Stock market report October 11-15

The price of Maltacom shares increased by 8.966 per cent during the week. Trading opened the week at Lm1.45 on Monday and went on to close at Lm1.58 yesterday. Total turnover amounted to 193,919 shares changing hands over 127 deals. As yesterday's session drew to a close, bids for 2,000 shares at Lm1.55 and offers of 2,142 shares at Lm1.58 made up the best unsatisfied closing positions.

In a company announcement, the board of directors of Maltacom p.l.c. announced that it has decided to commence the process which will lead to the merger by acquisition of its fully owned subsidiary company Technical and Management Services Limited.

Bank of Valletta shares opened the week at Lm4.20 and gained 35c during the week to end yesterday's session at Lm4.55. Total turnover amounted to 112,558 shares changing hands over 241 deals. The price ranged between Lm4.20 and Lm4.81. At the end of yesterday's session, bids for 1,992 shares at Lm4.55 and offers of 3,200 shares at Lm4.60 made up the best unsatisfied closing positions.

In a company announcement, Bank of Valletta p.l.c. stated that by the letter dated October 8, 2004 the Government's Privatisation Unit informed the Bank of Valletta plc that the Government of Malta and Banco di Sicilia spa have signed a Memorandum of Understanding in terms of which they have agreed to initiate a process leading to the joint appointment of an independent financial advisor and the joint sale of their shareholding in Bank of Valletta plc to a strategic investor.

In a separate announcement issued yesterday, the board of directors of Bank of Valletta p.l.c. stated that a meeting is going to be held on Friday, October 29 to consider and approve the group's and the bank's audited financial statements for the financial year ended September 30, 2004 and to consider the declaration of final dividend to be recommended to the bank's annual general meeting.

HSBC shares opened the week at Lm7.488 on Monday and closed yesterday's session at Lm7.499. Total turnover amounted to 10,751 shares changing hands over 23 deals. As yesterday's session drew to a close 340 shares at Lm7.46 and 3,255 shares at Lm7.499 were the best unsatisfied bids and offers respectively.

In a company announcement issued on Wednesday, Datatrak holdings plc confirmed that its board of directors, is meeting on October 25 to approve the interim financial statements, for the period between January 1, 2004 and June 30, 2004 for publication.

On Wednesday, the board of directors of International Hotel Investments p.l.c. published the interim financial statements for the six months ended June 30, 2004. These show a revenue figure of €22,341,319 (June 03: €16.3 million); loss for the period of €1,024,734 (June 03: €7.7 million); and loss per share of 1c (June 03: loss per share of 6.5c).

The other equities which traded during the week appear below, followed by the range in which trading took place; 1,188 Lombard Bank shares between Lm4.25 and Lm4.20; 1,335 Middlesea Insurance plc shares between Lm2.152 and Lm2.13; 1,800 Simonds Farsons Cisk shares between Lm1.188 and Lm1.187; 18,767 International Hotels Investments shares between €0.81 and €0.75; 70,200 Malta International Airport shares between Lm1.07 and Lm1.05; 4,800 Global Financial Services shares between Lm1.20 and Lm1.10; 3,774 San Tumas Shareholdings p.l.c. shares between Lm0.83 and Lm0.755.

Total Malta Government Stock turnover amounted to a nominal value of Lm203,400 being traded in 55 deals over 18 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm127,919.

The Malta Stock Exchange Share Index increased by 133.009 points or 4.586 per cent over the week and now stands at 3,033.086.

Report by Azzopardi Investment Management Limited, tel. 21 313100, fax. 21 318897.

www.azzopardi.com