High turnover in BoV, Maltacom

Bank Of Valletta's solid performance continued last week, with further gains in the share price. Opening at Lm7.31 on Monday, trading went up 14c1 to close at Lm7.451 on Friday. During the week, the price ranged between Lm7.151 and a record Lm7.50.

Total turnover amounted to 125,490 shares, bringing the total value transacted in Bank of Valletta to Lm914,399. These shares changed hands in 214 deals. At the end of Friday's session, bids for five shares at Lm7.451 and offers of 428 shares at Lm7.50 made up the best unsatisfied closing positions.

In a company announcement on Monday, the bank said all resolutions, including the special business forwarded at the recently held annual general meeting, were approved. The newly elected directors of the company include Joseph Borg, Marlene Mizzi, George Portanier, Norman Rossignaud, James Vella and George Wells.

Following a 10c1 increase the previous week, HSBC Bank Malta shares opened trading on Monday at Lm7.26 and went up to close at Lm7.65 on Friday, a further 40c increase on the previous week's closing position of Lm7.25.

Fifty-nine deals were struck during the week, over which 49,170 shares were traded. Best bids for 26 shares at Lm7.61 and best offers of 800 shares at Lm7.74 remained unsatisfied as Friday's session drew to a close.

Lombard Bank Malta shares traded between the opening price of Lm7.50 on Wednesday and the closing price of Lm7.63 on Friday; this also being the highest price ever recorded by the bank and represented a 38c increase on the previous week's closing price.

In total, 3,279 shares changed hands during the three sessions of the week, spread over seven deals. Following the end of Friday's session, best bids for 1,000 shares at Lm7.50 remained unsatisfied. There were no offers outstanding.

On Tuesday, Lombard announced that the board of directors is to meet on February 28 to consider and approve the group's and the bank's financial statements for the year ended December 31, 2005, and to consider the declaration of a final dividend.

In a separate announcement, Lombard's board resolved to recommend to the general meeting a subdivision of the par value of the bank's shares on a 'two-for-one' basis. As a result the number of authorised and issued shares will double and will bring down the par value of each share from 50c to 25c.

This share split, which is subject to regulatory approval, is meant to allow easier accessibility to a larger number of investors and this, in turn, will provide for more liquidity in the bank's shares.

A 5c9 increase was registered over the week in Maltacom's share price, as trading in the equity opened at Lm1.871 on Monday and closed at Lm1.93 on Friday.

Last week the share price ranged between a low of Lm1.86 and a high of Lm1.939. A total of 449,885 shares changed hands, bringing the total value of shares transacted during the week to Lm864,662. These changed hands over 179 deals.

Following the close of business on Friday best bids for 1,000 shares at Lm1.93 and best offers of 2,700 shares at Lm1.94 remained outstanding.

The other equities which traded last week, with the trading range in brackets, were: 418 Middlesea Insurance shares (Lm3.50-Lm3.501); 200 Simonds Farsons Cisk shares (90c); 44,944 International Hotels Investment shares (€0.86-€0.899); 131,700 FIMBank shares (US$2-$2.001); 95,396 Malta International Airport shares (Lm1.531-Lm1.585); and 124,900 Global Financial Services shares (Lm1.15-Lm1.301).

Total Malta Government Stock turnover amounted to a nominal value of Lm642,800, being traded in 48 deals over 17 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm84,146.

The Malta Stock Exchange Share Index rose 180.632 points or 3.83% over the week and now stands at 4,895.82.

We wish our esteemed readers a happy Christmas and a prosperous New Year.