Trading activity during yesterday's session on the Malta Stock Exchange brought to an end the positive trend registered by the index throughout this week as it declined marginally by 0.1 per cent on selling pressure to terminate at 3,272.3 points.
Bank of Valletta ended the session in the red for the second consecutive session as it shed 3c9 or one per cent to terminate at €3.76. Despite trading at an intra-day high of €3.80, selling pressure moved the equity price lower to its current standing. The bank also had the day's highest number of trades as investors swapped 9,810 shares across 18 deals.
HSBC Bank Malta was a non-mover during the session as the equity closed unaltered at €2.90. Turnover in Malta's largest listed equity in terms of market capitalisation was relatively muted as investors transacted 1,000 shares over three deals.
Outside of the banking sector, Simonds Farsons Cisk headed the list of gainers as the equity rose by 5c or 3.1 per cent to close at €1.65. Two investors exchanged an aggregate 6,250 shares for a market consideration of €10,312.
Likewise, Go shares also ended in positive territory as the equity edged higher by 1c5, which equates to an increase of 0.9 per cent, to terminate at €1.70.
On the contrary, Plaza Centres terminated the session on a negative note as the equity declined by 3c or 1.8 per cent to close at €1.60.
Weekly UK economic review
In the United Kingdom, the number of people claiming jobless benefits in October rose by the smallest amount in 18 months, as it increased by 12,900, well below the forecast of 20,000. Even more significant is the fact that the unemployment rate remained steady at 7.8 per cent and the number of people in work actually rose by 6,000. These figures are encouraging and could be a sign that the labour markets are in the process of stabilisation.
Meanwhile, Producer Price Inflation posted its first annual rise in October as it rose by 0.1 per cent, climbing from a 6.2 per cent annual drop in September and confounding expectations for a more modest pick-up to a negative 1.3 per cent. This was largely propelled by rising oil prices and a weaker pound which made importation costlier. Meanwhile, the UK's goods trade deficit with the rest of the world widened more than expected in September at around £7.2 billion. This is the highest figure registered since January as imports rose much faster than exports.
On a positive note, industrial production has improved in September, posting a 1.5 per cent monthly gain, which is the largest in five years. However, this disguises a great deal as August was a very poor month and production remains weak at 13 per cent, below its peak in February last year. Finally, the British Retail Consortium said the value of like-for-like sales were 3.8 per cent higher last month than a year ago. That was the highest monthly reading since April and the best October reading since 2002.
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.