The Malta Stock Exchange started the week in positive territory yesterday as shares in the two major local banks and the local postal operator boosted the index by more than 33 points, or 0.9 per cent, to see it close at 3653.464.
Yesterday's trading session witnessed the shares of HSBC Bank Malta plc regain some of the losses they incurred last week as the stock gained 8c9, or 2.7 per cent, to close at €3.389 in 14 trades of 11,010 shares.
The other major local bank, Bank of Valletta plc, also managed a gain yesterday, albeit a marginal one, to close up 0c4 to €3.369 in seven trades of 8,340 shares.
Maltapost plc's shares also gained back some losses it suffered in last week's sessions as it gained 1c, or 1.3 per cent, to end the day at €0.769.in brisk volume of 58,063 shares in eleven trades. Other stocks which registered trading yesterday but finished unchanged were Go plc, which closed at €2.299 on volume of 4,100 shares, Island Hotels Group Holdings plc, which closed at €1.01 on volume of 1,000 shares and Santumas Shareholdings plc which closed at €2.60 on volume of 1,500 shares.
Meanwhile, Loqus Holding plc (formerly Datatrak Holdings plc) issued its unaudited half-yearly results for the six months ending December 31, 2009. The information technology solutions provider posted a loss of €201,749 (or 0c6 per share) for the period versus €434,474 (or 1c1 per share) for the same period last year. Revenue came in at €1.6 million which was an 8.6 per cent increase from the previous year.
The week ahead - Economic indicators for week starting March 1
In the US, attention will be focused around the labour market report on Friday, where the unemployment rate is expected to have ticked up slightly to 9.8 per cent from the previously registered 9.7 per cent. In the meantime, after the publication of the ISM manufacturing index issued yesterday, tomorrow we shall also have the non-manufacturing reading which is expected to remain weak. The Fed's Beige Book is likely to signal a continued improvement in the manufacturing sector, but high unemployment and the associated headwinds for consumers persist. In the housing market we shall also have a number of releases, including construction spending, mortgage applications and pending home sales figures. The US economic calendar will also include, among others, factory orders statistics for the month of January.
In the eurozone, the highlight this week will be the European Central Bank meeting on Thursday, where the bank is expected to keep rates on hold, and provide further details of the phasing out of its liquidity measures. The euro area retail sales are expected to have declined in January, while inflation is likely to have fallen by 0.1 percentage point to 0.9 per cent in February. The second reading of the Gross Domestic Product (GDP) is expected to be released on Thursday, in which the components are likely to show weak private domestic demand, which will be offset by a positive growth contribution from net exports.
In the UK, the focus will also be on the Bank of England's (BOE) meeting on Thursday where the BOE is also likely to keep rates on hold at 0.5 per cent with no further announcements expected. However, the Purchasing Manager's Index survey should show further improvements in the manufacturing, services and construction sectors in February.
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.