Yesterday's trading session was characterised by further consolidation in the banking sector and some profit taking in both Maltacom and Malta International Airport. The Malta Stock Exchange index ended relatively flat at 4,490 points.
Trading in HSBC Bank Malta produced a further price hike, with the equity closing at a new record high of Lm7.02. The market in the equity continued to be characterised by a wide bid and offer spread which is making the equity temporary illiquid.
Equally illiquid proved to be trading in BOV shares as investors are holding on their position ahead of the one-for-one bonus issue which is scheduled for January 18, 2006. Trading volumes of 7,550 shares were thus well below the normal daily average. The equity ended the session unchanged at Lm6.86 after touching an intra-day record high of Lm6.90.
On their part Maltacom shares suffered some re-owned selling after the rally of the past few days. The share price fell by 3c8 to Lm1.71,2 on volume of 29,700 shares and 23 deals.
Following the allocation of shares in Malta International Airport to the public on Thursday, the equity fell sharply yesterday on the back of profit taking. The share price dipped by 7c or 4.4 per cent to Lm1.53.
Also in negative territory ended shares of Suncrest Hotels which were back in action after a period of almost four months. The equity was down by over 12 per cent on the day to Lm0.31 on a single deals for 1,000 shares.
Strong Wall Street boosts London shares
DaimlerChrysler yesterday sold its remaining 12.42 per cent stake in Mitsubishi Motors (MMC) bringing an end to a disastrous five-year attempt to run the unprofitable Japanese carmaker and its efforts to create a worldwide automotive group.
London shares moved higher after strong gains overnight on Wall Street amid a fresh flurry of speculation surrounding O2. The FTSE 100 was 25.6 points or 0.5 per cent higher at 5,449.1 in morning trade and the mid-cap FTSE 250 was up 14.3 points or 0.2 per cent at 8,019.3. European stocks raced to five-week highs, boosted by more strong earnings reports in the financial sector and helped by a further decline in oil prices. By noon, the FTSE Eurofirst 300 was up 9.4 points or 0.8 per cent to 1,234.83 led by Germany's Xetra Dax index which increased 1.2 per cent to 5,077.61. In France, the CAC 40 added one per cent to 4,525.67 while in London, the FTSE 100 gained 0.5 per cent to 5,451.6.
Japanese stocks rose moderately yesterday, boosted by news of steady but unspectacular economic growth. The Nikkei 225 ended the day up 0.5 per cent at 14,155.06. The Topix rose 0.7 per cent to 1,494.56.
The financial news was compiled by Valletta Fund Management (tel. 8007 2344) and BOV Stockbrokers Ltd (2122 1732).