Trading for yesterday's session at the Malta Stock Exchange was dominated by positive sentiment in two listings as the Index was pushed upwards by 3.4 per cent to terminate well above the 3,000 mark at 3,079.81 points. Activity in the equity market was spread over an aggregate 19 deals in five different listings.

International Hotel Investments registered the day's best performance when it gained 14c or 17.3 per cent to end the day at €0.95. The hotel property and management group was also the session's most liquid equity as investors swapped a total of 10,000 shares over three deals.

In the banking sector, FIMBank was the only equity to register an increase in its share price, as it gained 3c which equates to a 2.6 per cent increase to terminate at $1.20. Two investors in the dollar denominated equity exchanged a total of 1,699 shares.

HSBC Bank Malta was the most actively traded equity as investors concluded an aggregate eight deals for a market consideration of €26,916. The bank was nevertheless a non-mover during the session as the price closed unchanged at €2.70.

Similarly, Bank of Valletta also ended the session unchanged as its price closed at €2.699 despite trading at an intra-day high of €2.70. The bank saw a volume of 7,626 shares in five deals for a market value of €20,582.

Go also registered no change in price as the equity terminated the session at €1.75. The quadruple play communications company registered two deals for a monetary value of €6,126.

Despite not being active during the day's trading session, Malta International Airport announced that its board of directors is scheduled to meet on July 30 to consider and approve the company's interim financial statements for the six months ended June 30 of the same year.

In the fixed interest sector of the market, activity was spread over 4 government stocks and seven corporate bonds. The sole gainer in the corporate debt issues was the 5.35% Bank of Valletta 2019 bond which rose by 10 ticks as €34,000 nominal were transacted over 3 deals to close at €103.

Weekly US economic review

In the United States, economic data during the week was overall positive as data releases in various sectors indicated that the intensity of the recession has abated, even though analysts expect such a recovery to be slow and long. The US Federal Reserve also gave a somewhat more positive outlook, when in its June policy-setting meeting, the Fed nudged up its 2009 GDP forecast to a range of -1.5 per cent to a -1 per cent.

The number of Americans filing for jobless benefits declined to the lowest levels recorded since January in the week ended July 11, falling by 47,000 to a seasonally adjusted 522,000. Elsewhere, the Producer Price Index which measures average changes in prices received by domestic producers for their output, increased in June by 1.8 per cent; this is the steepest gain since November 2007. Meanwhile, the Consumer Price Index for June has also increased to 0.7 per cent month-on-month from its previous 0.1 per cent spurred by an increase in both energy and food prices. This was surprising in light of how weak both confidence and spending have been. The core prices increased slightly to 0.2 per cent largely on the back of higher motor vehicle prices.

The Leading Economic Index, which gauges the economic prospects six to nine months ahead, increased by 0.7 per cent for a third consecutive month in June, following a revised 1.3 per cent gain in May. Industrial production fell only marginally in June, by a less than expected 0.4 per cent, as gains were reported in several categories for first time in several months.

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.