Cyprus shares hit record high on euro, BOC upgrade

Cyprus equities surged to a record closing high for the year on the day when the European Commission formally backed Cyprus’ application to join the eurozone, but stocks busted through previous highs as Bank of Cyprus shares roared a massive 5.6% following new price upgrades from international investment firms.

The CSE Main index closed at a fresh record of 4718 points, bringing its gains to 20.96% since the start of the year with Bank of Cyprus shares galloping 5.67% higher to a record close of EUR 13.04 after JP Morgan joined a chorus of international investment firms in upgrading the stock higher.

Since the start of the year, Bank of Cyprus shares are up 26.4%.

JP Morgan issued a new price target of EUR 18 on the Bank of Cyprus shares, 2 euros better than the EUR 16 per share targets issued two days earlier by Citigroup and Deutsche Bank.

Bank of Cyprus also left behind Marfin Popular Bank, which gained 0.70% on the day to EUR 8.64 and is still way off its all-time high of EUR 8.90 while Hellenic Bank gained 2.4% on the day to EUR 3.42.