MIA eases slightly on increases

Malta International Airport shares lost 7c during the week to end yesterday's session at Lm1.53 after opening at Lm1.60 on Monday. Trading during the week peaked at Lm1.611. Forty deals were struck during the week, over which 241,602 shares were traded. This volume includes five put-throughs amounting to 210,700 transacted during yesterday's trading session. Best bids for 1,320 shares at Lm1.50 and best offers of 970 shares at Lm1.53 remained unsatisfied as yesterday's session drew to a close.

Meanwhile, on Monday, Malta International Airport plc announced that the board of directors is scheduled to meet on Monday, November 21, to approve the interim financial statements for the six months ended on September 30. It is also expected that the board of directors will consider the payment of an interim dividend at that meeting.

BOV's solid performance continued this week, with further gains being registered in the share's price. Opening at Lm6.61 on Monday, trading in the equity went up by 25c during the week to close yesterday's session at Lm6.86. In the interim, the equity reached a weekly high of Lm6.90; this being the highest price ever recorded by the Bank on the Malta Stock Exchange. Trading for the week consisted of 102,043 shares changing hands over 194 deals. Best bids for 500 shares at Lm6.861 and best offers of 375 shares at Lm6.94 remained unsatisfied following yesterday's trading session.

Eighty-eight deals were executed in HSBC shares during the week, over which 56,380 shares changed hands. More gains were registered in the equity this week as trading opened at Lm6.75, reached a weekly and an all-time high of Lm7.05, before settling down to close at Lm7.02 yesterday; representing an increase of 27c over the week. Following the end of yesterday's session, best bids for 205 shares at Lm7.011 and best offers of 1,532 shares at Lm7.25 remained outstanding.

Maltacom shares eased back on gains made in the previous week after trading in the equity opened at Lm1.748 on Monday, ranged between Lm1.71 and Lm1.77, before going down again to end the week's trading at Lm1.712; thus representing a drop of 3c6 (2.059 per cent). Ninety-one deals were struck during the week, over which 107,968 shares were traded. Following the close of business yesterday, best bids for 600 shares at Lm1.712 stood against best offers of 375 shares at Lm1.729.

In a company announcement issued on Wednesday, Suncrest Hotels plc announced that George Schembri has resigned from his position of chief executive officer of the Suncrest Hotel with effect from December 10, 2005. Meanwhile, Philippe Lonfat will be acting as chief executive officer with effect from December 15. Mr Lonfat's career in the hospitality sector spans over 23 years and he has held management positions with various hotels in Malta and Tunisia.

In another company announcement issued on Wednesday, FIMBank plc announced that pursuant to the Subordinated Loan Agreement signed with the International Finance Corporation, a member organisation of the World Bank Group (IFC) on June 23, 2005, IFC has started the process of exercising its right to convert part of the Loan into ordinary shares by means of a Conversion Notice dated October 27, 2005. Such right of conversion for US$4,000,000 will result in a total number of 5,107,930 new ordinary shares being listed in IFC's favour in due course. As a consequence, IFC will become a new FIMBank shareholder and its holding will amount to 7.18 per cent of the bank's issued share capital.

The other equities which traded during the week follow, together with the range in which trading took place: 1,895 Lombard Bank shares between Lm7.00 and Lm7.05; 9,869 Middlesea Insurance shares between Lm3.35 and Lm3.40; 994 Simonds Farsons Cisk plc at Lm0.78; 1,000 Suncrest Hotels shares at Lm0.31; 7,444 International Hotel Investments shares between €0.785 and €0.79; 125,700 Plaza Centres shares at Lm0.62; 820 FIMBank shares at USD1.85; 2,000 Global Financial Services shares between Lm1.25 and Lm1.28 and 6,020 Datatrak shares at Lm0.45.

Total Malta government stock turnover amounted to a nominal value of Lm1,184,200 being traded in 53 deals over 22 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm73,905.

The Malta Stock Exchange Share Index increased by 57.40 points or 1.29 per cent over the week and now stands at 4,489.713.

Azzopardi Investment Management Limited is licensed by the MFSA to provide investment services, including stockbroking. The directors or related parties, including the company, and their clients, are likely to have an interest in securities mentioned. This article is only meant to provide information and is not intended to give investment advice. The value of securities, and the currencies in which they are denominated, may go down as well as up.

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