Market hesitant

Bank of Valletta shares opened the week at Lm3.299 and went up to close at Lm3.31 on Thursday. A total of 21,454 shares changed hands in 18 deals. As Friday's session drew to a close 37 shares at Lm3.30 and 1,000 shares at Lm3.31 were the best unsatisfied bids and offers respectively.

Meanwhile, HSBC shares opened the week at Lm6.60 on Monday and closed the week's trading at the same price on Friday. During the week the price ranged between Lm6.55 and Lm6.60. Total turnover amounted to 17,425 shares changing hands over 21 deals. At the close of the business on Friday, best bids for 3,500 shares at Lm6.55 and best offers for 3,500 shares at Lm6.60 remained outstanding.

Maltacom shares witnessed an increase of 1.4 per cent after Tuesday's trading session opened at Lm1.38, while Thursday's session closed at Lm1.40. 12,990 shares changed hands in total, over nine deals. 500 shares at Lm1.355 and 2,780 shares at Lm1.40 were the best unsatisfied bids and offers respectively after Thursday's session came to a close.

In a company announcement on Friday, the Board of Directors of Maltacom p.l.c. stated that all the ordinary resolutions put on the agenda were approved at the annual general meeting. This includes the approval of a net dividend payment of Lm0.03c7 to all shareholders registered at the closure of business on April 21, 2004.

Furthermore, the government has appointed Mr Saviour Portelli as chairman and Mr Vince Farrugia, Ing. Alexander Tranter, Mr Alfred Rizzo and Dr Chris Said, LLD, as its directors on the board. Mr John Ellul Vincenti, Mr Peter J. Baldacchino and the Noble Paul Testaferrata Moroni Viani were appointed as directors of the company representing the minority shareholders.

The other equities which traded during the week appear below, followed by the range in which trading took place: 29 Middlesea Insurance shares at Lm2.251; 7,095 Simonds Farsons Cisk shares at Lm1; 8,000 International Hotels Investment shares between €0.77 and €0.764; 950 First International Merchants Bank shares at Lm1.05; 5,400 Malta International Airport shares between Lm0.82 and Lm0.80; 142,800 GloBAl Financial Services shares at Lm1.05 in two put-through deals.

Total Malta Government Stock turnover amounted to a nominal value of Lm105,000 being traded in 17 deals over 11 different stocks. Trading over the week in Corporate Bonds was made up of a total value of Lm99,904. Meanwhile, in the primary market, subscription lists for the new five per cent MGS 2021(I) and 4.8 per cent MGS 2016 (II) (Fungible) opened on Monday and closed on Thursday at noon.

The Malta Stock Exchange Share Index decreased by 1.224 points or 0.047 per cent over the week and now stands at 2,565.499.