Major caps generally stable

Bank of Valletta shares opened the week at Lm4.299 on Monday and closed yesterday's session at Lm4.30. Total turnover amounted to 41,876 shares changing hands over a total of 44 deals. As yesterday's session drew to a close 115 shares at Lm4.26 and 363 shares at Lm4.30 were the best unsatisfied bids and offers respectively.

Trading in HSBC opened at Lm7.81 and went up to close Thursday's session at Lm7.824. Trading for the week consisted of 19,499 shares changing hands over 18 deals. Bids for 160 shares at Lm7.65 and offers of 1,000 shares at Lm7.80 made up the best unsatisfied closing positions.

Meanwhile, Maltacom shares lost 1c during the week to end yesterday's session at Lm1.541 after opening at Lm1.551 on Monday. Trading during the week ranged between Lm1.572 and Lm1.52, with total turnover amounting to 31,916 shares. These shares changed hands over 24 deals. Following the close of business yesterday, best unsatisfied bids for 1,367 shares at Lm1.54 stood against best unsatisfied offers of 900 shares at Lm1.549.

In a company announcement issued on Monday, the Farsons Group announced the setting up of a fully- owned subsidiary company, Farsons (Sales & Marketing) Limited. The new company's aim is to deliver a better and seamless service to trade customers by coordinating the sales activities of three Farsons' Group Companies: Simonds Farsons Cisk plc, Wands Limited and Anthony Caruana & Sons Ltd.

In another company announcement issued on Monday, Middlesea Insurance p.l.c. stated that it has become aware that a purchaser is being sought for the 15.78 per cent shareholding in the company held by the Government of Malta and the 7.33 per cent shareholding in the company held by Air Malta p.l.c. which in turn is controlled by the government. The company has been advised that Corporacion Mapfre S.A., which already holds 5.49 per cent of the share capital of the company, has indicated that it is in principle interested in increasing its shareholding.

On Tuesday, Plaza Centres p.l.c. announced the resignation of Julian P. Zammit as managing director and chief executive officer of the company. He will be retaining his position as a director on the board and has been appointed as a consultant to the company.

The other equities which traded during the week appear below, followed by the range in which trading took place; 6,880 Lombard Bank p.l.c. shares between Lm4.099 and Lm4; 5,371 Middlesea Insurance shares between Lm2.25 and Lm2.152; 19,374 Simonds Farsons Cisk shares at Lm1.189; 16,100 International Hotel Investments shares between €0.85 and €0.84; 3,500 Plaza Centres shares at Lm0.616; 51,576 FIM Bank shares between US$0.97 and US$0.91; 16,277 Malta International Airport shares between Lm1.155 and Lm1.07.

On Thursday, the Malta Stock Exchange informed its members that the subscription period for the Lm10.5 million nominal 5.1 per cent MGS 2022 (Fungibility Issue) was to close yesterday at 12 noon, instead of Monday, November 15, due to over subscription.

Meanwhile, in the secondary market, total Malta Government Stock turnover amounted to a nominal value of Lm581,400 being traded in 70 deals over 18 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm204,375.

The Malta Stock Exchange share index decreased by 9.285 points or 0.31 per cent over the week and now stands at 3,017.877.

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

www.azzopardi.com