Lombard Bank shares climb over 7%

MSE Weekly Round-Up Report: 15th — 19th October 2007

Lombard Bank shares climb over 7%

Activity picked up this week helping the Malta Stock Exchange Index to rise by 0.24% and reach 4,840.15 points. Twelve equities were active six of which closed in positive territory, two closed unchanged and three others closed in the red on a week-on-week basis. Lombard Bank was the top equity performer of the week followed by Malta International Airport, while on the other hand GlobalCapital shares suffered the largest weekly drop.

A total of 294 deals were registered on the local bourse for a turnover above Lm4.68 million. In the equity market, 219 deals were executed for a traded value of Lm520,558, nearly double last weeks, while 63 transactions were performed in local corporate bonds and government stocks for a turnover above Lm2.30 million. In addition, twelve deals were executed in Treasury Bills for a value of Lm1.86 million.

Lombard Bank was the week’s top equity performer having gained 7.2% or 34c to close at the Lm5.09 level. Following Monday’s company announcement that Marfin Popular Bank Public Company Ltd. of Cyprus has agreed to acquire from BSI SA, Lugano as well as from other foreign shareholders a stake of circa 43% in Lombard Bank, the equity gained 25c on Tuesday, 0c1 on Thursday and a further 8c9 on Friday’s session.

Within the same sector, HSBC Bank Malta closed unchanged on a weekly basis at Lm1.90, as 53,479 shares changed hands across sixty-two transactions. FIMBank moved 2% higher to close at US$1.99 on a high volume of 93,658 shares. On Monday FIMBank announced that it is offering its shareholders to subscribe to new ordinary shares of a nominal value of US$0.50. This will de done at a ratio of five new shares for every nineteen existing shares at an offer price of US$1.10 per share, and if subscribed to in full, the rights issue will raise a total of US$25 million.

On the other hand, Bank of Valletta shed 0c5 or 0.14% to close at Lm3.575 as 53,381 shares were traded across sixty-one deals. Meanwhile, it was announced that BOV’s board of directors is scheduled to meet on Friday 26th October 2007 to consider and approve the Group’s and Bank’s Audited Financial Statements for the financial year ended 30th September 2007, as well as consider the declaration of final dividend.

Malta International Airport’s share price registered a 3.6% rise on a week-on-week basis as 9,900 shares were traded across eight deals. The equity closed at its weekly high Lm1.399. Simonds Farsons Cisk also had a positive week gaining a further 2c to reach and close at the Lm1.10 level. This was equivalent to a 1.9% rise on a weekly basis and was registered on a volume of 16,500 shares.

Maltacom and 6PM Holdings were amongst the equities to close in positive territory. Maltacom had over 34,000 shares transacted across twenty-two deals to move nearly 0.9% higher and close at Lm1.399. During the week Maltacom announced that its board of directors is scheduled to meet on Wednesday 31st October 2007 to consider a distribution of dividend. 6PM shares added 1c or 1.4% in the last trading session of the week to close at Lm0.72. The latter was however registered on thin volume as 1,500 shares were traded across two deals.

Trading was also performed in GlobalCapital and International Hotel Investment however both equities closed in negative terrain. GlobalCapital declined by 1.8% to close at the Lm1.80 level on a mere volume of 1,085 shares, while International Hotel Investments lost 1% to close at EUR1.04 on a volume of 9,521 shares.

Moreover, a minor trade of 200 shares was executed in Plaza Centres at Lm0.74 to close unchanged on a weekly basis.

With regard to the local bond market, fifteen bonds were traded for a total value of Lm181,730, while eleven Malta Government Stocks were also active recording a total turnover of over Lm2.12 million.

This article which was compiled by Jesmond Mizzi Financial Services Limited (JMFS) does not intend to give investment advice and the contents therein should not be construed as such. JMFS is licensed to conduct investment services by the MFSA. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information please contact JFMS at 67/3 South Street Valletta or on tel:  21224410 or email [email protected]