Five per cent gains for IHI and MSI

With all the attention - and, more importantly, all the money! - focused on the new issue of the 4.6 per cent HSBC 2017 Bond, the equity market was exceptionally quiet. Equity turnover by value just about hit the Lm300,000 mark, the second lowest week for 2006/2007. Middlesea Insurance plc (MSI) and International Hotels Investments plc (IHI) were the week's star performers, gaining 5.1 per cent and 4.9 per cent respectively in an otherwise languid week which saw the big banks falter and MLC flat. The MSE Index closed at 5069.312, a flimsy 0.43 per cent down.

MSI was the week's winner gaining 5.13% on Tuesday as 1,500 shares changed hands at Lm2.05 - the same price at which Thursday's single deal of 1,000 shares was transacted.

IHI had a very active week during which an unusually high 118,056 shares were traded for a turnover by value of Lm54,491. It took off on Monday, rising from €1.03 to €1.05, advanced to €1.06 on Tuesday and climbed to a record Eur1.07 on Wednesday. It paused for breath on Thursday. Friday was the busiest session as more than 60,500 shares changed hands. IHI leapt from e1.092 to an intra-day all-time high of e1.12. However, selling activity just six minutes from the close erased the day's gains, taking the price back to €1.07. This is still a very healthy 4.9 per cent gain for the week. On Monday IHI announced a proposed one for six bonus share issue for all shareholders on the register as at 30th June 2006. This together with a number of other resolutions is to be approved at an EGM to be held on Wednesday January 31.

HSBC Bank Malta plc (HSB) opened on Monday one cent down from the previous Friday's close at Lm2.13. The price continued to slip throughout the day, closing at Lm2.085. HSB retained this price through Tuesday's session but was back at Lm2.10 on Wednesday. A late start on Thursday - four minutes before the closing bell - saw HSB gain momentum as it advanced from Lm2.12 and closed at Lm2.125. Yesterday it maintained the price at the open but shed 1c5 to close the week at Lm2.11 on a very low volume of 2,000 shares. HSB was the worst performer this week with a 1.4 per cent drop. During the week a total of 68,128 shares were traded for a turnover by value of Lm143,381 - 48 per cent of the total weekly turnover. At the end of trading, the best bid was for 1,500 shares at Lm2.106, while the best offers for 3,667 shares stood at Lm2.11.

Bank of Valletta plc (BOV) had an uneventful week trading in a narrow range of Lm3.70 to Lm3.698 from Monday to Thursday in very thin turnover. Yesterday saw the price dip to Lm3.67 five minutes from the end of trading, and the equity therefore registering a 0.81% week-on-week loss. The week's volume in BOV shares was only 9,600 shares for a total value of just Lm35,430. At the end of trading best bids totalled 1,529 shares at Lm3.67, while supply of 400 shares started at Lm 3.70.

Maltacom plc (MLC) opened ahead on Monday at Lm1.471 but eased back to a Lm1.451 close. On Tuesday and Wednesday all shares changed hands at Lm1.45. It opened at this price on Thursday but the final deal for 1,800 shares dragged the price down 2c5 to close at Lm1.425 - a new 2006/7 closing low - just 5 mils higher than the 22nd September 2005 close of Lm1.42.

However, MLC regained its poise yesterday climbing back to Lm1.45, to end the week nursing a mild 0.34 per cent drop. Total turnover for the week amounted to 31,104 shares for a turnover of Lm 45,147. At the end of the session, the best bid was for 6,000 shares at Lm1.43 and the best offer for 1,848 shares at Lm1.49.

Medserv plc only traded on Wednesday with 3,800 shares traded at the now familiar price of Lm1.36. Plaza Centres plc's sole 500-share deal on Wednesday was struck at 70c5 - a gain of 0.71per cent. Simonds Farsons Cisk plc only traded on Thursday with the price closing flat at 80c. Fimbank plc only traded on Monday where 1,500 shares changed hands at US$1.73.

Malta International Airport plc did not trade. At the end of the session, best bids were for 2,900 shares at Lm1.385, while offers totaled a substantial 5,000 shares at Lm1.399.

Datatrak plc only traded on Friday as 10,000 shares changed hands with the price closing unchanged at 25cents.

On Wednesday, Suncrest Hotels plc announced that the Board of Directors is scheduled to meet on January 18, 2007 to approve the Company's Financial Statements and the Preliminary profits statement for the year ended October 31, 2006. The results were published on Friday and showed a decrease in the revenue for the year of 14 per cent to Lm2,276,000. The loss before tax increased 6 per cent from Lm197,000 to Lm209,000. The negative Earnings per shares worsened 7.7 per cent to -0.14 cents.

In the Government Bond Market 31 deals were completed for a turnover by value of Lm224,228. In the Corporate Bond Market turnover by value reached Lm Lm253,164.84 spread over 25 deals. HSBC's 4.6% new Bond issue opened on Thursday and closed within the hour, due to oversubscription.

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.