Financial news

The Malta Stock Exchange index shed another five points, or 0.2 per cent yesterday, to close at the 3,473.255 level in a shortened session which started one and one half hour later than usual. Trading volume was moderate as 79,512 shares across 62 trades were executed.

The big loser in the session was the stock of Lombard Bank Malta plc, which fell 6c, or two per cent, to close at €3.000 on just two trades for a total of 600 shares.

Also suffering a loss were the shares of Middlesea Insurance plc, which shed 1c, or one per cent, to end the day at €0.950, also in light volume, trading just 1,734 shares across four deals.

Bank of Valletta plc shares, although trading for much of the day in positive territory, couldn’t sustain the gains and by the end of the session was 0c5, or 0.2 per cent lower, to close at €2.910 in robust volume of 37,478 shares across 36 trades.

Still in the banking sector, HSBC Bank Malta plc shares closed unchanged at €2.920 in 14 trades for a total of 14,700 shares.

Meanwhile, in the telecommunications sector, Go plc stock fell by 0c2, or 0.1 per cent, to finish the day at €1.548 on volume of 5,000 shares across four deals.

Rounding out trading in the equity market were the shares of Malta International Airport plc, which closed unchanged at €1.760 in two deals for a total of 20,000 shares.

The week ahead - Economic indicators for week starting March 28

This week in the United States, important monthly data is due to be released. The Institute for Supply Management (ISM) manufacturing index and the nation’s unemployment figures are both expected on Friday. For the ISM index, analysts expect a mostly unchanged figure of 61.0 for March compared to that of February, which came in at 61.4, due to the positive developments seen so far in the three regional purchasers’ managers indices, namely the Empire State Index, the Richmond Fed Index and the Philadelphia Fed Index. Due to the strength of February’s labour market report, analysts are expecting another positive number for March’s non-farm payroll figure. Numerous indicators such as initial claims for unemployment benefits, the unemployment sub-index in the ISM and the ADP employment report, are adding impetus to analysts’ expectations of an increase of 190K in non-farm payrolls. Also due next week are data on personal Income and consumer expenditures, pending home sales, and the purchasing managers’ index.

The data calendar in the eurozone is also full this week, with the EU Commission’s economic sentiment index and industrial sentiment index for March due tomorrow, while the purchasing managers’ surveys for manufacturing in various eurozone countries is due on Friday. Also due next week is price data with the consumer price index (CPI) figures for March as well as unemployment figures for February.

Key figures due to be released in the United Kingdom this week include the final revision of Britian’s Gross Domestic Product (GDP) figures for the fourth quarter of 2010 as well as purchasing managers index (PMI) figures for the manufacturing and construction sectors.

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.