Following the weekend break, local investors returned to the market with the intent of buying up equities, particularly those in the banking sector. As a result the MSE Index rallied by a further 1.5 per cent to reclaim the 3,159 level.
The greatest interest was in HSBC Bank Malta, the largest listed equity which will also be reporting its interim results on Friday. The day's activity consisted of 30,720 shares, carrying a market consideration of €88,777, which were exchanged across 17 transactions. The equity gained 9c or 3.2 per cent to close the session at €2.94, its highest level since October 2008.
Bank of Valletta too put in a positive showing moving higher by 5c9 or 2.2 per cent as 26,550 shares were purchased across 14 transactions. At the end of the session, 3,900 shares were best bid at €2.71 against a supply of 5,596 shares which remained unfilled at the €2.76 level.
Elsewhere in the banking sector, Lombard Bank Malta gained 4c or 1.6 per cent as two investors swapped 5,000 shares between them, fixing the trade at the €2.59 level, while 20,021 shares of FIMBank were exchanged between $1.20 and $1.23, with the trade finance specialist terminating the session at the former level.
International Hotel Investments, the second largest company by market capitalisation attracted a trade of merely 2,000 shares which were exchanged without altering its €0.899 level.
On the contrary, Go declined by the slimmest of margins to €1.75 following the exchange of 4,600 shares across two transactions.
The week ahead - Economic indicators for the week starting July 27
After last Friday's weak Gross Domestic Product (GDP) figures in the UK, markets shall eagerly await the initial estimates for the second quarter's GDP in the US, which data is expected on Friday. The economic calendar in the US shall also include, among other releases, an update on the state of the housing market via the New Home Sales, MBA Mortgage applications and the CaseShiller numbers, some consumer confidence indicators, and the Durable Goods Orders figures for the month of June, where the market is anticipating a mild decline.
In the eurozone, we will have the release of the GfK Consumer Confidence survey in Germany and consumer and economic confidence surveys for the whole region. The eurozone's calendar will also include the Consumer Price Index estimates for the month of July, together with the unemployment rates for both Germany and for the whole eurozone, whereby the latter is expected to have risen to 9.7 per cent from the previous reading of 9.5 per cent.
Finally, the economic releases in the UK shall be somewhat limited. Here, similar to the US, we shall have an indication of the state of the housing market via the Nationwide House prices for July, together with the mortgage approvals numbers for June. The CBI July Distributive Trades report, together with the M4 Money Supply figures, are also expected to be released. Towards the end of the week, we will also be presented with the GfK Consumer Confidence Survey, which is expected to show a slight improvement.
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.