Greek firms snatch 18.5% of CSE market share

…CLR remains in the lead with 14.25% in Nov

 

Nine Greek financial services firms managed to grab 18.5% share of all CSE trades transacted during November 2006, the first month when the common trading platform with the Athens Stock Exchange started operations, leaving the 8 largest Cypriot firms with a 75% share of the market. The remaining 6.5% of all CSE trades were spread among five Cypriot firms.

The top Greek firm transacting on the CSE was the Investment Bank of Greece, a member of Marfin Financial Group through which Marfin mopped up excess Laiki Bank shares from the market, lifting its stake in the bank to 15%. The Investment Bank of Greece grabbed a 7.8% share of the CSE market, followed by EFG Eurobank with a 4.45% share and Alpha 4.25%. The other Greek firms with a market share under 1% are Egnatia S.A., Beta, HSBC Pantelakis, Proton, National Securities and Euroxx.

The CSE announced that total volume in November 2006 hit a record EUR 892 mln with average daily volume at EUR 29.7 mln.

 

CLR in the lead

The arrival of the Greek firms and big-block trades on Laiki however, could not dislodge CLR Securities & Financial Services from the top spot, which the local firm managed to guard successfully.

During November, CLR was the top firm with a 14.25% market share, a major feast considering that the bulk of its business originates from the thousands of retail customers that it services.

In second place was the investment banking arm of Bank of Cyprus Group, CISCO, which grabbed a 13.65% market share, boosted in part by good sized trades originating from related parties transacting on Bank of Cyprus shares, but also because of the increasing popularity of its on-line trading system.

Atlantic came third with a 11.28% market share, a new record for the subsidiary of the CSE listed Atlantic Insurance while Sharelink Securities & Financial Services grabbed a 9.45% share of the CSE trades.

The other local firms with a significant market share were Laiki Securities with a 8.61% share, Egnatia 6.78% (now stripped of all Marfin dealing), Hellenic Bank Investments 6.10% and Mega with a 4.93% stake.