Turnover on the Malta Stock Exchange picked up nicely with volume just over the Lm800,000 mark. HSBC Bank Malta plc (HSB) was, unsurprisingly, the most active equity - even if it 'only' accounted for 36.6% of turnover.
What was surprising was the number two slot in the volume turnover figures, which FIMBank plc (FIM) slipped into very comfortably when its turnover by value, at Lm279,202, accounted for an unusually high 34.6%.
Performance-wise, FIM again claimed the number two spot with a gain of 1.4%. The only other gainer was the week's top performer International Hotel Investments plc (IHI), up a whopping 4.5%, closing at €1.165, after hitting an all-time high on Thursday of €1.171.
The MSE Index, for the fourth consecutive week, ended lower - down 0.9% - to close at 4,845.387.
Bank of Valletta plc (BOV) had a very quiet week. All of Monday's deals were struck at Lm3.67, except for a few that traded one mil lower. It maintained these prices throughout Tuesday's session, other than for the final deal, which was executed at Lm3.665.
Wednesday saw BOV back up to Lm3.67, only to open 1c lower on Thursday and then recoup the minor loss to close at Lm3.669. Nearly one hour into trading on Friday, three orders in just over two minutes saw BOV slip, stumble and fall a full 7c to a Lm3.60 close - 1.91% down both on the day and for the week.
A total of 25,273 shares were traded for a turnover value of Lm92,302 - the week's third highest. At the end of the week total bids for 1,500 shares were at Lm3.58, and offers of 1,833 shares started at Lm3.62.
In HSB a total of 155,357 shares changed hands last week for a total value of Lm295,294. Monday was the most active with 61,007 shares traded, opening at Lm1.92 and slipping steadily through the session to a Lm1.88 close.
Tuesday was similarly active as more than 56,000 shares traded, and the price gained 2c at the opening bell to Lm1.90. HSB paused for breath on Wednesday as only 8,240 shares were traded, with the first deal, struck at Lm1.911, followed by a Lm1.915 close.
Thursday opened flat, progressed to an intra-day high of Lm1.93, before profit-taking set in and the price eased back to a Lm1.92 close. It stayed at this price for the first 12 deals on Friday, before dropping to an intra-day low of Lm1.901.
The final deal for 1,000 shares was executed at Lm1.91 - a drop of 0.52% for the week. At the end of trading, bids for 699 shares were at Lm1.901, and the best offer for 395 shares stood at Lm1.91.
Maltacom plc (MLC) turnover for the week totalled 40,010 shares in 26 deals with a total value of Lm56,353. It opened on Monday at Lm1.45 and closed at Lm1.459.
Tuesday was set to be a no-show day, when seven minutes from the closing bell, a flurry of activity dragged the price down to an intra-day low of Lm1.40, before the final deal - for only 290 shares - saved the day as it was struck at Lm1.45.
On Wednesday only two deals were matched with the price first dropping to Lm1.431 and then recovering to close at Lm1.45. Thursday was very subdued with the price closing at Lm1.40 - a fresh 2006/7 low.
Friday's single deal for 500 shares was matched at Lm1.41, making for a 3.42% drop on the previous Friday's close. At the end of trading, best bids totalled 500 shares at Lm1.401, with a supply of 500 shares at Lm1.43.
Malta International Airport plc (MIA) first traded on Tuesday with the price advancing from a Lm1.395 open to Lm1.40 close. It traded again on Thursday, slipping to Lm1.39 intra-day low but recovering to a Lm1.40 close.
On Friday a total of 1,500 shares were matched at Lm1.38. This week 15,170 shares were traded for a turnover by value of Lm21,198 with the price skidding 0.72%. At the end of the session, best bids were for 10,000 shares at Lm1.35 and offers for 45,946 shares started at Lm1.40.
IHI, the week's top performer, traded on Monday in a narrow €1.099 to €1.11 range, closing at the latter price. Tuesday's first deal for 10,000 shares pushed the price down to €1.10, with its second and last for the day struck at €1.11.
