic full-year results. A few shares less than 11,000 were exchanged during the session forcing the price to close at Lm9 but not before touching an intraday low of Lm8.90.
On the contrary, Lombard Bank rallied by 25c or 2.8 per cent to reclaim the Lm9 level.
Maltacom initiated trading at its highest permissible level of Lm2.29,3 as fresh demand piled on to bids which were carried forward from the previous session. But this level proved to be too tempting and new supply squeezed the gain down to Lm2.20.
International Hotel Investments gained 4.3 per cent to pull back to €0.96, its highest level since May 2003.
Plaza Centres and Global Financial Services Group suffered the same monetary loss, as both equities declined by 4c to Lm0.66 and Lm1.25 respectively, while Malta International Airport declined by the slimmest of margins to Lm1.58,9.
European stocks turn higher as banks rally
US stocks fell on Tuesday as investors interpreted comments that accompanied a widely expected quarter-point interest rate rise by the Federal Reserve to mean that the US central bank was not done with its cycle of monetary tightening.
The Federal Open Market Committee raised its benchmark interest rate to 4.5 per cent and signalled in its accompanying statement that further interest rate rises might be implemented to keep inflation at bay. The Dow Jones Industrial Average closed down 0.3 per cent while the S&P 500 traded 0.4 per cent lower at 1,280.08
European equities turned higher yesterday, reversing early losses as banks and drugs stocks led the charge, overshadowing weakness in the telecoms and oil sectors. By mid-morning, the FTSE Eurofirst 300 gained 0.5 per cent to 1,326.23, while Frankfurt's Xetra Dax added 0.3 per cent.
In Paris, the CAC 40 was up 0.5 per cent and London's FTSE 100 climbed 0.5 per cent to 5,787.2.
London equities moved ahead yesterday as the prospect of cross-border bid activity returned to rejuvenate the banking sector. After initial losses, the blue-chip FTSE 100 moved 0.5 per cent.
Falls in some large domestic and export-focused sectors pushed Japanese stocks down yesterday. The Nikkei 225 closed one per cent. The Topix also fell one per cent.