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Market reacted – Small gains for CSE

21/11/2002 12:16
ERA, BOCw and BOC monopolized investors’ interest

The CSE general index reported a 0.2 per cent rise to reach 104.6 points on Thursday, as investors have finally decided to react after two consecutive days of losses in the CSE. FTSE/CySE 20 also ended up with gains of 0.2 per cent closing at 413.7 points, while ERA, BOCw and BOC that monopolized investors’ interest remained unchanged.

The trading volume totaled CYP 1.89 million, with Elma Holdings being the most marketable stock of the day (27.8 per cent of the total volume) remaining unchanged at 8.3 cents. It is worth mentioning that the considerably high turnover of the stock during the last CSE sessions is attributable to Company’s pre-agreed packages, first appeared on November 12 with regard to the sale of ERA titles (total value CYP 2.2 million from 12/11 until 20/11) by the major shareholder Company Elma Financial Services.

The heavy trading of ERA stocks during the last few sessions falls within the framework of the acceptance of the Public Proposal made by Elma Holdings Ltd to all Elma Financial Services shareholders. The sale of ERA packages is nothing more than a sale of ERA titles to its shareholders, said the Company’s officials.

The Bank of Cyprus and the Bank of Cyprus warrants remained unchanged at CYP 1.60 and 56 cents, concentrating 13.5 and 23 per cent of the total trading volume respectively. The other volume leaders of the day were the Popular Bank with 4.2 per cent of the turnover and CPI with 2.2 per cent. CPB remained unchanged at CYP 1.29, while CPI surged 8.9 per cent to 61 cents.

The Hellenic Bank with 2.1 per cent of the daily volume added 2.1 per cent to reach 84 cents, while Hadjiioannou Farm with 2.1 of the turnover remained unchanged at 12.6 cents.

Overall, 57 securities went up, 36 fell and 31 remained unchanged.