BOC lifts CSE to new record

A spectacular rally by Bank of Cyprus shares on Wednesday was responsible for boosting the CSE GENX to yet another record close, taking the year-to-date gains to 57.5%.

In brisk activity, BOC shares galloped 4.18% on the day on Wednesday to a new 5-year record close of CYP 4.24 on CYP 5.03 mln volume, which accounted for more than half of CYP 9.2 mln total volume traded on the CSE.

Since the start of this year, BOC shares are up 55% for one of the best starts since 1999. According to Financial Mirror calculations, the next chart objective on the BOC shares is the CYP 4.50 level.

BOC shares started Wednesday trading well bid after the shares in Greek rallied sharply higher on Tuesday to a record finish of EUR 7.40 or CYP 4.26.

“That gave the clue to the market here (Cyprus) to drive the BOC shares higher,” a trader told the Financial Mirror.

On Wednesday, the BOC shares continued their upward march in Greece, ending up at a fresh record close of EUR 7.44 or CYP 4.28 on total volume of 3 mln shares for a value of EUR 22.98 mln or CYP 13.2 mln.

The spectacular performance helped lift the Cyprus GENX to another record close of 2685.75, for a daily gain of 3.41% and bringing the total gains since the beginning of the year to 57.5%.

Other active stocks were the shares of Laiki Bank, up 1.15% at CYP 2.64, HB, up 5.61% to a fresh record close of CYP 1.13, FWW, up 4.33% to another fresh record close of 41.0 cent, SFS at 12.3c, LUI at 27.2c, CTC at 41.3c and LOG at 31.1c.