Index marginally down

The Malta Stock Exchange Share Index decreased by 10.803 points or 0.423% over the week and now stands at 2,542.034. The equities which experienced a decrease during the week were HSBC (0.465%), Lombard Bank (1.316%), Maltacom (0.074%), and International Hotels Investments (1.25%).

Bank of Valletta shares opened the week at Lm3.40 and closed the week's trading at the same price on Friday. A total of 39,489 shares changed hands over the week in 34 deals. As Friday's session drew to a close, 963 shares at Lm3.40 and 2,000 shares at Lm3.42 were the best unsatisfied bids and offers respectively.

Meanwhile, HSBC shares witnessed a decrease of 3c during the week after Monday's trading session opened at Lm6.45, while Friday's session closed at Lm6.42. During the week the price ranged between Lm6.48 and Lm6.40. Total turnover for the week amounted to 27,428 shares changing hands over 23 deals. At the close of the business on Friday, best bids for 1,000 shares at Lm6.42 and best offers for 1,000 shares at Lm6.45 remained outstanding.

Maltacom shares opened at Lm1.345 on Monday and closed the week's trading at Lm1.344 on Friday; 19,005 shares changed hands in total, over ten deals. 2,000 shares at Lm1.305 and 5,000 shares at Lm1.345 were the best unsatisfied bids and offers respectively after Friday's session came to a close.

The other equities which traded during the week appear below, followed by the range in which trading took place; 1,400 Lombard shares between Lm3.80 and Lm3.75; 315 Middlesea Insurance shares at Lm2.11; 61,665 International Hotels Investment shares between €0.80 and €0.79; 6,070 Plaza shares at Lm0.65; 12,900 First International Merchant Bank shares at US $1.00; 16,158 Malta International Airport shares between Lm0.83 and Lm0.805.

In a company announcement issued on Wednesday, the board of directors of Suncrest Hotels plc published the Interim Accounts for the six months ending April 30, 2004. These show a turnover figure of Lm816,000 (April 2003: Lm637,000), loss for the year of Lm393,000 (April 2003: loss of Lm 485,000), and loss per share of 3c9 (April 2003: loss of 4c8). No interim dividend was recommended by the directors.

In a separate announcement the company stated that Suncrest Hotels plc and Sol Melia SA have agreed that it is in the mutual interest of both companies to terminate the management contract which became effective on November 1, 2001.

On Monday First International Merchant Bank announced that its board of directors shall be meeting on August 26 to consider and approve the bank's interim and financial statements for the period ended June 30, 2004.

Total Malta Government Stock turnover amounted to a nominal value of Lm1,081,900 being traded in 102 deals over 14 different stocks. Of these, a nominal value of Lm762,000 changed hands in 69 deals in the recently issued 5% MGS 2021. Trading over the week in corporate bonds was made up of a total value of Lm114,103.

Report by Azzopardi Investment Management Limited, tel: 2131-3100, fax 2131-8897 www.azzopardi.com