Healthy comebacks for BOV and Maltacom

This week saw the MSE index regain the 5,000 level to close yesterday at 5,101.96 - 2.1 per cent up for the week. Maltacom plc (MLC) and Bank of Valletta plc (BoV) led the field with revitalising gains of 6.72 per cent and 6.13 per cent respectively. MLC's number came up this week when it topped the gainers list. After a slow start with only 2,650 shares changing hands on Monday at Lm1.60, Tuesday was slightly more active as there were seven deals with the price ranging between Lm1.60 and Lm1.61. Wednesday saw MLC make further headway as it gained four cents to close at Lm1.65. It remained flat on Thursday and, after a late start yesterday, dropped one cent but quickly reconnected to the Lm1.65 level. Five minutes before the end of trading a buy order for 1,000 shares took the price up a further 4c9 to close the week at Lm1.69,9 - on a turnover for the week of 21,632 shares. At the end of trading, the best bids were for 850 shares at Lm1.65 whilst the offers of 3,050 shares started at Lm1.69,9.

MLC issued two statements this week: On Tuesday announcing Edmond Brincat's appointment as chief finance officer with immediate effect and on Wednesday the signing of the interconnection agreement with Melita Cable plc.

BOV, following the previous week's on-again off-again privatisation trauma, seemed set for a continuation of the downward trend when it started the week five cents down at Lm3.70. Sudden buying interest then spun the price around and it continued upwards to close Monday's session at Lm3.90 - a most gratifying 20c or 5.4 per cent increase. On Tuesday, it gained further momentum up from a Lm3.90,1 open to a Lm3.95 close. The BoV price stopped to catch its breath on Wednesday as it traded comfortably in the Lm3.94,9 to Lm3.95,5 range. The vast majority of Thursday's trading was executed at Lm3.95 before moving up to Lm3.96 and closing at Lm3.97. Yesterday saw one opening deal at Lm3.97, with the rest all dealt at Lm3.98 for an invigorating 6.13 per cent gain for the week. At the end of trading the best bid was for 2,500 shares at Lm3.95 and the best offers of 731 shares started at Lm3.98.

HSBC Bank Malta plc (HSBC) which accounted for 40 per cent of the week's equity turnover by value, started the week at the previous Friday's Lm2.04 close. It then dropped to Lm2.02,9 and recovered to Lm2.05 three minutes before the end of the session. The final deal for 266 shares took the price up to a Lm2.07,5 close. On Tuesday, HSBC maintained the Lm2.07,5 level before dropping five mils to Lm2.07, at which price all deals were struck on Wednesday. Thursday saw HSBC shedding the gains of the early part of the week, when it eased back two cents, from a Lm2.06,9 open to a Lm2.05 close. Yesterday, a series of sale orders saw the Lm2.05 open dip to an intra day low of Lm2.02. Following a 15-minute nap, renewed buying interest took the price up one cent to Lm2.03 - limiting the damage to a 0.5 per cent drop for the week. At the end of trading best bids for 900 shares started at Lm2.02,5 and the best offers stood at 900 shares at Lm2.03.

On Tuesday HSBC, announced the appointment of Sonny Portelli as non-executive director with effect from last Monday. Mr Portelli is currently chairman of Maltacom plc and director of Datatrak Holdings plc.

Plaza Centres plc was the only other equity to end in positive territory with a minimal 0.75 per cent gain on a turnover of 14,000 shares. It retained its footing at 67c early in the week, gaining five mils on Thursday to close the week at 67c5.

Four equities remained as flat as a pancake: Malta International Airport plc remained stranded throughout the week at the Lm1.37 level on a total turnover of 34,130 shares - 61 per cent of which changed hands on Tuesday alone. At the end of trading the best bids, for 1,000 shares started at Lm1.37,1 and the best offers stood at 9,475 shares at Lm1.40. Lombard Bank plc made a solitary appearance on Monday with only 842 shares changing hand at Lm4.65. International Hotel Investments plc maintained the €97c price at the beginning of the week. It slipped to €0.965 during trading on Thursday but soon recovered to close the session and the week at €0.97. Fimbank plc only traded on Wednesday with 6,900 shares changing hands at US$1.75.

Middlesea Insurance plc was the week's straggler, down 3.86 per cent. It started on Monday at Lm2.04, slightly lower than the previous week's close, to then open on Wednesday at Lm2.01 and finish the day at Lm1.97. It stayed at this price for the rest of the week, during which 10,874 shares were traded.

GlobalCapital plc kicked off the week five mils higher at Lm2.07, closing at Lm2.08. A 4,000-share deal on Tuesday took the price back to Lm2.06, at which it closed yesterday for a 0.24 per cent drop on the week, with a turnover by value totaling Lm34,713.

The close ended investment scheme SanTumas Shareholding plc lost 20c during Thursday's trading to close the session, and the week, 15 per cent down at Lm1.10.

Simonds Farsons Cisk plc, Suncrest Hotels plc and Datatrak did not trade.

Turnover in the government bond market, exceeded Lm370,000 with trades spread over 67 deals. The corporate bond market was quieter with 40 deals struck for a turnover of just under Lm83,000.

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