The Malta Stock Exchange index advanced a marginal two points, or less than 0.1 per cent, to close at the 3,493.601 level in narrow trading of 85,398 shares across 29 deals in just four equities.
Banking stocks were the main recipients of the day’s trades, with shares in FIMBank plc seeing the most action. Stock in the specialty banking firm gained 1c, or 1.1 per cent, in robust volume of 62,254 shares across five trades, to close at US$0.950.
On Monday, the company issued its interim directors’ statement whereby the company stated that its performance for the second half of 2010 continued to show the positive trends that it witnessed in the first half of the year. It noted a renewed appetite for business as emerging market conditions continued to improve while trade flows picked up.
Bank of Valletta plc shares closed flat, at €3.700, after trading most of the day marginally lower. Trading volume was moderate at 13,400 shares across 14 deals.
HSBC Bank Malta plc shares, meanwhile, also closed unchanged, in light volume of four deals for a total of 3,600 shares, and ended the session at €2.910. The other stock to trade in the session was that of Go plc, which added 0c6, or 0.3 per cent, to close at €1.895 on volume of 6,144 shares across four trades.
Weekly US economic review
In the United States, the trade deficit shrank more than forecast in September as exports rose to their highest levels in two years, reflecting the weaker dollar which is helping to strengthen the economic recovery. In fact, the gap narrowed by 5.3 per cent to $44 billion, down from a revised estimate of $46.5 billion in August.
Exports rose by a mere 0.3 per cent in September, but were still the highest since the financial crisis in August 2008, while imports fell one per cent during the same period. Meanwhile, the number of Americans filing initial jobless claims two weeks ago fell to their lowest level in four months, reinforcing evidence that the US labour market is recovering. In fact, applications for jobless benefits declined by 24,000 to 435,000 in the week ended November 6.
Manufacturing in the New York region unexpectedly contracted in November for the first time in more than a year. The Federal Reserve Bank of New York general economic Index fell to -11.1 this month from its prior 15.7 in October.
In a separate report, US consumer sentiment rose more than expected in early November and hit its best level since June, aided by a slightly better economic outlook and early holiday sales.
In fact, the University of Michigan Consumer Confidence Index rose to a reading of 69.3 in November up from its previous 67.7 in October.
Sales at US retailers climbed in October the most in seven months, as purchases rose 1.2 per cent, exceeding the highest forecast among economists surveyed by Bloomberg. Stock gains and growing employment could be supporting the increase in sales.
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.