The Malta Stock Exchange Index gained just over two points, or 0.1 per cent yesterday, closing at the 3,468.797 level on robust volume of 125,010 shares across 40 deals.

The equity to suffer the biggest loss was that of Simonds Farsons Cisk plc, which dropped 5c, or 2.9 per cent, to close at €1.700 in a single deal of 1,168 shares.

Also closing lower were the shares of Go plc, which fell by 1c, or 0.5 per cent, to end the session at €1.900 in three deals for a total of 6,000 shares.

The other equity to finish in negative territory was that of International Hotel Investments plc, which fell marginally by 0c5, or 0.7 per cent, and ended the day at €0.755 in a single deal of 476 shares.

Closing higher were banking stocks, Bank of Valletta plc, and Lombard Bank Malta plc, which gained 0c2, and 0c4, or 0.5 per cent and 1.6 per cent respectively, closing at €3.700 and €2.570 respectively. Trading in Lombard was relatively light as 1,600 shares exchanged hands in a single deal, while 20 trades for a total of 15,009 shares were traded in BOV stock during the day.

Also closing in positive territory was the stock of Malta International Airport plc, which added 2c3, or 1.4 per cent, to close at €1.648 on volume of 900 shares across two deals.

Finishing unchanged on the day were the stocks of FimBank plc, HSBC Bank Malta plc, and RS2 Software plc, closing at US$0.950, €2.890 and €0.500 respectively.

Weekly US economic review

In the US, the economy grew faster than estimated during the three months which ended in September. The gross domestic product for the third quarter of this year was revised upwards to a reading of 2.5 per cent from the previous estimate of two per cent to reflect stronger spending and exports than initially thought. However, on a negative note, sales of previously owned homes in October fell by 2.2 per cent to a 4.43 million unit annual rate. Economists were expecting sales to drop by 1.0 per cent.

Meanwhile, sale of goods meant to last several years unexpectedly dropped by 3.3 per cent in October, below the 0.1 per cent increase which was expected. This was the biggest drop since January 2009 and much lower than the upwardly revised five per cent increase which was registered during the previous month.

A separate report showed that Americans increased their spending for the fifth month in October, as household purchases rose by 0.4 per cent. This was higher than the upwardly revised 0.3 per cent which was registered during the previous month. Also on a positive note, income climbed by 0.5 per cent in October, higher than the 0.4 per cent which was expected by various economists and after remaining flat during the previous month.

Finally, according to the Labour Department, the number of new claims for jobless benefits hit their lowest level in more than two years as claims fell by 34,000 to 407,000 in the week which ended on November 20. The jobs and spending data shows that the economic recovery in America is strengthening.

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.