BOC ends at EUR8, HB at new record

Bank of Cyprus shares powered ahead to close Wednesday at EUR 8 or CYP 4.60 on the Athens Stock Exchange on 1.5 mln shares volume, opening the spread with the CSE to nearly 10c, after the BOC shares ended at CYP 4.51 on the CSE.

The Hellenic Bank shares meanwhile powered ahead to yet another record close of CYP 1.51 on the CSE on Wednesday on heavy volume of CYP 1.7 mln, with most analysts unable to state the reason for the rally at a time when HB peers, BOC and CPB remain glued to recent ranges.

“Merger speculation is back after UBS mentioned such a possibility in its latest report on HB, leading speculators to pile in,” a trader told the Financial Mirror.

The fact that in its report issued on Monday, UBS increased its price target on HB to CYP 2.40 from CYP 2.00 previously also helped the bullish mood.

Laiki Bank shares meanwhile languished at CYP 2.92, disappointing market participants who had hoped to see the share price move above the CYP 3 benchmark valuation level on the share swaps with Marfin and Egnatia have been worked out.

The last price of Marfin suggested that Laiki should have traded at CYP 3.09, based on the share swap ratio.

Fresh buys by Marfin of Laiki shares also failed to add to the mood or excite the market.