Relative calm took hold of the Malta Stock Exchange yesterday, as the index slipped a marginal seven points, or 0.2 per cent, closing at the 3,602.163 level. Investors took new developments in the Middle East and north African regions over the weekend in their stride and provided support to the equity market after it traded lower earlier in the session.
Financial services stocks were lower, yet only fractionally. Bank of Valetta plc shares closed the session 1c, or 0.3 per cent lower to end at €2.980 in heavy volume of 51,309 shares across 35 deals.
HSBC Bank Malta plc shares were also off on the day, shedding 1c1, or 0.4 per cent, to close at €2.969 in moderate volume of 23,212 shares across nine trades.
The other banking stock to trade yesterday was that of FIMBank plc, which closed unchanged, at €0.900 in five deals for a total of 40,000 shares.
Middlesea Insurance plc, meanwhile, fell 0c8, or 0.8 per cent, to finish the trading day at €1.002 in two deals for a total of 2,848 shares. MSI’s loss was the biggest percentage drop of the session.
Loqus Holdings plc stock climbed substantially yesterday, as a single trade of 4,912 shares pushed the stock price up 0c9, or 5.6 per cent, to close out at €0.170.
The only other equity to trade in the session was that of Malta International Airport plc, which ended the session at €1.750 on volume of 3,900 shares across six trades.
The week ahead - Economic indicators for week starting February 28
It is scheduled to be a busy week of data releases in the United States this week as a number of key indicators are due to be released. Pending home sales for the month of January are expected to register a decrease of 2.3 per cent over the month of December, which, in turn, posted a two per cent increase over November.
Due today are the numbers for construction spending for January, which economists expect to come in at a marginal 0.4 per cent decrease. On Friday the change in nonfarm payroll numbers for the month of February are due, in which analysts are expecting a 190,000 increase over January’s numbers. Other indicators due this week include monthly US factory orders for January, where a two per cent increase over the previous month is expected. Also due is America’s unemployment rate for the month February which is expected to register at 9.1 per cent.
In the eurozone, the main focus this week will be the European Central Bank’s meeting on Thursday where European central bankers will decide whether to raise rates. Speculation has increased of late that ECB members may be turning increasingly hawkish in the face of stubborn commodity prices and a spike in oil prices due to turmoil in the Middle East and north African egions.
In Britain, manufacturing data for the month of February is due out today, as are consumer credit figures for the month of January. Other key UK indicators this week include mortgage approval numbers for January and housing prices for the month of February, as measured by Halifax.
This article has been prepared by Bank of Valletta plc (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.