The Malta Stock Exchange Index dropped just under fifteen points, or 0.4 per cent yesterday, to close at 3,328.160 on healthy volume of 87,355 shares across 29 deals. Bank stocks were the main reason for the Index’s decline as three of the four banking issues listed on the MSE closed lower.
Bank of Valletta plc shares fell 4c5, or 1.6 per cent on the day, to close at €2.850 in five deals for a total of 2,910 shares.
HSBC Bank Malta plc stock was also down, closing 1c, or 0.3 per cent lower, at €2.950 on low volume of 7,675 shares across seven trades.
FIMBank plc also closed in negative territory, shedding 1c, or 1.1 per cent, to end the session at US$0.870 in heavy volume of 60,870 shares across eight deals.
In other sectors, Go plc shares closed 1c, or 0.7 per cent lower, at €1.390 in eight trades for a total of €15,700 shares.
The sole equity to finish higher was that of Middlesea Insurance plc, which managed to gain 3c3, or 3.9 per cent, to round out trading at €0.890 in a single deal of 200 shares.
Trading in the corporate bond market finished mixed mostly negative as four of the eight bonds to trade yesterday closed lower while just a single issue managed to finish higher. The 6.25 per cent Corinthia Finance plc € 2016-2019 bond was the day’s biggest loser, dropping €2.000, or 2.2 per cent, to end at €90.000 in a single trade of €3,000 nominal. Also ending considerably lower was the seven per cent GAP Developments Plc Euro Sec 2011-2013 issue, which fell €0.95, or 1.0 per cent, to close at €95.050, on volume of €2,000 also in single deal.
Weekly eurozone economic review
Eurozone industrial orders rose slightly less than expected in February, registering a year-on-year gain of 21.3 per cent. On a monthly basis, orders for February rose by 0.9 per cent, which was 0.6 per cent lower than the 1.5 per cent market participants were expecting. The figure of 21.3 per cent was 0.5 per cent lower than the 21.8 per cent economists were expecting and lower than the revised figure of 21.9 per cent for January. Without the volatile orders for plains, trains and ships, industrial orders rose by 0.6 per cent for the month and were 20.8 per cent higher than a year earlier. Capital goods orders showed robust growth of 3.3 per cent over January’s figures and 25.7 per cent higher than in February 2010. Orders for durable goods, meanwhile, also rose for the month, advancing 1.9 per cent, and put in a 7.0 per cent gain on a year-over-year basis.
The Eurozone’s Gross Domestic Product (GDP) to debt ratio for 2010 rose to 85.1 per cent over a revised value of 79.3 per cent for 2009. The 17-nation area total debt rose by 10.1 per cent to €7.8 trillion for 2010 from €7.1 trillion in the year previous. Total GDP, meanwhile, increased by 2.6 per cent to €9.2 trillion from almost €9.0 trillion in 2009.
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.