Trading at a trickle

For the second week running, equity turnover slowed to a trickle. Intermittent trades barely managed to ring up Lm250,000 in equity turnover by value, the second lowest for 2006/7. While the big banks were stable, Maltacom plc (MLC) advanced an encouraging 2.1 per cent to Lm1.48, possibly celebrating the conclusion of the Smart City deal. International Hotels Investments plc (IHI) again ended the week in positive territory up 2.7 per cent to an all-time closing high of €1.09,9 while SFC gained 2.5 per cent to 82c. The largest drop on the official list came from Malta International Airport plc (MIA), down a contained 1.1 per cent to Lm1.38,5. The MSE index ended the week almost flat at 5,088.807.

IHI maintained the E1.07 price from Monday through to Thursday. Yesterday the price advanced step by step from €1.08,5 to €1.09 to €1.09,9 - a record closing high - to register a week on week gain, which, at 2.7 per cent, was the week's best.

Simonds Farsons Cisk plc only traded on Monday, rising 2.5 per cent to 82c, on a relatively strong turnover of 11,540 shares for a value of Lm9,458.

MLC started the week on the upswing, gaining one cent with each deal struck to close at Lm1.47. All of Tuesday's and Wednesday's deals were completed at this price although turnover was very slim. MLC moved up a cent to Lm1.48 on Thursday, trading at this level yesterday, to end the week 2.1 per cent ahead. Turnover for the week was 25,064 shares for a value of Lm36,886. At the end of trading, the best bid was for 200 shares at Lm1.46 and the best offer for 1,848 at Lm1.49.

Medserv plc opened on Tuesday at Lm1.36, advancing to a Lm1.36,5 close. It gained a further five mils to Lm1.37 on Wednesday in one deal for 500 shares. It did not trade again ending the week up 0.74 per cent.

Bank of Valletta plc (BOV) traded in a very tight range of Lm3.66 to Lm3.68 this week, starting out on Monday at Lm3.67,1 and closing at Lm3.68. It stayed at this level on Tuesday, falling to a week's low of Lm3.66 on Wednesday. It was back at Lm3.68 by Thursday's close, trading steadily at this level for all of yesterday's session to end the week virtually unchanged, just 0.3 per cent ahead. A total of 18,167 shares changed hands this week for a value of Lm66,769. At the end of trading the best bid was for 1,900 shares at Lm3.65 while offers for 2,292 shares started at Lm3.68.

Middlesea Insurance plc traded unchanged at Lm2.05 on Tuesday, slipped to Lm2.04 on Thursday but recovered to Lm2.05 yesterday to close the week flat in a quiet week which only saw 3,232 shares change hands.

Lombard Bank plc did not trade. Yesterday, the bank announced that Stefano Loffredi was appointed to the board of directors with effect from January 4.

HSBC Bank Malta plc (HSBC) started the week unchanged at Lm2.11, opening and closing at this price. It slipped to Lm2.10 by the end of Tuesday, holding on to this level for all of Wednesday's session. Thursday's three deals were traded at Lm2.10, Lm2.11 and Lm2.10,5 while all of yesterday's were effected at Lm2.11, with the final deal struck at Lm2.10,9, an inconsequential 0.05 per cent lower on the week. Total turnover amounted to 34,735 shares for market value of Lm73,197. At the close of trading, bids for 200 shares started at Lm2.09 with unsatisfied offers of 1,000 shares at Lm2.10,9.

Plaza Centres plc only traded on Thursday, dropping four mils to 70c1 on turnover of 4,700 shares.

After a week's nap MIA traded slightly lower than its last Lm1.40 close, down to Lm1.39,8 on Monday. It did not trade on Tuesday and slipped to Lm1.38,5 on Wednesday's single deal for 850 shares. It continued lower on Thursday as the share price dropped to a Lm1.38 close. It regained five mils to Lm1.38,5 yesterday to end the week 1.1 per cent lower. A total of 10,257 shares traded for a value of Lm14,262 this week. At the end of trading, outstanding bids for 10,000 shares started at Lm1.38,1, with supply for 793 shares at Lm1.38,5.

Datatrak plc first traded on Thursday at 25c. Yesterday it started at 25c but fell to a 2006/7 low of 24c5.

In the government bond market 48 deals were completed for a turnover by value of Lm1,075,087. The most active stock was the 7.35 per cent MGS 2007 (i) with a total value of Lm930,368 - 86 per cent of the total for the week. In the corporate bond market turnover by value reached Lm56,674.82 spread over 31 deals.

Financial Planning Services Limited is licensed by the MFSA to provide investment services, including stockbroking (IS/3608). The Directors or related parties, including the company, and their clients, are likely to have an interest in securities mentioned. This article is only meant to provide information and is not intended to give investment advice. The value of securities, and the currencies in which they are denominated, may go down as well as up.