Strong MSI results

In a company announcement issued by Middlesea Insurance plc, the board of directors published the abridged financial statements for the six months ending June 30, 2004.

These showed an income from insurance activities figure of Lm1,440,271 (June, 2003: Lm0.9 million); profit on ordinary activities after tax of Lm1,029,085 (Lm0.8 million) and earnings per share of 6c9 (5c6).

The board of directors does not propose to pay a dividend.

Bank of Valletta shares opened the week at Lm3.999 and gained 5c1 during the week to end Friday's session at Lm4.05.

Total turnover amounted to 20,652 shares, changing hands over 31 deals. At the end of Friday's session, bids for 500 shares at Lm4.015 and offers of 90 shares at Lm4.05 made up the best unsatisfied closing positions.

The price of HSBC Bank Malta shares increased by 1.9% during the week. Trading opened at Lm7.36 on Monday and went on to close at Lm7.50 on Friday. Total turnover amounted to 18,077 shares, changing hands over 35 deals.

As Friday's session drew to a close, 200 shares at Lm7.42 and 2,257 shares at Lm7.50 were the best unsatisfied bids and offers, respectively.

Maltacom shares lost 5c6 last week to end at Lm1.45 on Friday after opening at Lm1.506 on Monday. Total turnover amounted to 48,760 shares, changing hands over 34 deals.

As Friday's session drew to a close, bids for 500 shares at Lm1.43 and offers of 440 shares at Lm1.45 made up the best unsatisfied closing positions.

In a company announcement on Wednesday, the board of directors of Simonds Farsons Cisk plc published the group's financial statements for the six months ending July 31, 2004.

These showed a turnover of Lm13,501,000 (July, 2003: Lm12.8 million); profit attributable to shareholders of Lm504,000 (Lm0.7 million); and earnings per share of 2c (3c). The board of directors does not propose to pay a dividend.

In another company announcement on Friday, the board of directors of the Global Financial Services Group plc confirmed that, with effect from October 1, Dr Adrian Cutajar has been appointed company secretary instead of Michael Falzon.

The other equities which traded last week, with the trading range in brackets, were: 230 Lombard Bank shares (Lm4.30); 4,900 Middlesea Insurance shares (Lm2.06-Lm2.05); 200 Simonds Farsons Cisk shares (Lm1.19); 500 Suncrest Hotels shares (Lm0.308); 70,883 First International Merchant Bank shares (US$ 0.99-US$0.96); 46,975 Malta International Airport shares (Lm1.02-Lm0.985); and 500 Global Financial Services shares (Lm0.99-Lm0.989).

Total Malta Government Stock turnover amounted to a nominal value of Lm241,300, being traded in 44 deals over 12 different stocks. Trading over the week in corporate bonds was made up of Lm67,484.

The Malta Stock Exchange Share Index increased by 8.237 points or 0.29% over the week and now stands at 2,864.362.

Report by Azzopardi Investment Management Limited, tel: 2131-3100, fax 2131-8897 www.azzopardi.com