Yuletide yields yawn-laden sessions

In the first of two consecutive four-day trading weeks - thanks to the feast of the Immaculate Conception last Friday and next Wednesday's Republic Day holiday - the MSE index treaded water. It ended last Thursday virtually unchanged from the previous Friday at 4,899.454 - 0.13% down.

Trading turnover by value slipped back far below last week's Lm1 million mark and, at Lm348,196, ranked second lowest for this year. Bank of Valletta plc (BOV) and HSBC Bank Malta plc (HSB) accounted for 82% of the total turnover by value.

BOV saw a turnover of 43,394 shares for a total value of Lm156,163. The week's price range varied a mere 9 mils between Lm3.591 and Lm3.60, closing at the latter price.

It opened on Monday at Lm3.591 and closed at Lm3.60, a price it maintained throughout Tuesday's session. Wednesday saw a Lm3.595 open, before touching Lm3.60 and closing at Lm3.599.

Thursday's deals were completed at Lm3.599 and Lm3.60, with the price closing at the latter to end the week an inconsequential 0.03% up.

At the end of trading, the best bid was for 100 shares at Lm3.60, and the best offers for 3,000 shares stood at Lm3.605.

In HSB 66,513 shares changed hands for a market value of Lm132,275. The share price was virtually unchanged all week at Lm1.99, except for intra-day lows of Lm1.985 and Lm1.98 on Tuesday - even if the closing deal for 2,200 shares was struck at Lm1.99. At the end of trading best bids totalled 2,040 shares at Lm1.98, and supply for 2,547 shares started at Lm1.99.

Maltacom plc (MLC) did not trade on Monday and opened Tuesday at Lm1.48. The last two deals of Tuesday's session were executed at Lm1.50, with the price advancing 1c over the previous Friday's close.

It opened on Wednesday at Lm1.49 and recovered the lost cent to close again at Lm1.50. It traded flatly on Thursday as all deals were struck at Lm1.50, for MLC to register the week's best gain - albeit a minimal 0.67%. 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.

Malta International Airport plc's gain the previous Friday was shortlived as the price shed 2c on Monday as 4,700 shares were exchanged at Lm1.35. It did not trade for the rest of the week, registering a week-on-week loss of 1.46%.

Effectively, the drop is compensated for by the net 2c5 dividend to shareholders on the register the previous Friday. At the end of the session, best bids were for 500 shares at Lm1.34, and offers for 4,550 shares started at Lm1.35.

International Hotel Investments plc continued to trade flat at the now familiar price of €1. It only dropped a negligible 1 mil to €0.999 on Wednesday, to close the week practically unchanged on a turnover of just 10,546 shares.

On Tuesday IHI announced that, further to the company announcement of November 16, it has entered into subscription agreements with: a) Istithmar Hotels FZE, which 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); and b) IHI will acquire from Corinthia Palace Hotel Co Ltd (CPHCL) the 100% 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 will 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 intend that the whole transaction be finalised by March 2007.

On Thursday IHI announced that Giuseppe Sita, chief officer of Istithmar Hotels, has been appointed a director of the company.

Lombard Bank plc shed 2c on Monday's 68-share deal at Lm5.10. It maintained its price for Tuesday's sole 132-share deal, and through Wednesday's session when 1,630 shares changed hands. This translates into a 0.39% drop for the week.

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

Simonds Farsons Cisk plc lost 1c on Wednesday's only deal for 3,000 shares to close at 79c - 1.25% down this week.

GlobalCapital plc only traded on Wednesday and earned the week's wooden spoon with a loss of 4.76%. This reflected a further 10c decline to Lm2, but then on just two deals for the small total of 760 shares.

Medserv plc only traded on Thursday with one deal for 2,000 shares at Lm1.31 - for a week-on-week drop of 2.96%.

FIMBank plc and Middlesea Insurance plc did not trade.

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

The market in Malta Government stock was once again active last 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.

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