The Malta Stock Exchange registered a drop of more than ten points, or 0.3 per cent, yesterday as banking shares finished mixed while shares in Malta International Airport plc also suffered a loss.
Shares in the local airport operator lost 3c, or 1.8 per cent, to close at €1.61 in five deals of 22,400 shares.
In the financial services sector, Bank of Valletta plc shares dropped 4c, or 1.2 per cent, to close at €3.23 in brisk trading of 17 deals for a total of 16,329 shares.
Shares in Malta's other large retail bank, HSBC Bank Malta plc, meanwhile, gained some of the losses it suffered on Monday by gaining 0c9, or less than 0.3 per cent to close at €2.86 in 16 trades of 19,166 shares.
Finally, in the banking sector, Lombard Bank plc, lost €1c9, or 0.7 per cent, to close at €2.90 in a single trade of 1,044 shares.
Go plc traded in brisk volume yesterday as 25,700 shares changed hands across 10 deals took place to see the telecommunications provider close unchanged at €1.85.
Other stocks to trade on the day but failed to register a change in their share price were Maltapost plc, which witnessed heavy volume of 31,000 shares across four deals to close at €0.90, and Middlesea Insurance plc, which ended at €1.00.
The local postal operator Maltapost plc also had its shares traded in the session, with 25,830 shares exchanging hands across five deals, yet finished unchanged at €0.90.
Weekly US economic review
Consumer prices in the United States, as measured by the Consumer Price Index (CPI) declined by 0.2 per cent in May. The decline can be attributed entirely to lower energy prices, in particular gasoline. Excluding energy and food, core prices increased 0.1 per cent. This was the second time this year that the core index posted an increase. This gain was mainly attributed to relatively small increases in a number of categories such as shelter, used cars, apparel, tobacco, public transportation, medical care and education. The annual core inflation rate remained at its 44-year low of 0.9 per cent. Meanwhile, wholesale prices as measured by the Producer Price Index (PPI) declined by 0.3 per cent in May. This was the third fall in the past four months, while prices excluding food and energy increased by 0.2 per cent on month.
In the housing market, housing starts hit a five-month low as these declined by 10.0 per cent during May after increasing 3.9 per cent the previous month. In the labour market, first-time applications for state unemployment benefits rose by 12,000 last week to a seasonally adjusted 472,000.
In the manufacturing sector, industrial production increased by 1.2 per cent during May, after a downwardly revised 0.7 per cent the previous month. In the meantime, capacity utilisation rose to 74.7 per cent, the highest since October 2008.
Finally, the current account deficit for the first quarter of this year, widened to a reading of $109 billion or three per cent of Gross Domestic Product (GDP) after a downwardly revised $100.9 billion the previous quarter.
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.