Financial news
MSE trading report
The Malta Stock Exchange index gained six points, or 0.2 per cent yesterday, continuing its recent advances. Trading was moderately robust as 99,745 shares across 31 deals were exchanged among eight issues.
The stock to have the best performance in the day was that of Middlesea Insurance plc, which gained 1c, or one per cent, to close at €1.03 in light volume of two trades across 5,500 shares.
Meanwhile, shares of Lombard Bank Malta plc had the worst showing in the session, dropping 10c, or 3.6 per cent, to close at €2.650 in a single deal of 400 shares.
Other banking shares finished mixed with HSBC Bank Malta plc shares gaining 2c8, or 0.9 per cent, on 11,561 shares across 10 trades, to close at €2.998, while Bank of Valletta plc shares closed unchanged, at €3.700, in 10 trades for a total of 38,184 shares.
FIMBank plc also witnessed trading in the day as investors pushed the bank’s share price down 1c, or 1.1 per cent, to close at US$0.940, in two trades for a total of 30,500 shares.
Other shares to close in positive territory were Go plc, which gained a marginal 0c1, or less than 0.1 per cent, to close at €1.900, and Maltapost plc, which also gained marginally, rising 0c7, or 0.8 per cent, to end the session at €0.927, both on low volumes
The only other stock to trade in the day was that of Simonds Farsons Cisk plc, which saw a single trade of 500 shares take place, and closed at €1.750, unchanged from its previous day’s close.
Weekly UK economic review
In the United Kingdom, jobless claims unexpectedly dropped in October, suggesting that the labour market is recovering.
In fact, the number of people receiving unemployment benefits declined by 3,700 from September, which was the first decline registered since July.
The unemployment rate for the three months to September remained unaltered at 7.7 per cent.In a separate report, the annual consumer price inflation rose to 3.2 per cent in October, which is more than a percentage point above the Bank of England’s (BOE) two per cent target inflation rate.
Meanwhile, British consumer confidence declined last month to its lowest level since March 2009, as consumers are increasingly pessimistic regarding the public spending cuts announced by the UK government.
British retail sales volumes picked up in October, after registering two months of declines, as sales increased by 0.5 per cent when compared to the month of September.
However, the annual rate dropped to -0.1 per cent as expected, the first negative reading since January. Separate figures showed that UK government borrowing came in at £9.8 billion last month, which is a record high for a month of October. A breakdown of figures showed strength in corporation tax and VAT receipts but a fall in income tax and capital gains tax.
Minutes of the Monetary Policy Meeting held earlier this month revealed that BOE policymakers were split three ways for a second consecutive month in November. A majority, however, voted to keep interest rates at a record low and maintain the central bank’s £200 billion quantitative easing programme.
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.