Yesterday's session at the Malta Stock Exchange ended for the second consecutive day in negative territory as the index shed 0.2 per cent to terminate at the 3,427.49 level.
Middlesea insurance headed the list of gainers for the day as the equity rose by 4c5 or 7.3 per cent to terminate at €0.665. The insurance company also registered the highest number of trades as investors transacted 11,058 shares across 12 deals. The company also announced that its Rights Issue has been fully subscribed, with Bank of Valletta, Mapfre Internacional SA and Munich Re having taken up their proportionate entitlement. Apart from these major shareholders, a further 1,149 shareholders took up their proportionate entitlement, in part or in full, or received entitlement from existing shareholders.
Medserv moved to new all time highs as it share price appreciated by eight cents or two per cent to terminate at €4.18. Turnover in the company consisted of 1,750 shares exchanged over two deals. In the banking sector, both Bank of Valletta and HSBC Bank Malta ended the session in the red as they dropped by one cent and 0c1 to terminate at €3.77 and €3.249 respectively.
International Hotel Investments also terminated the session on a negative note as the equity shed two cents or 2.4 per cent to close at €0.80.
Meanwhile, both Go and Island Hotels Group Holdings were non-movers during the day as they closed unchanged at €2.06 and €1.02 respectively.
Maltapost shares appreciated in value during the day as the equity edged up by three cents, which equates to an increase of 4.6 per cent to close at €0.69. The postal operator was also the day's most liquid equity as investor negotiated 30,996 shares across four deals.
Plaza Centres and GlobalCapital also ended the session in positive territory as they rose by seven cents and five cents to close at €1.63 and €1.15 respectively.
Weekly UK economic review
In the United Kingdom, the number of people claiming unemployment benefits fell unexpectedly in November, as the claimant count of unemployed dropped by 6,300. This was the first time in almost two years that a decline was registered, confounding economists' expectations that the number would have risen by 13,300 people. The British finance minister, Alistair Darling described the results as "very encouraging", even though he was cautious, given that unemployment figures for 2010 are expected to increase further.
Meanwhile, UK retail sales registered their largest decline since May in November, after department stores and retailers failed to repeat October's strong sales. According to the Office of National Statistics, retail sales dropped by 0.3 per cent last month, when economists were expecting a 0.4 per cent rise.
British Consumer Price Inflation (CPI) rose in November at its fastest annual pace since May, largely due to sharp falls in oil prices a year ago. In fact, consumer prices increased to a yearly rate of 1.9 per cent last month, up from 1.5 per cent in October.
The Bank of England said that inflation could rise above three per cent early next year, but it does not expect this rate to become entrenched because elevated unemployment and spare capacity are likely to persist while the economy recovers from recession.
Meanwhile, Producer Price Inflation (PPI) also rose at its fastest annual pace in a year in November. The non-seasonally adjusted yearly input prices rose four per cent last month, broadly in line with expectations for a rise of 4.1 per cent and up from October's 0.4 per cent.
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.