Financial news

Yesterday's session on the Malta Stock Exchange ended on a positive note even though the majority of the day's equities terminated unchanged. In fact, the index edged up by a mere 0.08 per cent to close at the 3,347.83 level.

Middlesea Insurance recovered some of the losses the equity incurred during this past week as its share price rose by 3c, which equates to an increase of 4.9 per cent to terminate at €0.64. The insurance company was also the day's most liquid equity as investors negotiated 48,662 shares across nine different deals.

On the contrary, Lombard Bank Malta was the day's only loser as the equity dropped by 1c9 or 0.7 per cent to close at €2.78. A volume of 800 shares was transacted over a single transaction.

Bank of Valletta shares registered no movement during yesterday's session as the equity closed unchanged at €3.70. The bank was the session's most actively traded equity as investors exchanged 14,505 shares across 18 deals for a market consideration of €53,043.

Likewise, no changes in price were registered for HSBC Bank Malta shares as the equity remained unaltered at €3.25. Turnover in the bank consisted of 19,150 shares transacted over 15 deals.

Elsewhere in the banking sector, trading activity in FIMBank shares also ended without altering the equities' share price which terminated unchanged at $1.11. Two investors in the trade finance specialist negotiated a total of 1,546 shares.

Outside of the banking sector, Go was the only non-mover during yesterday's session when on Wednesday Go shares moved up to their highest levels since October 2008, closing at €1.97.

Weekly UK economic review

In the United Kingdom, a major manufacturing survey unexpectedly weakened in November from a near-two-year high in October. In fact, the headline index dropped to a reading of 51.8 in November from its previous 53.4, but still remained well above the 50 mark that signals expansion. The pace of growth in Britain's services sector also slowed last month from October's two-year high but new business continued to pick up and firms were optimistic. This is the seventh straight month that the Purchasing Managers' Index for services has shown expansion as it rose to a reading of 56.6. Moreover, the business component rose to 56.8, which is the highest level recorded since September 2007.

In the housing sector, British house prices rose 0.5 per cent in November, the same as in October, which, according to mortgage lender Nationwide suggests that the rapid initial rebound from its five-year low in February is now slowing. However, a lack of properties coming to market has helped to support house prices in recent months, and official data showed that mortgage approvals in October have also edged up, as they rose by 57.3K.

Meanwhile, British consumer confidence has dropped in November for the first time since January, moving back to its lowest levels since August. In fact, the consumer confidence index dropped to -17 in November from -13 the month before. Consumers' assessment of their personal finances for the past and coming year also worsened, while their outlook for the general economy over the next 12 months was unchanged from October and indicates some improvement.

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.