MSE | Wednesday, 01 August 2007

HSBC almost at three-month highs…

Yesterday, at Garrison Chapel, the Malta Stock Exchange Index climbed 32.23 points or 0.66% on heightened activity, to close at 4922.801 points. Large-cap HSBC Bank Malta p.l.c. was the best performer of the day while the share price of Lombard Bank p.l.c. declined by 1.2%.

HSBC Bank Malta p.l.c. was the most liquid stock throughout the session as a solid volume of 54,730 shares changed hands across 46 transactions. The positive results issued last Monday 30th July by the company, resulted in a boost to the shareholders as the share price moved up 2c9 (Eur 0.07), or 1.48%, to settle at Lm1.994 (Eur 4.64). These shares carried a total market value of Lm109,756 (Eur 255,662.71). At market close, best bid for 3,900 shares were at Lm1.981 (Eur 4.61) while the best offer for 300 shares stood at Lm1.994 (Eur 4.64). Week on week, HSBC gained 2.78% from the closing price of Lm1.94 (Eur 4.52) on Tuesday 24th July. On Monday 30th July, the Board of Directors of HSBC Bank Malta p.l.c. approved the Group and Bank interim unaudited Financial Statements for the six month period ended 30th June 2007. Moreover, the Board also declared the payment of an ordinary interim dividend of 6c6 gross per share (4c3 net of tax) and additionally a special dividend of 4c0 gross per share (2c6 net of tax), giving a total interim dividend of 10c6 gross per share. This will be paid on 22nd August to shareholders who are on the bank’s register of shareholders as at 8th August 2007. Furthermore, the profit before tax for the six months ended 30 June 2007 was of Lm25.3 million (Eur 58.9 million), up Lm4.7 million (Eur 10.9 million), or 23.1% compared with Lm20.6 million (Eur 48.0million) for the same period in 2006; profit attributable to shareholders up 24.9% or Lm3.4 million (Eur 7.9 million), to Lm16.8 million (Eur 39.1 million), compared with Lm13.4million (Eur 31.2 million) over the comparable period in 2006. Net operating income increased by Lm4.5 million (Eur 10.5 million) to Lm42.3 million (Eur 98.5 million), up 11.8 % compared with same six month period in 2006. Costs down Lm0.20 million (Eur 0.5 million), or 1.3%, compared with same period in 2006, to Lm17.0 million (Eur 39.6 million). Earnings per share, up 24.9% to 5c7 (13.3 euro cents), from 4c6 (10.7 eurocents) for the same period in 2006. Total assets to Lm2,031.4 million (EUR4,731.8 million), up Lm144.1 million (Eur 335.6 million), or 7.6%, compared with 31 December 2006.

Remaining on the banking sector, another stock to perform well was Bank of Valletta p.l.c. Its share price inched 2c0 (Eur 0.05) to regain the Lm3.60 (Eur 8.39) level. A grand total of 11,462 shares changed hands across 10 deals. The week’s total turnover amounted to 21,739 shares exchanged across 35 deals carrying a market value of Lm78,223 (Eur 182,210.58).

Simonds Farsons Cisk p.l.c. continued to shine as its share price traded 1c0 (Eur 0.02) higher to close at Lm1.01 (Eur 2.35). Volume was weak as only 288 shares changed hands and swapped in 2 transactions. Week on week, Simonds Farsons Cisk p.l.c. gained a notable 4.12% from the closing price of Lm0.97 (Eur 2.26) on Tuesday 24th July. On Wednesday, 25th July, Simonds Farsons Cisk p.l.c. announced that during the first five months of the financial year commencing on 1st February, 2007, the Group has achieved its expressed performance objectives.

A single transaction across of 498 shares dragged down the share price of Lombard Bank Malta p.l.c. by 6c0 (Eur 0.14) to close at Lm4.94 (Eur 11.51). On Monday, 30th July, Lombard Bank announced that its wholly-owned subsidiary, Redbox Limited, had entered with immediate effect into an agreement with the Government of Malta for the acquisition of seven hundred thousand (700,000) Ordinary Shares of Lm1 each in Maltapost p.l.c., representing 25% of the Issued and Paid-up share capital of the company. The Agreement is subject to approval by the Cabinet. This acquisition will raise the shareholding of Redbox Limited in Maltapost to 60%, effectively resulting in Maltapost becoming a subsidiary of Lombard Bank Malta plc.

On the telecommunications front, Maltacom p.l.c. joined the losers list with a 0c1 (Eur 0.002) loss at Lm1.419 (Eur 3.31) across 14,320 shares exchanged in 10 transactions. The week’s total turnover amounted to 43,069 shares exchanged across 31 deals carrying a market value of Lm60,681 (Eur 141,348.71). Further to a company announcement issued by Maltacom p.l.c. last Monday 30th July, the Board of Directors is scheduled to meet on Thursday 20th September to discuss the Company’s Half-Yearly Financial Statements for the period 1st January to 30th June, 2007.

Meanwhile, Plaza Centres p.l.c. traded 1c0 (Eur 0.02) lower to settle at Lm0.68 (Eur 1.58) across 2,000 shares.

Elsewhere on the board, Malta International Airport p.l.c. traded flat without affecting their previous close at Lm1.35 (Eur 3.14) across 1,850 shares. On Friday, 27th July, Malta International Airport p.l.c. announced that the Board of Directors approved the interim unaudited financial statements for the financial period from 1st January to 30th June 2007. Furthermore, the directors also approved an interim dividend of Lm1,691,249.88, representing a net dividend per share of Lm0.025 to all shareholders of the Company on the register of Members on the 3rd August 2007. Following a change in the accounting period, the 2007 Interim results are being compared to the period between January 1st and June 30th, 2006. The company’s turnover increased by 9% to Lm7.9 million. Passenger through-put, aircraft movements and cargo traffic increased by 5.8%, 8.8% and 4.5% respectively. Meanwhile, staff costs increased by 2.5% from Lm1.75 million to Lm1.8 million. Operating costs increased by 3.4% to Lm3.09 million. Depreciation has also increased by 9% to Lm880,304, reflecting the increase in investment of the company in the Terminal Building. Profits after tax increased, by 32% to Lm1.13 million. This improvement is largely due to the increase in the passenger and aircraft movements and increases in revenues from retail concession outlets.

Following a company announcement issued last Thursday, 26th July, Middlesea Insurance p.l.c. announced that the Board of Directors is scheduled to meet on Friday 17th August to consider and approve the financial statements for the half-year ended 30th June 2007.

Yesterday, GlobalCapital p.l.c. announced that GlobalCapital Investments Limited, one of the Company’s subsidiaries, has acquired a licence to transact the business of a Financial Institution in terms of the Financial Institutions Act, 1994. Such activities include trading for own account in money market instruments, exchange rate and interest rate instruments, Trading for own account or for account of customers in foreign exchange, and money broking.

In the fixed interest market, a total of Lm 1,052,143 (EUR 2,450,833.92) (13 deals) were transacted in Government Bonds whilst a total of Lm 20,190 (EUR 47,032.31) (6 Deals) were transacted in Corporate Bonds.

The amount in EUR is quoted for information purposes only and is the result of a conversion using the Central Parity Rate of 1 EUR = Lm 0.429300 established by the Central Bank of Malta