The Malta Stock Exchange ended almost 15 points, or 0.4 per cent lower on Monday, to close at 3,544.422 in light trading volume of 32,768 shares across 23 deals. Three banking shares made up the total of the day’s activity in the equity market.
Bank of Valletta plc shares suffered the day’s biggest loss, dropping 4c, or 1.4 per cent, to close at €2.890 in 10 deals for a total of 17,605 shares.
HSBC Bank Malta plc shares, meanwhile, were also down, losing 1c, or 0.3 per cent, to close at €2.890 in nine trades for a total of 9,446 shares.
Lombard Bank plc stock also witnessed trading in the session, yet closed unchanged at €3.000 in relatively low volume of 5,717 shares across four deals.
Early in the day Middlesea Insurance plc released their annual results for the financial year ended December 31, 2010. The insurance group reported a pre-tax profit of €6.4 million, as compared to a loss of €54.4 million in the previous year, which was mainly due to the losses incurred at its Italian subsidiary Progress Assicurazioni SpA (Progress), which has since ceased operations.
Also announcing results for its financial year ended December 31, 2010 was Go plc. The telecommunications provider, at the end of the day, announced that it had suffered a pre-tax loss of €9.1 million, and an after-tax loss of €18.2 million on revenue of €132.3 million. Go accounted for a €24.7 million loss on its share of the results of its jointly-controlled investment in the Hellenic telecommunications provider Forthnet SA, which is held through Go’s investment vehicle Forgendo Ltd.
Weekly US economic review
In the United States, the trade deficit for the month of January widened to its biggest gap since June 2010, to a level of $46.3 billion, well above both the $41.5 billion economists were expecting and the $40.3 billion (revised from 40.6 Billion) registered in December. The main driver for the increase was a 5.2 per cent rebound in imports – the largest since March 1993, and the highest on record in US$ terms. Exports, meanwhile grew by 2.7 per cent, suggesting underlying demand continues to recover.
US retail sales, meanwhile, posted their largest gain in four months in February, rising 1.0 per cent. Last months increase represents the eight straight month of gains as shoppers stepped up purchases of autos, clothes and other goods, even though gasoline prices continued to climb, the Commerce Department said last Friday. Consumer spending accounts for 70 per cent of US economic activity.
But rising gas prices did put a big dent in consumer sentiment as the University of Michigan Confidence Index fell to its lowest level in five months, registering at 68.2 down from 77.5 in February. The figure came in well off the median forecast of 76.5 among economists polled. Markets saw little impact following the data as investors were focused on the fallout from the massive earthquake in Japan.
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.