Financial news

The Malta Stock Exchange terminated the first day of the trading week on a negative note as the Index dropped by 0.6 per cent to close at 3,331.25 points.

Following Friday's dismal performance, HSBC Bank Malta managed to gain 2c or 0.65 per cent to end yesterday's session at €3.08. Selling pressure during Friday's session moved the bank's share price down by 19c.

On the contrary, Bank of Valletta ended the session in the red as the equity lost 4c which equates to a 1.1 per cent drop to terminate at the €3.76 level. Despite trading at an intra-day high of €3.799, selling pressure moved the price further down. Investors in the bank transacted a total of 3,900 across five deals.

Middlesea Insurance was the session's worst performer as the equity lost the 5c gain it registered during Friday's session to close at €0.65. Volume in the company consisted of 1,000 shares swapped across two deals.

International Hotel Investments shares also depreciated during the session as the equity dropped by 2c or 2.4 per cent to close at €0.80. The hotel property and management company also registered the day's highest volume as two investors exchanged 10,805 shares for a market consideration of €8,644.

Go shares incurred a negligible drop of 0c1 or 0.05 per cent during the session to terminate at €1.939. Trading activity in the quadruple play telecommunications' company consisted of 5,525 shares swapped over five deals.

Island Hotels Group Holdings and Plaza Centres were non-movers during the session as they closed unchanged at €1.02 and €1.60 respectively.

The week ahead - Economic indicators for week starting November 30

In the US, the economic headlines will be focused on Friday's labour report where non-farm payrolls are expected to drop by 120,000 in November from 190,000 the previous month. This is predicted to leave the unemployment rate unchanged from October at 10.2 per cent.

Meanwhile, in the manufacturing sector, consensus expects the ISM Manufacturing Index to drop to a reading of 54.8 in November from its prior 55.7. On the contrary, the ISM Non-Manufacturing Index is expected to continue in its upward trend.

In the eurozone, the announcement of interest rates by European Central Bank on Thursday is expected to bring no change to the current monetary policy of the bank. Meanwhile, the eurozone's unemployment rate will be published tomorrow and is expected to have increased to 9.8 per cent in October.

Furthermore, consensus expects that a second reading of the Gross Domestic Product results for the third quarter in the 16-country member of the euro will confirm earlier results of a 0.4 per cent increase. Retail sales are expected to rebound by 0.2 per cent in October from their prior -0.7 per cent. Producer price inflation is expected to move to a year-on-year -6.8 per cent in October, while the Purchasing Managers' Index is predicted to remain unchanged from the previous month at 53.7 in October.

In the United Kingdom, the week will be relatively light compared to the other economies but will be focused on the Purchasing Managers' Index. The dominant services sector is predicted to register a reading of 57 for November.

This article has been prepared by Bank of Valletta p.l.c. (the Bank), which is licensed to conduct investment services business by the MFSA, for your general information only. This information is not a solicitation or offer by the Bank to acquire or sell securities. Nor does it constitute any form of advice by the Bank. Appropriate advice should be obtained before making any such decision. Past performance is not necessarily a guide to future performance and the value of your investments may fall or rise.