New issue of government bonds

The Government of Malta will be issuing Lm10.5 million in bonds to the public. The main issue, which is a fungible issue, will have an interest rate of 5.1 per cent and will mature in the year 2022. Applications open on Wednesday, November 10 and close at noon on Monday, November 15, or earlier at the discretion of the accountant general.

The Treasury will also be issuing another MGS to be added to the already listed 5.9 per cent MGS 2009 (III). These stocks can be applied for only in the form of sealed bids for amounts of Lm50,000 and above and at a price of not less than Lm107.80 per Lm100 nominal.

Bank of Valletta shares witnessed a decrease of 25c during the week after Monday's trading session opened at Lm4.55, while yesterday's session closed at Lm4.30.

During the week, trading ranged between Lm4.60 and Lm4.089. A total of 56,064 shares changed hands in total, over 113 deals. At the end of yesterday's session, bids for 235 shares at Lm4.205 and offers of 2,482 shares at Lm4.30 made up the best unsatisfied closing positions.

In a press release on Thursday, it was announced that Joseph FX Zahra has resigned as chairman of Bank of Valletta. Mr Zahra who occupied the post for over six years stated that the decision to resign has been taken with great pain but with consideration of its possible implications on the market.

During Mr Zahra's chairmanship, BOV had restructured and rationalised its operations, strengthened its brand promise and embarked on new financial activities such as investment banking and stockbroking. Mr Zahra is currently carrying the responsibilities as a chairman until a new chairman is appointed which is deemed to be taking place by next Friday.

Trading in HSBC shares opened the week at Lm7.61 on Monday and gained 22c during the week to end yesterday's session at Lm7.83. Trading for the week consisted of 26,424 shares changing hands over 40 deals. Best bids for 223 shares at Lm7.80 and best offers of 2,944 shares at Lm7.83 remained unsatisfied when yesterday's session drew to a close.

Meanwhile, Maltacom shares lost 1c during the week to end yesterday's session at Lm1.55 after opening at Lm1.56 on Monday.

Trading during the week ranged between Lm1.575 and Lm1.55, with total turnover amounting to 39,685 shares. These shares changed hands over 33 deals. Following the close of business yesterday, best unsatisfied bids for 1,501 shares at Lm1.55 stood against best unsatisfied offers of 1,900 shares at Lm1.57.

In a company announcement issued on Thursday, the board of directors of Malta International Airport plc stated that they are scheduled to meet on Thursday, December 9 to approve the interim accounts for the six months ended September 30, 2004.

The other equities which traded during the week appear below, followed by the range in which trading took place; 5,140 Lombard Bank shares between Lm4.10 and Lm 4.10; 2,705 Middlesea Insurance plc shares at Lm2.15; 420 Simonds Farsons Cisk shares at Lm1.19; 25,500 International Hotels Investments shares between €0.85 and €0.81; 17,000 FIM Bank shares between US$0.955 and US$0.93; 15,685 Malta International Airport shares between Lm1.15 and Lm1.12 and 24,427 Datatrak shares at Lm0.265.

Total Malta Government Stock turnover amounted to a nominal value of Lm392,500 being traded in 64 deals over 26 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm179,191.

The Malta Stock Exchange share index decreased by 25.57 points or 0.8376 per cent over the week and now stands at 3,027.162.