MSE Index breaks five-week losing streak

BOV was the week's top performer gaining a healthy 2.83 per cent with turnover by value reaching Lm301,303. It started Monday positively up from a Lm3.52,1 open to Lm3.53,5 close. On Tuesday the upward drive was continued as BOV opened at Lm3.54, dropped to Lm3.53 then picked back up a full 7c to reach a closing high of Lm3.60. On Wednesday, 3,406 shares changed hands in the Lm3.59,5 and Lm3.60 price bracket. Thursday saw a turnover of 16,984 shares with trades starting at Lm3.59,7, peaking at Lm3.60 and closing at Lm3.59,9. BOV traded in the Lm3.59 to Lm3.60 price range yesterday. At the end of trading, the best bid was for 970 shares at Lm3.59,1, while the best offers for 2,455 shares stood at Lm3.59,9.

A company announcement on Wednesday stated that BOV's 33rd annual general meeting will be held on December 20, where the following resolutions will be presented for consideration: a) the approval of the Profit and Loss Account and

Balance Sheet for the year ended September 30, 2006 and the directors' and auditors' report; b) the approval and payment of a gross dividend of 11c per share; c) the reappointment of auditors ; and d) the appointment of the directors. Malta International Airport plc (MIA), the second best performer of the week with a gain of 2.62 per cent, only traded on Thursday and yesterday. Its solitary deal on Thursday for 150 shares was executed at Lm1.34. Yesterday one buy order for 4,309 shares pushed the price up from a Lm1.35 open to a Lm1.37 close. At the end of the session, best bids were for 3,000 shares at Lm1.35, while offers for 2,309 shares started at Lm1.37.

On Thursday afternoon, MIA published its interim financial statements for the six- month period ended September 30, 2006. These showed a 0.4 per cent drop in turnover to Lm10,227,873, while profit before tax were marginally down (1.72 per cent) to Lm4.13 million when compared to the same period last year. Earnings per share fell by 1.73 per cent from 4.04c to 3.97c. The board approved a net dividend per share of 2c5 to all shareholders on the register on December 6.

Lombard Bank plc took the bronze as it gained another 2.4 per cent. On Monday it pushed a further 10c ahead, as one deal for 1,000 shares took the price up to Lm5.10. Volume was uncharacteristically high on Tuesday with 18,436 shares changing hands at Lm5.10, before the final deal for 5,000 shares was struck another 2c higher at Lm5.12. Middlesea Insurance plc only traded on Wednesday, gaining two per cent for the week. The first deal at Lm2.00 was 6c lower than its previous close, but then a 500-share deal was executed 10c higher at Lm2.10.

Medserv plc made a quiet comeback as 50,000 shares were matched at Lm1.35 on Monday, and a further 3,000 at the same price on Wednesday - this translated into a 1.5 per cent gain for the week.

International Hotels Investments plc was virtually unchanged as 48,120 shares trades this week at €1, with the exception of one deal on Tuesday at E0.99. On Monday IHI announced that with effect from November 21, Mr Mustafa Khattabi replaced Mr Abdurazagh I Zmirli as non-executive director.

Simonds Farsons Cisk plc saw 3,278 shares traded on Monday at the now familiar 80 cents price. In Fimbank plc 17,610 shares were traded at US$1.70 on Tuesday and yesterday, leaving the price unchanged for the week.

Maltacom plc (MLC) share price ended the week 0.33 per cent down on a turnover of 30,305 shares. It traded flatly at Lm1.49 on Monday and for the opening deals on Tuesday, then, six minutes from the end of trade, closed at Lm1.481. Wednesday's two deals were completed at Lm1.48,1 and Lm1.50. It opened on Thursday at Lm1.50 and closed at Lm1.49,9, maintaining this price yesterday before dropping to Lm1.48 and then closing the week at Lm1.49. At the end of the session, the best bid was for 600 shares at Lm1.49 and the best offer for 1,100 shares at Lm 1.499.

HSBC Bank Malta plc (HSB) was the one worrying note for the week, not so much because of its one per cent drop, but because it failed to stay above the psychological Lm2 barrier. On Monday it kicked off at Lm2.01, where it had left off the previous Friday, went up to Lm2.02 and after a near 30-minute lull went back down to Lm2.01, closing at Lm2.011 with 60,080 shares changing hands. The next day' turnover totalled 47,471 shares, all traded at Lm2.01, with activity peaking on Wednesday as more than 100,000 shares were traded for a turnover by value of Lm201,090. HSB traded all day in the very tight Lm2 to Lm2.01 range. Between 11.12 a.m. and 11.15 a.m., two sale orders, one for 22,190 and another 58,485 shares, hit the market and wiped out all outstanding demand at Lm2. On Thursday only 15,495 HSB shares traded: First at Lm1.992, then Lm1.99, and finally back up at a Lm2.01. Yesterday, HSB traded flatly at Lm2.01 for almost an hour, dropped to Lm2 and lost its footing once again, to close at its lowest post bonus share issue equivalent level in 11 months, at Lm1.99. At the end of trading best bids totalled 4,300 shares at Lm1.98, while supply for 1,347 shares started at Lm1.999.

GlobalCapital plc had a bad week nose-diving 8.3 per cent. It opened on Tuesday at Lm2.23, 6c down from the previous close, and shed another 2c5 to close the session at Lm2.205. Thursday's sole 160 share deal pulled the price down a further 10c5 to Lm2.10.

Datatrak plc only traded yesterday. It inexplicably rocketed to 54c from a 26c2 open - someone's very obvious mistake, because 18 minutes later, a further block of 10,000 shares traded at 26c - the week's closing price. This was still a week-on-week loss of 10 per cent on the previous Friday's close.

In Malta Government Stocks, the market was unusually active on Monday as the Central Bank broker offered for sale nine different stocks, which were transacted for a total turnover by value of Lm987,821. It remained active on Tuesday and Wednesday but slowed down towards the end of the week. The 67 deals completed this week made for a total turnover by value of Lm1,576,345. Activity in the Corporate Bond market was more contained as 21 deals were completed for a turnover by value of Lm119,062.

The MSE Index gained 0.4 per cent at 4,905.807, a positive week after five consecutive weeks of losses.

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