Financial news
MSE trading report
The Malta Stock Exchange lost over 22 points yesterday, on light volume of 50,012 shares across 24 trades in the equity market, to close at the 3533.445 level down 0.6 per cent.
RS2 Software plc, was the big gainer on the day, closing up 1c7, or 3.3 per cent, to finish at €0.53, in a single trade of 7,650 shares.
The next biggest move on the day was in shares of International Hotel Investments plc, which lost 2c5, or 2.9 per cent, to close at €0.825 in two trades of 5,000 shares.
In the IT sector, Go plc lost 1c, or almost 0.5 per cent, to end the session at €2.11 in five trades of 13,000 shares.
The banking sector was relatively quiet on the day as shares in Bank of Valletta plc were the only ones to register a change in their closing price, ending the session down 2c, or 0.6 per cent, in unusually light volume of 736 shares across two deals.
Shares in HSBC Bank Malta plc also saw action, albeit in relatively light volume of six trades of 12,242 shares, but failed to see a change in its closing price, ending the day at €3.05.
Other issues to trade in the session yet failed to register a change in market value were Malta International Airport plc, closing at €3.15, Maltapost plc, which closed at €0.87, Medserv plc which ended at €4.28 and Middlesea Insurance plc which closed at €0.88.
Weekly eurozone economic review
The eurozone economy seems to have shrugged off the debt crisis that is engulfing some of its member countries, as the services sector grew at its fastest rate in nearly three year this month. In fact, the Purchasing Managers' Index (PMI) for the services sector, which is made up of surveys from around 2,000 businesses, rose to a reading of 56 in May from its prior reading of 55.6 in April.
Meanwhile, the performance in the manufacturing sector was less encouraging albeit expanding, as the PMI for manufacturing dropped in May to a reading of 55.9 from its pervious 57.6 in April.
Eurozone industrial new orders increased the most in almost three years in March, led by surging demand for capital goods such as machinery. Industrial orders in the 16 country member of the euro jumped 5.2 per cent from February, when they rose 1.9 per cent. From a year earlier, March industrial orders soared 20 per cent, the most in ten years.
Consumer confidence declined the most in 17 months in May on concerns that the austerity measures adopted by some eurozone countries to fight the debt crise will hurt the economic recovery. In fact, an Index of consumer sentiment in the euro area fell to a negative 17.5 in May from its minus 15 a month earlier. Meanwhile, eurozone construction output increased the most in 14 years in March led by a rebound in Germany. Construction in the euro region rose 7.6 per cent from February, when construction dropped by a negative 3.3 per cent.
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.