Trading activity in the equities for the first day of the week on the Malta Stock Exchange ended in positive territory as the index edged up by 0.2 per cent to terminate at the 3,419.51 level.
Middlesea Insurance struck new highs for the current year as its share price rose by 5c, which equates to an increase of 5.3 per cent to close at the €1.00 level. This is the highest level reached by the equity in a period of seven and a half months.
Bank of Valletta was also a gainer during the session as the equity rose by 2c or 0.6 per cent to terminate at €3.27. Meanwhile, trading activity resulted when investors transacted an aggregate of 3,819 shares across nine deals for a market consideration of €12,466.97.
On the contrary, HSBC Bank Malta was the day's sole loser, as the equity's share price dropped by 2c or 0.7 per cent to close at its lowest level for the current year of €2.851. The financial services company was nevertheless the day's most actively traded equity as investors negotiated a total of 20,250 shares over 17 deals.
Meanwhile, trading activity in Simonds Farsons Cisk shares had no impact on the index as the equity registered no change in price, to terminate at the €1.80 level. Two investors in the company swapped a total of 2,566 shares for a market value of €4,618.80.
Go shares ended the session on a positive note as the equity rose by 3c or 1.7 per cent to close at €1.85.
Economic indicators for week starting June 21
In the United States, June's Federal Open Market Committee (FOMC) meeting is not expected to offer any surprises. Inflation remains benign and the overhang in excess capacity will last well into 2011, while interest rates are expected to remain on hold. In the property market, May's existing home sales and new home sales are likely to see a further push to ensure sales are completed in time to be eligible for the home buyers tax credit. In the meantime, the volatile month-on-month durable goods orders should continue their rising trend. The third print of Gross Domestic Product (GDP) for the first quarter of 2010 is expected to remain at three per cent on the previous quarter and on a seasonally adjusted basis.
In the eurozone, the German IFO business sentiment survey is expected to show business expectations faltered in June, on the back of the fiscal crisis which is threatening to slow economic activity in the region. Other economic releases this week include the Purchasing Managers' Indices (PMI) for the manufacturing, services and also the composite. This data is likely to confirm the same downward trend and edge lower in June. Also in the manufacturing sector, industrial new orders are likely to have risen in April on the back of higher demand, prompted by the weaker euro.
In the United Kingdom, the focus this week will be on the UK budget. This is likely to outline a sharper pace of deficit reduction to at least three per cent of GDP by 2015. Finally, the Bank of England (BOE) minutes are likely to show that all Monetary Policy Committee (MPC) members voted to keep monetary policy unchanged at the June meeting.
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.