Trading activity for Thursday’s session on the Malta Stock Exchange resulted in little change to the Index which dropped by 0.1 per cent to close at 3,131.48 points.
FIMBank was in fact the only laggard in the banking sector as the equity shed 2c of a dollar or 1.8 per cent to close at $1.10, which is the lowest recoded price for the current year.
Bank of Valletta was for the fourth consecutive session a non-mover as the equity closed unaltered at €3.35, the price at which the Bank opened the trading week. Turnover in the financial services company consisted of 6,410 shares transacted over seven deals.
Likewise, HSBC Bank Malta and Lombard Bank Malta shares registered no change during the session as they closed unchanged at €2.797 and €2.500. Volume in the two banks was relatively muted.
Island Hotels Group Holdings was the session’s worst performer as it lost the 5c gain it registered during Tuesday’s session as it dropped by 4.8 per cent to close at €1.00.
Trading activity in the company resulted when investors exchanged 4,000 shares over two deals.
Go registered the day’s only positive performance albeit edging up by just a marginal 0.06 per cent, to terminate at €1.61.
Investors in the quadruple play telecommunications’ company transacted 3,500 shares over two deals.
Weekly UK economic review
The economic indicators in the United Kingdom over the past week were focused on the publication of the Monetary Policy Committee meeting. Elsewhere, the economic data during the reported period included retail sales and the country’s public finances, both of which trended on the downside.
Bank of England (BoE) policymakers voted unanimously to leave the size of the Asset Purchase Program at £175 billion but the report showed without going into too much detail that there were “differences of view” on the inflation outlook.
All committee members were however in agreement that the recent economic trends were not compelling for a revision of the asset purchases. Moreover, in line with other recent BoE statements the minutes showed that inflation was likely to rise in the short term. The minutes also noted that there were still risks to growth from continued fragility in the banking sector. Meanwhile, Britain’s public finances suffered their worst six months on record between April and September, as government borrowing more than doubled during this period when compared to the same period last year. In fact, the public sector net borrowing was slightly less than £15 billion for the reported period, which took the country’s year-to-year trade deficit to more than £77 billion. This is the highest ever recording for the first six months of a tax year according to data for that measure going back to 1946.
UK retail sales remained unchanged for September for a second month in a row as Britons spent less on food and clothing. This is the first time in over almost a year that retail sales stagnated for two consecutive months, when a Bloomberg survey of 30 economists was expecting an increase of 0.5 per cent.
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.