MGS issues, banks up

The Government of Malta is issuing Lm50 million in bonds to the public. The main issue will have an interest rate of 5.1% and will mature on August 16, 2022. Applications open on Friday and close at noon on August 10 or earlier at the discretion of the Accountant General.

The Treasury is also issuing two other MGSes to be added to the already listed 5.1% MGS 2014 (III) and 5.4% MGS 2010 (IV). These stocks can be applied for only in the form of sealed bids for amounts of Lm50,000 and over and at a price not less than Lm103.25 and Lm104.50, respectively, per Lm100 nominal. Trading in these two MGSes is temporarily suspended.

Meanwhile, in the secondary market, total Malta Government Stock turnover amounted to a nominal value of Lm1,419,500, being traded in 129 deals over 18 different stocks.

Trading over the week in corporate bonds was made up of a total value of Lm40,773.

HSBC Bank Malta shares opened the week at Lm7.25 and, after reaching a weekly high of Lm7.83 on Wednesday, fell to Lm7.50 by the close of the week's trading on Friday, representing an overall increase of 25c (3.48%) during the week.

In all 158,016 shares changed hands over 104 deals. Best bids for 1,000 shares at Lm7.25 and best offers of 1,400 shares at Lm7.49 remained unsatisfied as Friday's session ended.

Bank of Valletta shares also experienced an impressive week after increasing by 34c9 (10.06%) during the week to Lm3.82 at the close of Friday's session after opening Monday's trading at Lm3.471.

A total of 123 deals took place during the week in which 138,098 shares changed hands. Following the close of business on Friday best bids for 1,489 shares at Lm3.78 and best offers of 7,600 shares at Lm3.82 remained outstanding.

In a company announcement on Tuesday, the board of directors of Lombard Bank plc published the interim accounts for the six months ended June 30. These show an operating income of Lm2,156,000 (June 2003: Lm1.8 million), profits attributable to shareholders of Lm707,000 (Lm464,000), and earnings per share of 17c5 (11c7).

Lombard Bank shares increased 20c (4.878%) over the week, opening on Monday at Lm4.10 and closing on Friday at Lm4.30.

Turnover amounted to 7,568 shares, changing hands over eight deals. Following Friday's trading session, 505 shares at Lm4.30 and 14 shares at Lm4.48 were the best outstanding bids and offers, respectively.

Trading in Maltacom shares opened at Lm1.395 on Monday and closed on Friday at Lm1.495, a 10c increase (7.168%). Turnover amounted to 124,473 shares, changing hands over 61 deals.

Following Friday's trading session, 12,500 shares at Lm1.40 and 2,676 shares at Lm1.499 were the best outstanding bids and offers, respectively.

In a company announcement on Friday, the board of directors of Global Financial Services Group plc published the interim financial statements for the six months ended June 30. The statements show a turnover of Lm2,672,354 (June 2003: Lm2.4 million), profit for the period of Lm212,052 (Lm131,000), and earnings per share of 1c6 (1c0).

The other equities which traded last week (with the trading range in brackets) are: 3,273 Middlesea Insurance shares (Lm2.12-Lm2.10); 7,064 Simonds Farsons Cisk shares (Lm1.13-Lm1.12); 8,000 International Hotel Investments shares (€0.75); 1,800 First International Merchant Bank plc shares (US$0.99); 15,000 Malta International Airport shares (Lm0.86-Lm0.84); 13,000 Global Financial Services shares (Lm1.025); and 1,000 Datatrak Holdings plc shares (Lm0.214).

The Malta Stock Exchange index rose 143.721 points or 5.39% over the week and now stands at 2,810.737.

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