The local equity market continued to register significant gains, appreciating by a further 0.8 per cent to close the session at a new record high of 4,806.71 points.
Most of the gains in the Index were mainly attributable to the continuous rally experienced in the banking sector where shares of HSBC Bank Malta and Lombard Bank both closed at a new record high of Lm7.50.
HSBC shares gained gradually throughout the session climbing from an initial price of Lm7.37. Turnover was for an aggregate 7,233 shares which were spread across 11 deals. Investors seem eager to build a position in the equity in anticipation of the full year results which are normally due by the first week of February.
Bank of Valletta shares finished the day in the red after rallying for most of the session. The share price appreciated to a new intra-day high of Lm7.45 on significant volume just a few minutes before noon but was pushed down to Lm7.26 in the dying minutes of the session. Also marginally low ended FIMBank shares which closed at $2.
Maltacom shares also had a very busy session with an aggregate 119,380 shares traded across 42 deals. The share price fluctuated between a high of Lm1.93 and Lm1.89,9, before closing at Lm1.92, thus registering a 2c1 gain compared to Tuesday's session.
Other gains for the day were limited to Global Financial Services Group shares which gained over five per cent to finish the session at Lm1.23. The only other equity traded during the session was Malta International Airport which ended the session unchanged.
On the fixed income market particularly active were short-term government stocks which registered significant volumes.
New York faces second day of transport strike
New York prepared yesterday for a second day without public transport, after overnight mediation to end the strike that paralysed the city's transport system on Tuesday broke down. The mediation followed a decision by a Brooklyn judge to fine the local branch of the Transport Workers Union $1 million a day for violating an order banning the strike. The union said it would immediately appeal, calling the penalty excessive.
After reaching a fresh 44-month high on Tuesday, European shares made further gains by mid-morning yesterday, continuing the year-end rally although trading volumes were light and corporate newsflow appeared thin on the ground in the approach to Christmas.
The FTSE Eurofirst 300 rose 5.4 points or 0.4 per cent at 1,276.37 while the German Xetra Dax added 27.8 points or 0.5 per cent at 5,384.4 and the French CAC 40 gained 27.4 points or 0.6 per cent at 4,730.9. On Tuesday, the FTSE Eurofirst 300 reached its highest close since April 2002 with a gain of 0.3 per cent to 1,270.96, helped by consolidation hopes in the banking and insurance.
Bullishness about property prices helped push up the Nikkei yesterday. The Nikkei 225 closed two per cent higher at 15,914.76 while the Topix rose 1.4 per cent to 1,636.38 - dragged down only a muted rise for the banking sector.