MSE index down 3%

The Malta Stock Exchange Share Index decreased by 177.85 points or 2.97 per cent over the week and now stands at 5,812.395. There was a decline in the closing price of most equities when compared to their opening positions at the beginning of this week including Bank of Valletta (10.172 per cent), HSBC (9.893 per cent), Maltacom (7.075 per cent), Malta International Airport (4.516 per cent) and Simonds Farsons Cisk (0.445 per cent).

The gainers were FIMBank, Global Financial Services, Middlesea Insurance, Lombard Bank and International Hotels Investment, which witness increases of 13.122 per cent, 7.0 per cent, 5.556 per cent, 3.386 per cent and 3.158 per cent respectively. Plaza Centres closed the week in a neutral position.

Bank of Valletta shares edged lower this week when trading in the equity opened on Monday at Lm4.83,7, went temporarily up to Lm5.17,5 during Tuesday's trading session before closing at Lm4.345 yesterday, down 16 per cent from the peak.

This was down by 23c from the previous week's close of Lm4.57,5. In total, 407,031 shares changed hands during the week, spread over 671 deals. As yesterday's session drew to a close, best unsatisfied bids for 24 shares at Lm4.30 stood against best unsatisfied offers of 26,380 shares at Lm4.34,5.

HSBC shares also eased back on gains made in previous weeks after trading in the equity opened at Lm10.87,6 on Monday, went down to Lm9.55,5 during the week before going up again to end the week's trading at Lm9.80; thus representing a drop of Lm1.07,6 (9.893 per cent). On Tuesday, the price of the equity temporarily reached a weekly high of Lm11.63,7 this being the top most price that could be reached on that day; the share closed the week 15.8 per cent off the peak. 1,723 deals were struck during the week over which 480,901 shares changed hands. Best bids for 100 shares at Lm9.75 and best offers of 3,917 shares at Lm9.80 remained outstanding at the close of business yesterday.

Meanwhile, Maltacom shares opened trading at Lm2.12 on Monday and closed yesterday's session at Lm1.97, down 7.5 per cent from the peak. Trading during the week ranged between Lm1.95 and Lm2.13, with total turnover amounting to 172,300 shares. These shares changed hands over 180. Following the close of business yesterday, best unsatisfied bids for 3,000 shares at Lm1.91 stood against best unsatisfied offers of 550 shares at Lm1.97.

Middlesea Insurance shares traded between Lm4.50 and Lm4.75 during the week, with the former being the opening price on Monday, while the latter was the closing level yesterday. This represented an increase of 25c (5.556 per cent) during the week. In total, 10,028 shares changed hands during the week, spread over 29 deals. At the end of yesterday's trading session, bids for 465 shares at Lm4.65 and offers of 500 shares at Lm4.74,9 made up the best unsatisfied closing positions.

In a company announcement issued on Monday, the board of directors of FIMBank plc published the preliminary statements for the year ended December 31, 2005. These showed a net interest income of US$1,500,114 (December 2004: US$1,803,000); operating profit of USD2,049,987 (December 2004: an operating loss of US$327,000); profit for the year amounting to US$2,699,083 (December 04: US$1,542,000) and earnings per share of 3c81 (December 2004: 2c34). The board is recommending the payment of a scrip dividend of US$0.0114 per ordinary share and a one-for-five bonus share issue. Shareholders who will be on the register of shareholders as at the close of trading on Tuesday will be entitled to the bonus share issue as well as to receive the scrip dividend which can be paid also in cash.

Following the positive results issued by the bank together with the news of the bonus share issue, trading opened at US$2.21 on Monday and closed yesterday's session at US$2.50. This marked an increase of US$0.29 (13.122 per cent) during the current week. On Thursday, the price of the equity reached an all time high of US$2.53.

In total, 105,248 shares changed hands during the week, spread over 61 deals. Following the end of yesterday's session, best unsatisfied bids for 500 shares at US$2.46 stood against best unsatisfied offers of 2,040 shares at US$2.50.

The other equities which traded during the week appear below, followed by the range in which trading took place, are: 4,770 Lombard Bank shares between Lm10.01,0 and Lm10.50,1; 8,103 Simonds Farsons Cisk shares between Lm0.89 and Lm0.90; 23,918 International Hotels Investment shares between €0.949 and €0.98; 8,400 Plaza Centres shares at 70c; 35,139 Malta International Airport shares between Lm1.48 and Lm1.599; 126,315 Global Financial Services shares between Lm1.30 and Lm1.40.

Total Malta Government Stock turnover amounted to a nominal value of Lm530,300 being traded in 116 deals over 23 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm74,883.

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.