New record close for Cyprus equities

Cyprus equity prices joined the global rally in shares closing at record highs amid a sharp increase in volume as hundreds of investors, until recently on the sidelines rushed back into the blue chips.

The CSE General Index (made up of Main and Parallel & one shipping title) closed at a fresh record high of 5378.59, up 2.59% on the day and taking its year-to-date gains to 38%, one of the best performances among EU27 according to Financial Mirror data.

Bank of Cyprus was once again the darling of the investment community, roaring to a fresh record close of EUR 13.78, up 2.23% on the day and 33.5% since the start of the year. Volume was high at EUR 13.4 mln.

Lloyd’s List reported that shipowning family Panayotis Tsakou has increased its stake in Bank of Cyprus by spending a further EUR 105 mln and this week alone the family is reported to have spent money snapping 8.2 mln BOC shares for a total combined stake of 1.42% at an average price of EUR 12.70.

Meanwhile, reports suggest that foreign institutional investors now control 33% of Bank of Cyprus shares and have been the group who managed to absorb all the selling originating from Marfin Popular Bank as the latter disposed of its 8.15% stake in the Bank between a range of EUR 12.35-12.75.

A very good performance was also made by Marfin Popular Bank, which for the first time in its history broke through the EUR 10.00 level, closing Thursday at EUR 10.16 for a daily gain of 3.67% and year-to-date gains of 40%.

Hellenic Bank shares were subdued and ended at EUR 5.46 on the back of reports that the bank’s staff provident fund had proceeded with the sale of 1.36 mln at an average price of EUR 5.46.

Other good performers were the 2 main shares of the Shacolas Group, Cyprus Trading Corp., up 3.42% at a fresh record close of EUR 2.42 and Ermes, up 1.2% at EUR 0.84. The third Shacolas stock, Woolworth Cyprus Properties (FWW), there was no trading, since the CSE agreed to suspend trading in the shares from October 11 until 30 in order to allow for the clearing of the acceptance forms, following the takeover of FWW by CTC.