During last week's trading sessions, some shares fell while others rose. It seems that investors are making portfolio shifts, leaving shares which have risen strongly and looking for fresh pastures in other shares.
HSBC shares fell by 14.3 per cent and were accompanied to a lesser extent by BOV and Maltacom shares, while risers included Lombard, Middlesea Insurance, International Hotel Investments, Malta International Airport and Global Financial Services shares. Lombard is to split its shares in May while Middlesea is due to report this week and is seen to be in a way good position to benefit from pension reforms.
Bank of Valletta shares witnessed a decrease of 27c during the week after Monday's trading session opened at Lm4.91, while yesterday's session closed at Lm4.64. In the interim, the price of this equity reached a weekly high of Lm4.92. A total of 194,263 shares changed hands over 236 deals. Following the close of business yesterday, 500 shares at Lm4.64 were the best outstanding bids while 370 shares at Lm4.65 were the best offers still unsatisfied.
Yesterday, Bank of Valletta announced that its board of directors is scheduled to meet on Thursday, April 27 to discuss the group's and the bank's interim financial statements for the half-year ended on March 31 and to consider, if any, the declaration of an interim dividend.
HSBC shares succumbed to profit taking during the week after trading opened at Lm3.00 on Monday and closed the week's trading at Lm2.57 yesterday. This represents a drop of 14.33 per cent (43c) on its all time peak temporarily reached during Maundy Thursday and last Monday. During the week, the price of this equity reached a weekly low of Lm2.54,8. Total turnover for the week amounted to 1,005,090 shares bringing the total value transacted in the bank to Lm2.9 million. These shares changed hands in 1,475 deals. Best bids for 200 shares at Lm2.56 and best offers of 3,228 shares at Lm2.57 were the best outstanding positions after yesterday's session came to an end.
Meanwhile, Maltacom shares opened trading at Lm1.86 on Monday and closed the week's trading at Lm1.82. After yesterday's session, the price of this equity went ex-div. Trading during the week ranged between Lm1.801 and Lm1.90, with total turnover amounting to 97,429 shares. These shares changed hands over 89 deals. Best bids for 7,110 shares at Lm1.82 and best offers of 6,525 shares at Lm1.85 remained unsatisfied as yesterday's session drew to a close.
In a company announcement issued yesterday, Maltacom announced that its annual general meeting will take place on Friday, May 19. A number of ordinary resolutions, one of which will be the recommendation of a net dividend of 4c5 per share to all shareholders registered by yesterday, will be put forward during the meeting.
On Tuesday, Middlesea Insurance stated that April 28 is the date fixed for the company's board meeting at which the announcements of the profits or losses in respect of the year ended December 31, 2005 are to be approved for publication and at which the recommendation of a dividend on listed shares is expected to be decided.
In a company announcement issued on Wednesday, Simonds Farsons Cisk plc announced that its board of directors is scheduled to meet on Wednesday to consider and approve the financial results for the year ended January 31, 2006 and to consider the declaration of an interim and a final dividend to be recommended at the annual general meeting.
In another company announcement issued on Thursday, International Hotel Investments Plc announced that its board of directors will be meeting on Wednesday to approve the financial statements for the period ended December 31, 2005.
In a company announcement issued on Monday, Plaza Centres plc, stated that during its annual general meeting which is going to be held on Tuesday, the company would be presenting a number of resolutions for consideration one of which will be the declaration of a final gross dividend of 4c17 per share.
The board of directors of Datatrak holdings plc discussed and approved the financial statements of the company for the financial year ended December 31, 2005. These show a turnover figure of Lm1,408,042 (December 2004: Lm1.2 million); profit for the year amounting to Lm3,387 (December 2004: loss for the year of Lm241,000) and loss per share of 0c5 (December 2004: loss per share of 1c5). No dividend will be declared by the company.
The other equities which traded during the week appear, followed by the range in which trading took place, are: 2,245 Lombard Bank shares between Lm10.99 and Lm11.00; 1,194 Middlesea Insurance shares between Lm5.10 and Lm5.17; 3,737 Simonds Farsons Cisk shares at 83c; 37,594 International Hotels Investment shares between €0.86 and €0.90; 4,872 FIMBank shares at US$2.12; 20,330 Malta International Airport shares between Lm1.40,1 and Lm1.46 and 68,840 Global Financial Services shares between Lm1.92,1 and Lm2.11,9.
Total Malta Government Stock turnover amounted to a nominal value of Lm657,000 being traded in 65 deals over 17 different stocks. Of these, a nominal value of Lm290,900 changed hands in the last listed 4.8 per cent MGS 2016 (II) FI B over 17 deals. Meanwhile, trading over the week in corporate bonds was made up of a total value of Lm57,231.
The Malta Stock Exchange Share Index decreased by 510.88 points or 7.81 per cent over the week and now stands at 6,026.409.
Azzopardi Investment Management Limited is licensed by the MFSA to provide investment services, including stockbroking. 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.
Report by Azzopardi Investment Management Limited, tel. 2131 3100, fax. 2131 8897 www.azzopardi.com