It was a mixed day on the local markets with the Malta Stock Exchange Index shedding just under eight points, or 0.2 per cent yesterday, to close at 3,482.322, on moderately robust volume of 37,288 shares across 19 deals.
Bank of Valetta plc shares had another positive day, adding 3c, or 1.0 per cent, to close at €2.930 in five deals for a total of 3,808 shares. In Wednesday’s session, BOV shares added 1c, or 0.4 per cent, in relatively light volume.
Also in the banking sector, Lombard Bank plc stock also finished higher, gaining 1c, or 0.3 per cent, to end at €3.010, on volume of 14,160 shares across seven trades.
HSBC Bank Malta plc stock, meanwhile, continued its downward trend, falling another 1c, or 0.4 per cent, in light volume of 1,220 shares across five deals. On Wednesday, HSBC stock was off by 2c, or 0.7 per cent, in a single deal of 3,600 shares.
In other sectors, Go plc shares fell 3c, or 1.7 per cent, to end the day at €1.700 in a single trade of 100 shares. Yesterday’s trade represents the only trade of Go shares since the company released its financial results for the year ended December 31, 2010 on Tuesday. The telecommunications provider announced that it had suffered a pre-tax loss of €9.1 million, and an after-tax loss of €18.2 million on revenue of €132.3 million.
The other equity to trade on the day was that of Malta International Airport plc, which suffered the day’s worst loss, losing 10c, or 5.6 per cent, to close at €1.700 in three deals for a total of 18,000 shares.
Weekly UK economic review
The percentage of Britons out of work rose to its highest in over 14 years for the three month period ending in January, data released by the International Labour Organisation last Wednesday showed, prompting calls from business and unions for measures to boost jobs in next week’s annual budget.
The total unemployment rate unexpectedly rose to 8.0 per cent from 7.9 per cent, just below the 8.1 per cent rate last seen in 1996. The unemployment rate among 18-24 year olds seeking work increased to 18.3 per cent, the highest since records began in 1992. Yet the number of people claiming unemployment benefit in February fell by an unexpected 10,200. Wednesday’s data offered a mixed picture at a time when the Bank of England is considering raising interest rates for the first time since 2007.
Last Friday the Office for National Statistics said producer output prices rose 0.5 per cent for the month of February, for an annual rise of 5.3 per cent – up from an annual 5.0 per cent in January and the highest prices since October 2008. Input prices, meanwhile, rose an annual 14.6 per cent, also its highest rate since October 2008 in a sign that pipeline inflation pressures are continuing to build.
The figures were both in line with expectations but will still worry the BOE at a time when consumer price inflation is already double its two per cent target.
This article has been prepared by Bank of Valletta plc (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.