The Malta Stock Exchange gained almost six points yesterday as a positive day for banking stocks pushed the index to the 3,470.666 level in light trading volume of 13,030 shares across 14 deals.
Bank of Valletta plc gained 2c9, or 0.9 per cent on the day, reversing almost all of Wednesday's loss. Volume was light, consisting of 2,800 shares spread across seven deals, with the share price ending the session at €3.269.
FIMBank plc was also up on the day, gaining 0c4, or 0.4 per cent, to close at US$1.005, also in light volume of 3,100 shares across two trades.
HSBC Bank Malta plc, meanwhile, was not able to break the €3.00 level yesterday, ending the trading day unchanged at €2.99, a single trade of 1,000 shares.
In the telecommunications sector, Go plc added 0c1, or 0.5 per cent, to close at €1.93 in a single trade of 405 shares. If the unsatisfied bid and offer, which remained outstanding at the end of the session, are any indicators, Go is positioned to trade lower today. In fact, at the end of the day the best unsatisfied bid stood at €1.851 for 3,000 shares while the best unsatisfied offer stood at €1.92 for 3,000 shares.
Trading lower on the day was Middlesea Insurance plc, which dropped 2c, or 1.7 per cent, to finish at €1.15 in two trades of 3,725 shares.
Also closing lower yesterday was Medserv plc, which fell 5c, or 1.2 per cent, to close at €4.20 in a single trade of 2,000 shares.
Weekly UK economic review
In the United Kingdom, the minutes of the July meeting of the Bank of England reflected growing concerns among members about Britain's economic prospects. As expected, the Monetary Policy Committee (MPC) produced the seven to one split in favour of keeping rates at a record low of 0.5 per cent.
More of a surprise to economists, however, was the MPC's downbeat tone on growth, and the fact that arguments for a modest easing in monetary policy or, more specifically, an increase to the £200 billion of quantitative easing already pumped into the economy - were discussed alongside the case for a modest tightening.
Meanwhile, UK retail sales rose more than economists' forecast in June as the World Cup football tournament stoked purchases at electrical goods shops and department stores. Sales climbed 0.7 per cent on the month, higher than the 0.5 per cent gain expected by economists. Elsewhere, the country posted a larger-than-expected budget deficit in June.
The £14.5 billion deficit compared with £14.7 billion a year earlier and was above the £13 billion consensus expectations.
In the meantime, the statistics office is due to publish its preliminary estimate of Gross Domestic Product for the second quarter today. This is expected to see a sharp, albeit short-lived acceleration in economic growth, helped by strong industrial production. Forecasts from analysts put the quarter-on-quarter growth at between 0.5 and 0.7 per cent, up from the 0.3 per cent registered in the first 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.