Financial news

Yesterday's session on the Malta Stock Exchange ended in positive territory with the Index, rising by 0.7 per cent to terminate at 3,345.29 points.

HSBC Bank Malta extended the gains it registered during Tuesday's session as the equity rose by a further 10c or 3.2 per cent to terminate at €3.25. Trading activity in the Bank's shares consisted of 7,920 shares swapped across nine deals. On the contrary, Bank of Valletta ended the session in the red as the equity dropped by 7c or 1.9 per cent to close at €3.70. The bank was also the day's most actively traded equity as investors negotiated an aggregate of 7,901 shares spread across 13 deals for a market consideration of €29,470.

Middlesea Insurance dropped to its lowest ever recorded levels for the second consecutive time this week as it dropped by 3c or 4.7 per cent to close at €0.61. Plaza Centres also ended the session on a negative note as the equity depreciated by 4c or 2.5 per cent to terminate at €1.56. A volume of 9,500 shares was swapped over a single transaction.

Go shares registered their highest levels since October 2008 when the price rose by 3c1 or 1.6 per cent to close at €1.97. The quadruple play telecommunications' company was also the day's most liquid equity as 13,160 shares were transacted over six deals. Meanwhile, Malta International Airport registered only marginal gains during the day as the equity rose by a negligible 0c1 or 0.04 per cent to close at €2.40. Two investors in the company exchanged a total of 3,200 shares.

Weekly eurozone economic review

In the 16-country member of the euro, the unemployment rate totalled 9.8 per cent of the workforce, unchanged from September's upwardly revised reading. In Germany, the region's biggest economy, joblessness fell to 7.5 per cent in October from 7.6 per cent. On the contrary, Spain still leads the Euro-zone's list with the highest rate of unemployment, which rose to 19.3 per cent in October from 19.1 per cent.

Meanwhile, rising production expectations in industry boosted economic sentiment in the eurozone by more than expected in November. In fact, a monthly European Commission survey showed economic sentiment in the 16-countries using the euro rose to 88.8 points from October's 86.1, marking an eight straight month of improvement.

The latest eurozone money supply data recorded a slowdown in annual growth to 0.3 per cent from 1.8 per cent the previous month while private-sector loans fell by 0.8 per cent over the year. The consistent slowdown in lending over the past few months will maintain fears over deteriorating credit conditions within the eurozone.

Meanwhile, the eurozone manufacturing sector grew for the second consecutive month and at a faster rate than expected. In fact, the Purchasing Managers' Index for November rose to a reading of 51.2 from its prior 50.7. The German IFO Index of business confidence also increased to a 15-month high, as the industrial rebound of the region gathers momentum.

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.