Trading activity for yesterday's session on the Malta Stock Exchange ended in positive territory as the Index moved up by a marginal 0.05 per cent, coming closer to the 3,300 level.
Bank of Valletta was the day's most actively traded equity as investors transacted an aggregate of 13,458 shares across 17 deals. The bank was also a gainer as it rose by 1.1 per cent to close at €3.84.
HSBC Bank Malta pared gains during the session to terminate unchanged at €2.98. The bank was trading at an intra-day high of €3 for a second consecutive day, when selling activity moved the price downwards to its current standing.
Go headed the list of gainers during the session as it rose by 4c or 2.9 per cent to end the day at €1.78.
A single deal for 500 shares supported the share price of Malta International Airport as it rose by 5c or 2.3 per cent to close at €2.25.
On the contrary, a single transaction in Middlesea Insurance for 100 shares, sufficed to suppress the price by a further 4c or 3.2 per cent to its lowest level ever recorded at €1.20. Meanwhile, the company announced that the Rights Share Issue of 67,000,000 new ordinary shares which will be offered in a ratio of 2.68 new shares for every one existing share at an offer price of €0.60 per share. These will be made available to those shareholders on the company's register as at the November 12, 2009.
International Hotel Investments also ended in the red as the equity dropped by 2c or 2.4 per cent to terminate at €0.80.
Medserv was a non-mover during the day to consolidate at its highest level ever recorded at €4. The company also published its Interim Directors' Statement, where the group reported a significant increase in turnover and profitability when compared to last year.
Weekly US economic review
The monthly trade deficit in the United States widened by much more than expected in September, rising from $30.8 billion to $36.5 billion, the largest gap since January. Exports grew by four per cent, but this was not enough to offset the seven per cent rise in imported goods.
This was largely due to a rebound in petroleum inflows which climbed by $4.4 billion due to both higher prices and volumes. Meanwhile, the University of Michigan consumer sentiment index for November fell by nearly five points to 66.0, dropping back to its July/August levels. Consumers' assessment of their personal finances and the outlook for the economy over the next 12 months fell to the lowest levels since April. Moreover, only one-in-ten consumers reported income gains in early November, the fewest on record.
US retail sales grew more than expected in October as vehicle purchases bounced back while non-auto sales rose modestly. In fact, total sales increased by 1.4 per cent last month after dropping 2.3 per cent in September and beating market expectations for a one per cent rise. Excluding cars, sales were up just 0.2 per cent following a 0.4 per cent rise the prior month. Meanwhile, a barometer of manufacturing activity in New York State fell in November for the first time in four months. The New York Fed's Empire State general business conditions index fell to a reading of 23.51 in November from 34.57 a month earlier. The survey of manufacturing plants in the state is one of the earliest monthly guideposts to US factory conditions.
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.