The Malta Stock Exchange gained 13 points or 0.4 per cent yesterday, as investors picked up shares across several sectors. Yet, trading volume was light as just 31,233 shares across 28 deals were traded.
Putting in the day’s best performance were the shares of Middlesea Insurance plc, which gained 2c, or 1.9 per cent, to close at €1.050 in four deals for a total of 4,770 shares.
Also closing strongly higher was the stock of MaltaPost plc, which rose 1c4, or 1.3 per cent, to end the day at €1.084 in five deals across a total of 5,000 shares.
GO plc shares also closed in positive territory, adding 1c5, or 1.1 per cent, to finish the session at €1.375 on volume of 5,000 shares across four deals.
In the banking sector, Bank of Valletta plc stock closed 1c8, or 0.6 per cent higher, in relatively light volume of 12,263 shares across 12 deals, to end the day at €2.820.
HSBC Bank Malta plc shares, meanwhile, were also higher on the day, gaining 1c, or 0.3 per cent, to finish at €2.950 in a single deal of 1,000 shares.
Other shares to trade during the session, yet closed unchanged, were those of Malta International Airport plc, which finished trading at the €1.70 level in two deals for a total of 3,200 shares.
Weekly US economic review
In the United States, the trade deficit widened more than expected in March, as oil prices hit their highest levels in more than two years, boosting imports. In fact, the trade gap rose by six per cent to $48.2 billion, the most since June 2010, from $45.4 billion in February. Meanwhile, retail sales rose by 0.5 per cent in April, less than the 0.9 per cent gain registered in March. This was the slowest gain registered in a period of nine months.
The cost of living in the US rose in April, led by increases in food and fuel costs that started to filter down to other goods and services. The Consumer Price Index (CPI) increased by 0.4 per cent, which is slightly less than the 0.5 per cent increase registered a month earlier. Meanwhile, wholesale costs in the US rose more than forecast in April, led by higher prices for food and fuel. The 0.8 per cent increase in the Producer Price Index (PPI) was higher than the 0.7 per cent increase registered in March.
Confidence among US homebuilders was little changed in May as executives turned more pessimistic on the outlook for sales, which is a sign than any pickup will take time to develop.
The National Association of Home Builders sentiment index held at a reading of 16 this month, which was lower than the 17 median forecast of economists surveyed by Bloomberg. Elsewhere, the University of Michigan confidence indicator rose to a reading of 72.4, which was higher than the 69.8 registered a month earlier.
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.