The Malta Stock Exchange continued to trade in very thin volume as the equity market witnessed 19,282 shares which were exchanged in 15 trades to close up almost 27 points, or nearly 0.8 per cent to end at 3576.006 points. Only four issues managed to see any trading action.
HSBC Bank Malta plc shares managed to recover the loss they suffered in Tuesday's session as the local retail bank's stock gained 4c8, or 1.5 per cent, to close at €3.248 in two trades of 4,500 shares. HSBC Bank Malta has been trading in relatively volatile price ranges of late. It has lost almost 19 per cent of its value since reaching a recent high of €4.00 on January 18, 2010.
Bank of Valletta plc also managed to close in positive territory, finishing the session up 4c, or 1.2 per cent, to end at €3.33 on 11,500 shares in nine trades. BOV, too, has lost significant market value of late, dropping almost 16 per cent since its recent high of €3.96 on January 4.
Other issues to trade on Thursday but failed to register a change in their closing price were Maltapost plc which closed at €0.749 in a single trade of 1,000 shares and Middlesea Insurance plc which closed at €0.75 in three trades of 2,632 shares.
Meanwhile, Simonds Farsons Cisk announced that its board of directors will be meeting on April 14 to consider the approval of its financial results for the year ending January 31, 2010. Also under consideration will be the recommendation to issue a final dividend to shareholders.
Weekly US economic review
In the United Kingdom, the second revision for the fourth quarter of Gross Domestic Product (GDP) showed that the British economy emerged from an 18-month recession at a faster pace than expected. In fact, GDP was revised upward to 0.4 per cent from the previously reported 0.3 per cent during this quarter. This upward revision was mainly due to higher reported output in services, construction and agriculture output. On a year-on-year basis, GDP figures were revised to show a contraction of 3.1 per cent from a previous reported decline of 3.3 per cent.
Meanwhile, investment recorded a decline of 4.3 per cent in the fourth quarter of 2009, after a fall of 5.8 per cent recorded in the previous three months. However, the Manufacturing Purchasing Manufacturing Index (PMI) showed that activity in the manufacturing sector increased at its fastest rate since October 1994. The index increased to a reading of 57.2 in March from 56.5 the previous month. This improvement is the result of a combination of an increase in output at a fastest pace since July 1994, coupled with new orders growth of a six-year peak.
The current account figures for the fourth quarter of 2009 showed that the deficit narrowed sharply to a reading of £1.7 billion from a deficit of £5.9 billion recorded the previous quarter. Finally, on a negative note, the GfK Consumer Confidence Index, produced for the European Commission, dropped one point to a reading of a negative 15 in March after recording an improvement in the previous two months. This showed that Britons became more concerned about the state of their finances and also on the outlook of the health of the economy.
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.