Flat four-day week

Turnover by value for this shortened four-day week totalled Lm348,196. The two largest constituents of the MSE Index - Bank of Valletta plc (BOV) and HSBC Bank Malta plc (HSB) - accounted for 82 per cent of the weekly turnover. Only BOV and Maltacom plc (MLC) registered minimal gains with small caps either stable or down. GlobalCapital plc (GCL) registered the worst drop as it collapsed a further 4.76 per cent, followed by Medserv plc (MDS) which suffered a 2.96 per cent decrease. The MSE Index shed a minimal 0.129 per cent to close flat at 4,899.454.

GCL suffered the heaviest loss this week - 4.76 per cent. It only traded on Wednesday when it continued downhill, collapsing a further 10c to Lm2, in two deals totalling 760 shares.

MDS only traded yesterday with one deal for 2,000 shares at Lm1.31 - a week-on-week drop of 2.96 per cent.

Malta International Airport plc's gains in the previous week were wiped out as the price shed 2c on Monday with 4,700 shares changing hands at Lm1.35. It did not trade for the rest of the week, registering a loss of 1.46 per cent. At the end of the session, best bids were for 500 shares at Lm1.34, while offers for 4,550 shares started at Lm1.35.

Simonds Farsons Cisk plc lost a cent on Wednesday's single deal for 3,000 shares to close at 79c - 1.25 per cent down this week.

All Lombard Bank plc's deals this week were executed at Lm5.10 - shedding 2c (0.39 per cent) on the previous week. It traded on very low volume of 68 shares on Monday, 132 shares on Tuesday and 1,630 shares on Wednesday.

International Hotel Investments plc continued to trade unchanged at €1. It only dropped a negligible €0.001 to €0.999 on Wednesday to close the week flat.

On Tuesday IHI announced that, further to the company announcement of November 16, it has entered into subscription agreements as follows: a) Istithmar Hotels FZE will subscribe to 178,000,000 new equity shares of €1 each (this will be injected into IHI exclusively for funding a programme of acquisitions of hotel properties); b) IHI will acquire from Corinthia Palace Hotel Co. Ltd (CPHCL) the 100 per cent ownership of the Corinthia Bab Africa Hotel and Commercial Centre in Tripoli, and the Corinthia Towers Hotel in Prague, principally in return for new shares in IHI issued to CPHCL. Furthermore, the directors of IHI shall endeavour to obtain a secondary listing of IHI on an international stock exchange within 12 months from closing. The above is subject to certain statutory and regulatory approvals. It is intended that the whole transaction be finalised by March 2007.

Yesterday IHI announced that Giuseppe Sita, chief executive officer of Istithmar Hotel, has been appointed a director of the company.

HSBC traded all week at Lm1.99. The only exception was Tuesday when the price dipped to an intra-day low of Lm1.98. A total of 66,513 shares changed hands this week with the price closing flat at Lm1.99. At the end of trading best bids totalled 2,040 shares at Lm1.98, while supply for 2,547 shares started at Lm1.99.

Plaza Centres plc's one 500-share deal on Wednesday was executed at 68c.

BOV traded all week in a narrow range between Lm3.59,1 and Lm3.60. It closed on Monday and Tuesday at Lm3.60. On Wednesday it dropped slightly to Lm3.59,5 and closed at Lm3.59,9. Yesterday's deals were completed at Lm3.59,9 and Lm3.60, with the price closing at the latter to end the week an insignificant 0.03 per cent up. At the end of trading, the best bid was for 100 shares at Lm3.60, while the best offers for 3,000 shares stood at Lm3.605.

MLC took Monday off and ended the week in positive territory gaining 0.67 per cent. It dropped to an intra-week low of Lm1.48 on Tuesday but closed the week up at Lm1.50. At the end of the session, the best bid was for 3,426 shares at Lm1.49 and the best offer for 4,500 shares at Lm1.50.

On Tuesday, as part of a high level group restructuring exercise, MLC announced that its subsidiary company Datastream Ltd is to be merged with immediate effect with MLC.

The Alternative Companies' List Datatrak closed on Monday at 26c on turnover of 3,500 shares.

The market in malta government stocks was once again active this week with a total of 76 deals completed for a turnover by value of Lm1,025,092. Activity in the Corporate Bond market was low as 32 deals were done for a turnover by value of Lm65,071.

Financial Planning Services Limited is licensed by the MFSA to provide investment services, including stockbroking (IS/3608). 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.

Financial Planning Services Limited, tel. 2134 4244, fax. 2134 1202, e-mail: info@bonellofinancial.com