Lombard Bank profit up

In a company announcement issued on November 6, Lombard Bank Malta Plc, published the group's final accounts for the year ended September 30, 2002. The Bank registered a net profit of Lm912,000, an increase of 26 per cent on the Lm726,000 for the 2001 financial year.

For the first time, the bank's results reflect the consolidated position of holdings acquired during the 2002 financial year in its two subsidiaries, namely Lombard Stockbrokers Ltd (51 per cent) and Lombard Asset Managers Ltd (75 per cent). However, the addition of the subsidiaries on the bank's consolidated position has so far been slight.

The board of directors is proposing a gross dividend of 10c per share for approval by the annual general meeting, an increase of 11 per cent over the previous year's dividend. As in previous years, the board is also recommending that shareholders be given the option of receiving the dividend either in cash or by the issue of new shares. The dividend will be paid to all registered shareholders on November 29.

Meanwhile, trading in Lombard Bank for the week, consisted of 22 deals for a total volume of 7,981 shares struck between Lm3.30 and Lm3.50.

Bank of Valletta shares opened the week on Monday with 52 deals in which 35,337 shares changed hands. The share price closed 65c5 higher than the previous reading.

Trading opened at Lm2.594, went up to Lm3.18 but went down again to end the session at Lm3.095. Forty one deals were struck during Tuesday's session, between Lm3.12 and Lm3. Here, turnover amounted to 27,440 shares.

On Wednesday 15,654 shares changed hands over 30 deals. A further 25 deals were struck on Thursday as 18,987 shares changed hands between Lm2.98 and Lm2.90.

On Friday, eight deals for a total volume of 4,380 shares switched hands at Lm2.769 following which session best bids for 900 shares at Lm2.60 stood against best offers of 2,000 shares at Lm2.70.

HSBC Bank Malta Plc announced that it has effectively acquired HSBC Overseas Bank Ltd and HSBC Investment Holdings Ltd. with effect from November 2 2002. Meanwhile, 29 deals for a total of 21,018 shares were struck in HSBC shares this week. Trading opened on Monday at Lm3.49, an increase of 3c from Friday's reading.

Tuesday's session closed at Lm3.734, up by a further 24c4 after 11 deals for 11,032 shares changed hands at an average price of Lm3.50. Next trading on Thursday, 6,131 shares changed hands between the opening price of Lm3.999 and the closing price of Lm3.90 while on Friday, 1,055 shares changed hands between the opening price of Lm3.95 and the closing price of Lm3.85. The week ended with 1,000 shares at Lm3.80 and 1,000 shares at Lm3.85 as best outstanding bids and offers respectively.

In a company announcement, Middlesea Insurance Plc stated that Assicurazioni Generali intends to sell 290,930 Middlesea Insurance Plc ordinary shares to Corporacion Mapfre S.A.. This sale would bring Corporacion Mapfre's shareholding in Middlesea Insurance Plc to 5.57 per cent of the company's ordinary share capital. Corporacion Mapfre S.A. is the holding company of the largest insurance group of companies in Spain.

Maltacom commenced the week at an average of Lm1.039 on Monday when 15,500 shares were struck in seven deals. Tuesday's trading saw the closing share price drop by 2c4 to end the session at Lm1.016.

On Wednesday 38,400 shares changed hands between the opening price of Lm1.01 and the closing price of Lm1.03.

Thursday's trading opened at Lm1.045 and went up to end the session at Lm1.07. On Friday, 16 deals for 22,650 shares brought the closing price up by a further 5c to end the week at Lm1.12. At the close of business, 1,000 shares at Lm1.12 were the best outstanding bids, while 4,900 shares at Lm1.15 were the best offers remaining.

Following the rights issue by Simonds Farsons Cisk Plc, an additional 1,714,286 ordinary shares of a nominal value of 12c5 each have been admitted to the official list of the Malta Stock Exchange with effect from Tuesday, November 5, 2002.

The other equities which traded during the week are shown hereunder, followed by the price range in which trading took place: 233 shares were traded in Middle Sea Insurance between Lm1.90 and Lm1.899; 37,946 shares were traded in Simonds Farsons Cisk ordinary shares between Lm0.68 and Lm0.66; 13,712 shares were traded in International Hotels Investments between Lm0.871 and Lm0.87 and 126,500 shares were traded in GloBAl Financial Services Group between Lm0.135 and Lm0.125.

Meanwhile, trading in corporate bonds in the secondary market amounted to a market value of Lm250,220. Trading took place in 16 corporate bonds and was made up of 82 deals.

On November 4 the 6.25 per cent Simonds Farsons Cisk Plc Bonds 2006/08 and the 6.6 per cent Simonds Farsons Cisk Plc Bonds 2010/12 were admitted to the official list of the Malta Stock Exchange. Trading in the shorter term SFC Bonds so far was made up of two deals for a nominal value of Lm1,000 which were concluded at Lm101, while the longer term bonds closed the week at Lm102.01.

On November 7 the 6.5 per cent CareMalta Finance Plc 2008/11 Bond was admitted to the official list of the Malta Stock Exchange. Trading commenced yesterday when 12 deals for a nominal value of Lm100,400 were struck between Lm100 and Lm100.25.

Total Malta Government stock turnover over the week amounted to a nominal value of Lm377,000, struck in 31 deals and over 13 different stocks. Out of the Lm377,000 a nominal value of Lm212,000 was struck in the 7.8 per cent MGS 2018.

The MSE share index increased by 143.10 points, or 8.2 per cent over the week, and now stands at 1,898.593.