…as Marfin Popular Bank lifts CSE higher
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Marfin Popular Bank Pcl (CPB) lifted the total market capitalization of the Cyprus Stock Exchange by a whopping EUR 4 bln to EUR 17 bln or near CYP 10 bln, following the listing of 414 mln news shares, which were matched by a spectacular increase in the share price.
The Bank also became the second Cypriot institution after Bank of Cyprus to secure a dual listing on the Athens Stock Exchange (ATHEX), generating increased interest for
Starting from a price of EUR 7.50, the Marfin Popular Bank shares surged to EUR 8.10 on their first day of trading on Friday, January 5 (when the dual listing on the ATHEX was made), and continued to end Tuesday at another record high of EUR 8.34.
In the process, Marfin Popular Bank is now the biggest market cap stock on the CSE with a total market cap of EUR 6.44 bln. Since the start of the year, the CPB shares are up 14.88%, far outstripping the 10% gain scored by the CSE GENX.
A powerful rally in the share price of Bank of Cyprus Pcl (BOCY), closing Tuesday at a new fresh record high of EUR 11.18 or CYP 6.47 was also instrumental in boosting the total CSE market cap to EUR 17 bln.
The share price of Bank of Cyprus has gained 8.33% since the start of the year and has helped lift the market cap of the Bank to EUR 6.18 bln, based on the 553.07 mln shares in circulation.
Market participants continued to ignore last week’s remarks by Piraeus Vice-Chairman to Bloomberg stating that very soon
“We shall either come back with a new improved bid proposal, or decide to sell and exit out of this investment,” is how the Piraeus Vice-Chairman is reported to have told Bloomberg. The statement was in line with earlier comments made by the bank and did not come as a surprise to Cypriot market participants as it is obvious that the Greek bank has indeed only two options left.
Two weeks ago, the Bank of Cyprus Board rejected a bid by
Hellenic Bank Pcl (HB) also tailed its peers higher and closed Tuesday at a fresh record high of EUR 3.56, bringing its year-to-date gains to 7.23% while the Bank’s market cap is up at EUR 855 mln.
The three largest banks with a combined market cap of EUR 13.5 bln represent 80% of the total market cap of the CSE at EUR 17 bln or near CYP 10 bln, which for the first time since 1999 is now bigger than the total GDP of Cyprus, forecast for 2006 at CYP 8.4 bln.
The CSE GENX meanwhile closed at a new record high of 4921.38 points on Tuesday, lifting its total gains since the start of the year to 10%. On Tuesday, total volume amounted to EUR 28.5 mln on 4.517 trades with 55 titles closing higher, 30 lower and 203 unchanged, according to AGFN, the CSE data vendor. There was one negotiated deal on Marfin Popular Bank shares amounting to 200.000 shares at EUR 8.47 booked by Investment Bank of