Thursday saw a build-up in demand, with the price leaping to a €1.16 open, before advancing to a new all-time closing high of €1.171. Friday's single deal for 5,000 shares was struck at €1.165, leaving IHI shareholders a happy 4.48% ahead for the week.
FIM had a very good week, at the end of which it found itself in the rarefied atmosphere of nearly equalling HSB's number one spot in turnover by value. The turnover of 455,560 shares, with a market value of Lm279,202, was spurred by a company announcement on Monday (see below).
The week opened at US$1.85, then FIM gained ground to close the session at $1.875 - a price level retained throughout the week, with high daily volumes reaching: 188,500 shares on Tuesday, 109,600 on Wednesday, 45,900 shares on Thursday and 45,700 shares on Friday.
Monday's announcement stated that the board, at its meeting on February 21, had considered and accepted the terms of an offer, dated February 10, received from Burgan Bank Kuwait, to acquire a substantial shareholding - quoted as being "not less than 33%" - of the company, at 170 US$ cents per share by means of an issue of new shares for cash.
Following discussion between FIM and Burgan Bank, agreement was reached to set in motion the due diligence procedures required. The acceptance of the offer is subject to the completion of these procedures, and the regulatory approvals from the competent authorities, both in Malta and in Kuwait. (Note: The question begs itself: if 33% is the floor, what is the ceiling?)
Lombard Bank plc (LOM) only traded on Thursday (300 shares) and on Friday (100 shares), with the price remaining unchanged at Lm5. What a "couldn't care less" cold shoulder to the results for the year ended December 31, 2006, published early on Thursday!
These showed a pre-tax profit of Lm3.87 million for the year - a 5.5% increase over the same period in 2005. Shareholders' funds increased by 15% based on an after-tax profit of Lm2.5 million.
Earnings per share increased 4.24% from 28c3 to 29c5. Net interest income increased by 10% to Lm5.26 million, and net fees and commission income increased by 10.5%. Administrative expenses were slightly lower at Lm2.05 million.
For the year ending December 31, 2006: a) the bank's cost to income ratio was at a satisfactory 35.1%; b) customer deposits increased by Lm14.8 million to Lm180.6 million; c) loans and advances to customers increased by 14.58% to Lm90.2 million; and d) total assets increased by Lm17.8 million to Lm205.8 million.
The board is recommending a final gross dividend of 12c5 per share (8.125c net), to shareholders who are on the bank's register as at March 23, i.e. investors who will have purchased shares by Tuesday, March 20.
Shareholders can opt to receive their dividend in cash or in the form of new shares.
Middlesea Insurance plc (MSI)'s single 1,000-share deal was matched at Lm1.97 on Tuesday. It opened on Wednesday at Lm1.97, advanced to Lm1.98 and then slipped to a Lm1.95 close. The 3c loss on the week, on a turnover of 1,808 shares, resulted in a 1.52% drop.
SFC lost 2.38% as the 1,484 shares traded on Tuesday changed hands 2c lower at 82c. Plaza Centres plc only traded on Monday when 13,088 shares changed hands at 72c and 71c, closing unchanged at the latter.
Grand Harbour Marina plc's baptismal deal on Monday was traded at 72c5 - 2c5 higher than its IPO price. On Tuesday it eased back slightly as 1,000 shares were traded at 72c, also the price at which Wednesday's deals were completed. It did not trade for the rest of the week.
On Friday, GlobalCapital plc (GCL) announced that the board of directors is scheduled to meet on March 23 to consider and approve the financial statements for the year ended December 31, 2006, and to decide on the recommendation of a dividend to shareholders. GCL did not trade last week.
In the Alternative Companies List Datatrak plc traded on Tuesday as 1,424 changed hands, with the price closing unchanged at 26c5.
In the Government bond market turnover by value reached Lm1,037,911, spread over 18 issues. In the corporate bond market turnover was once again very low, with only 15 deals for a value of Lm28,334.
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