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Local Weekly Round Up: 12th – 19th January 2007

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The MSE Index dropped by 0.43% on a weekly basis to close at the level of 5,069.312. 10 equities were active during the week, three of which registered gains while another made losses. Activity was low this week with the total number of transactions registered amounting to 241; 185 transactions in the equity market for a value of Lm300,377 while 56 transaction were placed in the bond market for a value of Lm477,392.

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Middlesea Insurance was the week’s top equity performer as it gained 10c or 5.13% from last week’s closing price. 2 transactions were performed in the equity throughout the week with 2,500 shares changing hands.

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International Hotel Investments gained Eur0.05 to close at the leve of Eur1.07, this representing an increase of 4.90%. Activity was very high in the equity with 118,056 shares being traded across 27 transactions. This was spurred following the announcement by the company that the 1 for 6 bonus share issue will be allotted to the 29,765,114 shares in issue as at 30 June 2006 who hold these shares on the day subsequent to the closure of the transaction with Istithmar Hotels FZE. A list of the resolutions to be passed at the forthcoming Extraordinary General Meeting on 31 January 2007 can be viewed here. The Directors are also seeking the approval of the Extraordinary General Meeting for the Revaluation Reserve to be utilised for the purpose of off-setting accumulated losses of the Company, which will enable the Company in its next stage of development to declare and distribute dividends.

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The other positive performer of the week was Plaza Centre which edged slightly higher by 0c5 to close at Lm0.705 on one single transaction of 500 shares.

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In the banking sector, both HBSC Bank Malta and Bank of Valletta performed negatively on a weekly basis. HSBC declined by 1.40% to close at Lm2.11, 3c less than last week’s closing. Activity wasn’t as high as normal in the equity as many investors were more focused on the new issue of the 4.6% Bond. The HSBC bond issue was immediately oversubscribed and closed after just two hours, following strong demand from both institutional as well as retail investors. HSBC announced that it exercised its over-allotment option thereby increasing the size of the issue to a maximum of Lm25 million. The allocation policy will be announced next week.

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Bank of Valletta also ended the week in the red as it shed 0.81%. 30 transactions were placed in all for a volume of just 9,600 shares. Moreover, Maltacom registered a minor drop of 0.34% as it traded 31,104 shares across 37 transactions.

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The other equities to trade however remain unchanged were Simonds Farsons Cisk, FIMBank, Medserv and Datatrak Holdings.

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