IHI converts to euros

Following the approval of various resolutions in an extraordinary general meeting, this week saw the conversion of the shares of International Hotel Investments plc from Lm to euro.

Tuesday was the last day the shares traded in Maltese liri, when 4,200 shares changed hands over three deals struck between Lm0.85 and Lm0.87. Trading in the equity was then suspended on Wednesday during which time the shares were re-denominated from Maltese liri to euros.

Following the conversion the issued share capital of the company is 119,053,489 shares of €1 each. No deals were conducted following the conversion.

At the close of business yesterday, no bids were left while best offers of 4,000 shares at €0.90 remained unsatisfied.

Trading in HSBC shares was very stable during the week, ranging between Lm5.411 and Lm5.40. The closing price for the week was Lm4.51. 2,450 shares changed hands over the week, spread over six deals.

As yesterday's session drew to a close best bids for 3,770 shares at Lm5.25 and best offers of 1,000 shares at Lm5.40 remained outstanding.

Bank of Valletta shares opened the week's trading on Tuesday at Lm2.58 and closed that session at Lm2.55. This was the level at which trading was conducted during the remainder of the week.

Turnover for the week amounted to six deals being struck over which 1,906 shares changed hands. Following the close of business yesterday 1,000 shares at Lm2.50 and 2,654 shares at Lm2.55 remained as the best outstanding bids and offers respectively.

Fifteen deals for 21,444 shares were struck in Maltacom during the week, between the opening price of Lm1.02 and Lm1.011, yesterday's closing price. This latter was at par with the previous week's reading.

At the end of yesterday's trading session 446 shares at Lm1.011 were the best outstanding bids, while 2,660 shares at Lm1.03 were the best offers still unsatisfied.

In a company announcement issued on Tuesday, the board of directors of Global Financial Services Group plc stated that they have set up GFSG (UK) Ltd to provide treasury management services in the United Kingdom on behalf of companies within the Global Group.

The other equities which traded during the week appear below, followed by the range in which trading took place: 9,676 Simonds Farsons Cisk shares at Lm0.90; 20,031 Malta International Airport shares at Lm0.698 and 2,300 Plaza Centres shares at Lm0.58.

Total Malta Government stock turnover amounted to a nominal value of Lm715,600 being traded in 37 deals over 12 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm127,246.

The Malta Stock Exchange share index increased by 8.71 points or 0.41 per cent over the week and now stands at 2,132.289.