MSE index up 6%

The Malta Stock Exchange Share Index increased by 351.62 points or 6.24 per cent over the week and now stands at 5,990.241. There was an increase in the closing price of most equities when compared to their opening positions at the beginning of this week including HSBC (12.073 per cent), Lombard Bank (6.21 per cent), Bank of Valletta (5.903 per cent), Simonds Farsons Cisk (5.64 per cent), FIMBank (2.372 per cent), Middlesea Insurance (1.124 per cent), Maltacom (one per cent) and Global Financial Services (0.853 per cent). The only exceptions were International Hotel Investments and Malta International Airport which witnessed decreases of 4.905 per cent and 1.274 per cent respectively. San Tumas Shareholdings plc closed the week in a neutral position.

HSBC shares opened trading on Monday at Lm9.07 and closed Thursday's trading session at Lm9.49,9. Following the positive results issued by the bank on Thursday afternoon, trading opened and closed yesterday's session at Lm10.16,5, this being the top most price that could be reached yesterday. This represented an increase of 12.073 per cent (Lm1.09,5) during the current week. Total turnover amounted to 105,834 shares changing hands over 188 deals. Following the close of business yesterday, 223,093 shares at Lm10.16,5 were the best outstanding bids while 100 shares at Lm10.87,6 were the best offers still unsatisfied. Lm10.87,6 is the topmost price that can be reached on Monday.

The board of directors of HSBC Bank Malta plc published the preliminary profit statement for the year which ended last December 31. These show a net interest income of Lm46,872,000 (December 2004: Lm41.4 million), profit attributable to shareholders of Lm24,057,000 (December 2004: Lm22 million) and earnings per share of 33c (December 2004: 30c2). The board is recommending the payment of an ordinary final dividend of 19c1 gross per share and additionally, a special dividend of 21c1 gross per share, giving a total gross final dividend of 40c2 per share. This will be payable to shareholders who are on the register of shareholders as at next Tuesday.

The board is also recommending a three for one bonus share issue. In respect of the said bonus shares the company will be issuing 218,880,000 fully paid ordinary shares of a nominal value of Lm0.125 per share against the debit of an equivalent amount of Lm23,118,000 to the bank's retained earnings account and Lm4,242,000 to the debit of the bank's devaluation gain account. These bonus shares will be allotted to shareholders on the register of members as at the close of trading on the Malta Stock Exchange on April 18. These shares will be available for trading by the shareholders at the opening of business on April 19.

BoV shares continued their positive performance after trading opened at Lm4.32 on Monday and went up to close yesterday's trading session at Lm4.57,5, equal to a gain of 27c5 on the previous week's closing position of Lm4.30. During the week, the price of this equity ranged between Lm4.30,2 and Lm4.59. Total turnover for the week amounted to 298,120 shares bringing the total value transacted in BoV shares to Lm1.3 million. These shares changed hands in 455 deals. Best bids for 2,646 shares at Lm4.55,1 and best offers of 100 shares at Lm4.57,5 were the best outstanding positions after yesterday's trading session came to an end.

In the meantime, Maltacom shares opened the week at Lm2.09,9 on Monday went temporarily down to Lm1.93,3 on Tuesday before edging up to close the week's trading session at Lm2.12. A total of 247,972 shares changed hands during the week, spread over 175 deals. As yesterday's session drew to a close, best unsatisfied bids for 2,550 shares at Lm2.05 stood against best unsatisfied offers of 600 shares at Lm2.12,9.

Yesterday, Global Financial Services Group plc ('the Company') announced that this month it will be opening a representative office in Libya after having obtained a licence from the Libyan General People's Committee for Economy and Trade. This office is intended to promote the company in Libya and facilitate business cooperation in the north African region. The company will not, therefore, be carrying out a trading activity from its representative office in Libya.

The other equities which traded during the week, followed by the range in which trading took place, are: 1,993 Lombard Bank shares between Lm9 and Lm9.56; 1,703 Middlesea Insurance shares between Lm4.45 and Lm4.50; 9,937 Simonds Farsons Cisk shares between 83c and 89c9; 2,480 International Hotels Investment shares between €0.95 and €0.99,9; 18,999 Plaza Centres shares at 70c; 20,600 FIMBank shares between US$2.15 and US$2.20,1; 37,979 Malta International Airport shares between Lm1.53 and Lm1.60; 5,540 Global Financial Services shares between Lm1.28,9 and Lm1.30 and 1,375 San Tumas Shareholdings plc at 93c1.

Total Malta Government Stock turnover amounted to a nominal value of Lm354,300 being traded in 58 deals over 14 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm52,641.

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