CSE rebounds ahead of BOC results

Equity prices on the Cyprus Stock Exchange (CSE) staged a moderate rebound on Thursday, closing 1.33% higher ahead of the announcement of results from Bank of Cyprus.

The shares of Bank of Cyprus (BOC) were instrumental in leading prices higher, gaining 1.67% to CYP 1.83, while the Bank’s shares in Greece were trading at EUR 3.20 or CYP 1.8660 at 3.00pm.

BOC is expected to post profits from CYP 36 mln to CYP 40.5 mln when it announces its results at 4.00pm today.

The CSE Main/Parallel index closed 1.33% higher at 1197.74 points, while the GENX was up 0.8% at 85.87 points and the FTSE/CySE 20 large cap up 1.29% at 401.50 points.

Total volume amounted to CYP 690.709 on 1242 trades according to AGFN, the CSE data provider, with 41 titles closing higher, 104 unchanged and 30 closing lower.

Laiki Bank (CPB) closed 0.77% up at CYP 1.31, Louis Public Co. (LUI) was unchanged at 20.9 cent and SFS was up 2.35% at 20.2 cent.

Among companies reporting results, Pierides Electrical (PGE) was the star performer after reporting a massive increase in profits and a hike in its dividend.

Petrolina Holdings also reported a sharp gain in profits and a hike in dividend.