The Malta Stock Exchange share index decreased by 95.823 points or 2.61 per cent over the week and now stands at 3,582.596. There was a decline in the closing price of most equities when compared to their opening positions at the beginning of this week including Maltacom (3.521 per cent), HSBC (3.282 per cent), Middlesea Insurance (2.154 per cent), Simonds Farsons Cisk (1.136 per cent) and Bank of Valletta (0.394 per cent). The only exceptions were Global Financial Services and FIMBank which witnessed increases of 1.724 per cent and 0.895 per cent respectively.
Bank of Valletta shares opened the week at Lm5.07 on Monday, went up to Lm5.22 on Wednesday before going down again to close the week's trading at Lm5.05 yesterday. A total of 75,288 shares changed hands over the week spread over 77 deals. Following yesterday's trading session, 200 shares at Lm5.02 and 5,290 shares at Lm5.10 were the best unsatisfied bids and offers respectively.
HSBC shares witnessed a decrease of 19c during the week after Monday's trading session opened at Lm5.79, while yesterday's session closed at Lm5.60 (HSBC shares went ex-div on Monday). A total of 23,467 shares changed hands over 48 deals. Following the close of business yesterday, 1,000 shares at Lm5.55 were the best outstanding bids while 1,000 shares at Lm5.595 were the best offers still unsatisfied. On Thursday, HSBC Bank Malta plc announced that Dyfrig DJ John has resigned from the board of directors of the company with effect from August 1.
Meanwhile, Maltacom shares opened the week at Lm1.42 on Monday and closed at Lm1.37, down by 3.521 per cent. Thirty-six deals were struck this week, over which 53,525 shares changed hands. During the week the price ranged between Lm1.42 and Lm1.35. After yesterday's session, best bids for 2,459 shares at Lm1.37 were outstanding while best offers of 2,459 shares at Lm1.38 remained unsatisfied.
In a company announcement issued on Monday, the board of directors of Plaza Centres plc published the company's financial statements for the six months ended June 30. These showed a turnover figure of Lm308,268 (June 2004: Lm289,000); operating profit of Lm197,839 (June 2004: Lm164,000); profit for the financial period amounting to Lm132,154 (June 2004: Lm111,000) and earnings per share of 1c4 (June 2004: 1c2). No interim dividend was recommended by the directors of the company.
In a company announcement issued on Tuesday, Middlesea Insurance plc announced that pursuant to the company announcement dated April 27, 2005, Middlesea Insurance plc has signed an agreement with Corporación Mapfre S.A., the leading Spanish life and non-life insurance group, and has acquired their 38.97 per cent holding in Progress Assicurazioni S.p.A. which is an unlisted non-life insurance company registered in Italy with its Head Office in Sicily and operating in the Italian market. This acquisition is equivalent to 584,597,110 shares of a nominal value of €0.01 each, which are fully paid. Middlesea Insurance plc now holds 89.97 per cent shareholding in the Italian company. Middlesea Valletta Life Assurance Co. Ltd holds an additional 10 per cent and the balance is held by individuals. The authorised and paid-up capital of Progress Assicurazioni Spa is €15 million.
On Thursday, FIMBank plc stated that its board of directors has decided to call an extraordinary general meeting of the company on August 29. The purpose of the meeting is to approve amendments to the Company's Memorandum of Association and authorise the company to acquire its own shares.
In a company announcement issued yesterday, the board of directors of Global Financial Services Group plc published the interim financial statements for the six months ended on June 30. The statements show a turnover figure of Lm1,324,280 (June 2004: Lm823,000), profit for the financial period of Lm528,470 (June 2004: Lm303,000) and earnings per share of 4c (June 2004: 2c3). Furthermore, an interim dividend of 1c5 per share gross of tax has been declared by the Board of Directors in respect of the six months ended June 30, 2005. All shareholders on the company's register of members on Friday, August 12, will be paid this interim dividend on September 2.
The other equities which traded during the week appear below, followed by the range in which trading took place: 2,036 Lombard Bank shares between Lm5.65 and Lm5.639; 4,710 Middlesea Insurance shares between Lm3.25 and Lm3.18; 12,016 Simonds Farsons Cisk shares between Lm0.88 and Lm0.87; 29,064 Plaza Centres shares between Lm0.60 and Lm0.599; 156,550 FIMBank shares between USD1.24 and USD1.229; 1,000 Malta International Airport shares at Lm1.33; 26,139 Global Financial Services shares between Lm1.18 and Lm1.16 and 6,083 Datatrak shares in a sole put-through trade.
Total Malta Government Stock turnover amounted to a nominal value of Lm271,800 being traded in 38 deals over 20 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm305,323.
Azzopardi Investment Management Limited and its directors have an interest in the listed companies mentioned and may have an interest in other securities, commodities or currencies mentioned.
Report by Azzopardi Investment Management Limited, tel. 2131 3100, fax. 2131 8897, www.azzopardi.com