The Malta Stock Exchange Index continued to charge ahead yesterday, gaining another 62 points, or 1.6 per cent, to close at the 3,838.021 level on trading volume of 135,808 shares across 61 deals. So far this week, the MSE Index has gained almost four per cent as banking shares continue to push the market higher.
HSBC Bank Malta plc stock continued to dominate the day’s trading as shares in the local retail bank gained 15c, or 4.5 per cent, to close at €3.500 on robust trading of 62,290 shares. This is the fourth session in a row where HSBC’s shares have managed to close higher, while the shares have climbed almost 10.4 per cent since Friday.
Bank of Valletta plc also finished considerably higher, closing up 5c4, or 1.7 per cent, to end the day at €3.199, in 24 trades for a total of 32,659 shares.
Still in the banking sector, and finishing the day in lower territory, were the shares of FIMBank plc, which fell 3c, or 3.2 per cent, to close at US$0.920 on volume of 18,136 shares across five deals.
Also closing lower in the session were shares of Malta International Airport plc, which fell 1c, or 0.6 per cent, to end at €1.650 in six deals for a total of 14,400 shares.
Closing unchanged yesterday were the shares of Simonds Farsons Cisk plc and Maltapost plc, which ended at €1.680 and €1.000, respectively, both on low volume.
Weekly Eurozone Economic Review
In the eurozone, according to the eurostat, data for the manufacturing sector for November which was released this week, was higher than expected. Industrial Production in the 16 common currency area increased by 1.2 per cent, from 0.7 per cent increase which was registered during the previous month. On a yearly basis, industrial production rose by 7.4 per cent in November, compared to the previous month last year when an upwardly revised figure of 7.1 per cent was registered. Economists were expecting production to rise by 5.9 per cent. This increase was mainly driven by intermediate, capital and also energy goods.
Meanwhile, the final reading for the Gross Domestic Product (GDP) for the third quarter of last year was revised downwards to a growth of 0.3 per cent from a previously reported figure of 0.4 per cent. The report showed that the investment component was revised from unchanged to a decline of 0.3 per cent and that the expansion was mainly driven by strong growth in Germany. A separate report showed that the eurozone, unemployment rate on a seasonally adjusted basis held at the highest level in more than 12 years at 10.1 per cent.
On the retail front, sales in the eurozone fell by 0.8 per cent during the month of November, worse than the increase of 0.2 per cent increase which was expected. Furthermore, sales figures for October were revised downwards from a previous estimate to show no change on the previous month. Finally, on a positive note, an index measuring executive and consumer sentiment in the euro area rose to the highest level since October 2007 to 106.2 in December from 105.1 the previous month.
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.