The Malta Stock Exchange Index gained almost 18 points, or 0.5 per cent yesterday, as equities finished mixed on moderate volume.
The Index closed at 3,390.436 points on volume of 52,533 shares in 18 deals.
The big mover on the day was the stock of Maltapost plc (MTP), which gained 5c, or 5.9 per cent, to close at €0.900 in robust volume of 26,104 shares. Incidentally, today marks the last day of MTP’s 2010 financial year.
Another stock to make a significant advance on the day was International Hotel Investments plc, which was up 4c, or 4.9 per, to close at €0.850 in a single deal of 10,000 shares
Plaza Cantres plc also had a positive session, rising 3c5, or 2.1 per cent, to end at €1.685 in a single deal of 5,000 shares.
On the downside was HSBC Bank Malta plc, whose stock continues to lack any considerable level of support. The shares fell 2c5, or 0.9 per cent, on volume of 3,190 shares across three trades to close at €2.835.
Shares in the local telecommunications provider, Go plc, were also down, dropping 2c, or 1.1 per cent, to finish at €1.830 in a single trade of 304 shares.
The other stock to trade in the day, yet failed to register a change in its closing price, was Bank of Valletta plc, whose shares ended at €3.240 in five deals for a total of 7,935 shares. This is the second session in a row where BOV’s shares have closed unchanged.
Weekly eurozone economic review
In the eurozone, the week’s economic highlights were the growth rates data in the services and manufacturing sectors. In fact, the Purchasing Managers’ Index for services, which is compiled from surveys of around 2,000 businesses ranging from banks to restaurants, fell to a reading of 53.6 in September, down from 55.9 in August, its lowest reading since February. However, the service sector’s Business Expectations Index, which gives an indication of how firms think the situation will be in a year’s time, rose to a reading of 68.1 in September from 67.1 the previous month.
Meanwhile, the PMI for manufacturing was 53.6 in September, down from the 55.1 level registered in August. September’s plunge in the PMI’s could provide a strong sign that the economic recovery in the region is losing momentum.
German business confidence however, unexpectedly rose to the highest levels in more than three years in September. In fact, the Munich-based Ifo Institute said its Business Climate Index, based on a survey of 7,000 executives, increased to a reading of 106.8 from 106.7 in August. Meanwhile, eurozone economic sentiment also rose unexpectedly in September and consumer inflation expectations eased. A monthly European Commission survey showed sentiment in the 16-currency area rose to 103.2 points from August’s upwardly revised 102.3.
Elsewhere, lending to eurozone firms and households accelerated in August to the fastest rate in more than a year, signally that the credit cycle is regaining strength. Loans to the private sector were 1.2 per cent higher in August than a year earlier.
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.