HSBC at record high

Healthy demand increased HSBC share price by 9c9 during yesterday's session to end the week's trading at Lm7.999. In all, the price gained 22c9 (2.95 per cent) during the week to reach this unprecedented position.

HSBC shares opened on Monday at Lm7.77. Trading for the week consisted of 29,419 shares changing hands over 54 deals. Best bids for 760 shares at Lm7.86 and best offers of 183 shares at Lm7.999 remained unsatisfied when yesterday's session drew to a close.

Bank of Valletta shares opened the week at Lm4.34 on Monday and closed yesterday's session at Lm4.35.

Total turnover amounted to 33,199 shares changing hands over a total of 48 deals. As yesterday's session drew to a close, 1200 shares at Lm4.325 and 586 shares at Lm4.35 were the best unsatisfied bids and offers respectively.

Meanwhile, in a company announcement issued on Wednesday, the Board of Directors of Bank of Valletta plc published the ordinary resolutions that are being presented for consideration at the 31st Annual General Meeting to be held on Friday, December 17. These include the approval of the Profit and Loss Account and Balance Sheet for the year ended September 30, the approval and payment of a gross dividend of 10 cents per share, the appointment of the directors and the re-appointment of the auditors.

In addition, there will be two "special businesses" ordinary resolutions. The Government of Malta and Banco di Sicilia advised the Board of Directors of Bank of Malta plc of the execution of a Memorandum of Understanding in terms of which they agreed to initiate a process leading to the joint appointment of an independent financial adviser and the joint sale of their shareholding in the Bank to a strategic investor.

The government of Malta and Banco di Sicilia SpA have advised that it is anticipated that the sale of their shareholding in Bank of Valletta may require the furnishing in confidence by Bank of Valletta to a bona fide offeror/s and its/their advisors, as well as to the Government of Malta, Banco di Sicilia SpA and their respective advisors, of such information, including unpublished price sensitive information, as may be necessary to enable such a bona fide offeror/s and its/their advisers to confirm, withdraw or modify its/their offer to acquire the shareholding of the Government of Malta and Banco di Sicilia SpA in Bank of Valletta. Such disclosure of information will be subject to a number of conditions including not dealing in the shares for a period of one year. Shareholders are advised to peruse the proposed resolutions.

Meanwhile, Maltacom shares opened trading at Lm1.495 on Monday and lost 3c5 to close the week's trading yesterday at Lm1.46.

Trading during the week ranged between Lm1.50 and Lm1.46, with total turnover amounting to 61,710 shares. These shares changed hands over 33 deals. Following the close of business yesterday, best unsatisfied bids for 500 shares at Lm1.455 stood against best unsatisfied offers of 2,500 shares at Lm1.46.

Yesterday, Plaza Centres plc announced the appointment of Lionel Lapira as Chief Executive Officer of the company with effect from January 1, 2005. Mr Lapira joined the company on July 1, 1994 and has since occupied a number of positions within the company.

The other equities which traded during the week appear below, followed by the range in which trading took place; 17,595 Lombard Bank shares between Lm4.011 and Lm4; 200 Middlesea Insurance plc shares at Lm2.399; 10,600 International Hotels Investments shares between €0.80 and €0.799; 76,000 FIM Bank shares between US$ 0.99 and US$ 0.97; 13,950 Malta International Airport shares between Lm1.119 and Lm1.08; 81,880 Global Financial Services shares at Lm1.20 and 3,000 Datatrak shares at Lm0.265.

In a Council Notice issued on Thursday, the Malta Stock Exchange announced that in terms of the Executive Share Option Scheme Rules of First International Bank plc, 4174 Ordinary Shares of nominal value of $0.50 have been admitted to the Official List of the Malta Stock Exchange with effect from last Thursday.

Total Malta government stock turnover amounted to a nominal value of Lm174,800 being traded in 53 deals over 20 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm68,161.61.

The Malta Stock Exchange share index increased by 12.69 points or 0.42 per cent over the week and now stands at 3,028.44.