Bid speculation boosts CHR higher

Bid speculation that Carrefour of France may submit a bid seeking participation in the share capital of Chris Cash & Carry (CHR), helped boost the share price higher, which on Friday closed well bid at 21 cent on CYP 19.700 volume.

Reports that Carrefour had purchased a majority stake in the third largest supermarket chain in Turkey, Gima and in Endi, the distribution company from Fiba Holdings, led Cypriot pundits to increase their bets on Chris Cash & Carry.

The company had previously confirmed that it is engaged in talks with a foreign retailer, but had said that the talks were at the very early preliminary stage and had failed to mention the company.

According to Financial Mirror charts, the next objective on CHR is the 23 cent level, the previous high since August 2001, with stops advised at 18 cent.

In other trading, the CSE GENX index ended Friday at 86.20 points, for a gain on 0.64%, the CSE Main/Parallel market index was up 0.63% at 1216.08 points while the FTSE/CySE 20 large cap was up 0.58% at 408.05 points. Total volume amounted to CYP 224.177 on 395 trades.