HSBC earnings ahead

In a company announcement issued yesterday, the Board of Directors of HSBC Bank Malta plc approved and published the Preliminary Profit Statement for the year ended December 31, 2002. These show profit for the year attributable to shareholders of Lm15,364,000 (year ended December 31, 2001: Lm13,242,000). Earnings per share stand at 42c1 (year ended December 31, 2001: 36c3). The directors proposed a final gross dividend per share of 13c2, which together with the interim dividend of 8c gross, amount to a total distribution of 21c2.

HSBC shares had a very good start to the week, when Tuesday's trading session closed at Lm4.10, a gain of 13c on the previous reading. This was short-lived however, as subsequently trading took place between Lm4.05 and Lm4.03. Yesterday's session saw the equity's price close at Lm4.03, still registering a net upward movement over the week. Following the end of trading yesterday 419 shares at Lm3.97 and 17 shares at Lm4.03 were the best outstanding bids and offers respectively.

Bank of Valletta shares opened at Lm2.36 on Tuesday, 2c lower than the previous closing price, but went on to close the session at Lm2.37. There was minimal upward movement in the price during the week, with trading peaking at Lm2.38, before going down to close yesterday's session at Lm2.36. Total turnover amounted to 27,087 shares traded over 21 deals. At the close of business, 200 shares at Lm2.35 stood against 234 shares at Lm2.36 as the best outstanding bids and offers.

Trading in Maltacom shares was conducted between Lm1 and Lm1.02 during the week. Following the opening trade at Lm1.005, the movement over the week showed a decrease of 0.498 per cent, with the price closing at Lm1. A total of 30,001 shares changed hands, over 18 deals. Following the close of business, best bids for 4,000 shares at Lm1 and best offers of 800 shares at Lm1.01 remained unsatisfied.

Maltacom plc stated in a company announcement issued yesterday that nominations of candidates for the election of directors during the forthcoming annual general meeting, scheduled for May, will be received forthwith. Applications are to be submitted on the prescribed form available from the company secretary.

The other equities which traded during the week appear below, followed by the range in which trading took place: 42,100 International Hotels Investments shares between Lm0.90 and Lm0.92; 5,000 Lombard Bank shares at Lm3.20; 5,621 Middle Sea Insurance shares between Lm1.953 and Lm2.19; 23,000 Plaza shares between Lm0.70 and Lm0.75; 1,067 GloBAl Financial Services Group shares between Lm0.189 and Lm0.19 and 300 Datatrak shares at Lm0.419.

Trading over the week in Corporate Bonds was made up of a total value of Lm124,600, while total Malta Government Stock turnover over the week amounted to a nominal value of Lm53,100 being struck in 34 deals over 14 different stocks.

Meanwhile, subscription lists for two Malta Government Stock issues are currently open. Details of these bonds are as follows: Lm35 million 5.4 per cent 2010 (V) issued at par and Lm20 million 5.9 per cent 2015 (II) (Fungible) issued at Lm102 per Lm100 nominal. Subscription lists are scheduled to close on Tuesday at noon or earlier at the discretion of the Accountant General.

The Malta Stock Exchange share index increased by 8.842 points over the week, equal to 0.46 per cent, and now stands at 1,910.626.