Cyprus stocks steady, European stocks fall

Cyprus equity prices were broadly unchanged at 4771.97 points on Tuesday on EUR 29 mln total volume, of which EUR 19 mln referred to a negotiated deal on the title of Universal Bank (USB), which saw the Aspis Group regain control of the Bank.

USB closed 5.5% higher at EUR 4.96 on EUR 19.3 volume as Aspis Group AE and Commercial Value AE purchased a 25.5% stake in the Bank from a Limassol based shipping group.

Bank of Cyprus was the second most active, ending at EUR 11.82 on the CSE and EUR 11.84 on the ASE on total volume of EUR 2.22 mln for a daily gain of 0.17 percent. Bank of Cyprus shares traded ex-interim dividend of 18.9 euro cents yesterday. The share price was broadly supported by a report from HSBC Pantelakis, which in their first coverage on the Bank’s shares issued an “overweight” recommendation with a price target of EUR 15 per share for the next 12 months.

Marfin Popular Bank shares were the third most active on EUR 1.1 mln volume, ending unchanged at EUR 9.46 on the CSE. Louis Pcl (LUI) was the fourth most active, closing 8% higher at EUR 0.53 on total volume of EUR 1.04 mln, boosted in part by aggressive purchases made by majority shareholder Costakis Loizou, who in addition to purchases made last week at 0.451 euro cents, maintained his purchases at 0.48 euro cents. Hellenic Bank was the fifth most active, ending 1.2% lower at EUR 4.76 on EUR 1 mln volume.

European stocks meanwhile extended losses on Tuesday afternoon as oil shares tracked crude prices lower and banks trimmed gains made after Barclays reassured investors on its outlook.