Ex-director forced Logicom lower

Logicom Pcl (LOG) shares came under heavy selling pressure Friday after it emerged that a former director (GG) who had previously resigned was selling major packages through the CSE.

LOG dived 9.6% to EUR 1.59 from its previous close of EUR 1.76 on 608.000 shares volume, bucking the rising trend of the CSE GENX, which closed 1.39% higher at 3728.73 points on the back of strong gains by Bank of Cyprus (BOCY).

Other major decliners included Louis Pcl (LUI) down 4.5% at 0.63 euros from 0.66 euros previously on 2.16 mln volume and SFS Group Pcl (SFS), down 3.7% at 26 euros from 27 euros previously on 3 mln volume.

The most active was BOCY, which closed at a record high of EUR 9.86 from EUR 9.62 previously on renewed bid speculation while Laiki Bank (CPB) was the second most active at EUR 6.66 and Hellenic Bank (HB) also closing at a fresh record of EUR 3.38.

Total volume amounted to EUR 14.7 mln.