Equities continued their broad-based rally during yesterday's trading session at the Malta Stock Exchange as investors hit a relatively thin offer side.
Once again, FIMBank was the day's main gainer with the price chalking up another US$0.05c or 3.6 per cent gain, on low volume. A mere 400 shares were purchased across a single transaction at a new record high of US$1.45c leaving the offer side at the end of the session completely dry of any supply.
Bank of Valletta shares capped off a positive week with more gains. The day's business amounted to 7,782 shares which were transacted across 23 trades, pushing the price 1.9 per cent higher in the process, to close at a five month high of Lm5.25. Trades in HSBC Bank Malta followed a similar pattern but in the end the equity only managed to gain 2c to end the week at a very respectable Lm5.52 level.
A total of 19,740 Global Financial Services Group shares were executed across five trades which took place in rapid succession almost halfway through the session. This led the price to close 2c4 higher for the day at Lm1.28c4.
Quietly and in the shadow of other gains, Maltacom shares kept on creeping higher. During yesterday's session, Maltacom's shares gained 2c, bringing this week's total positive move to 5.4 per cent. A similar monetary gain was registered by Middlesea Insurance, where 3,538 shares were exchanged across three transactions.
London higher as tobacco and miners rally
On Thursday, the Dow Jones Industrial Average ended 0.2 per cent higher at 10,450.63 and the Nasdaq Composite added 0.3 per cent to 2,134.37.
Leading European stocks held on to moderate gains at lunchtime yesterday, underpinned by gains in the oil sector as crude prices remained above $67 a barrel. By midday, the FTSE Eurofirst 300 was up 0.3 per cent to 1,176.45, ending a four-day losing run. Frankfurt's Xetra Dax added 0.4 per cent to 4,873.44. In Paris, the CAC-40 was 0.3 per cent higher at 4,390.70.
The underperforming tobacco sector was pushed back into the spotlight in morning trade in London yesterday as traders took a speculative punt in Imperial Tobacco. With the market generally quieter ahead of the extended holiday weekend, the FTSE 100 was up 22.3 points, 0.4 per cent at 5,278.6. The mid-cap FTSE 250 traded 25 points, 0.3 per cent higher at 7,704.1.
Japanese stocks rose moderately yesterday, as investors waited for stronger evidence of an economic recovery. The Nikkei 225 ended the day up 0.3 per cent at 12,439.48, while the Topix closed up 0.35 per cent at 1,272.46. The Nikkei's rise appears to have run out of vigour over the past few days, in the absence of fresh good economic news to tempt potential investors bullish on Japan.