articles | 30 July 2017

Cyprus bank shares are stabilising

As Cyprus’ recovery continues from the 2013 financial collapse, banks share prices on the Nicosia stock exchange have shown strong signs of stability during the summer.

Bank of Cyprus, the biggest lender of the island and by far the one with the most tradable shares, has seen its prices fluctuating around 3.28 this week.

“BoC shares have been fluctuating around this level since the end of May and that could be a strong indication the share has found its price for the time being,” a person familiar to the matter told Cyprus Weekly.

The Lender entered the London Stock Exchange (LSE) on January 19 this year at 3.25 and closed that day at 3.30.

BoC share prices peaked on May 12 at 3.39 and their lowest was at April 6 with 2.76. Lenders share experienced strong rally at the end of the year, just before the LSE listing.

Hellenic bank’s (HB) share price has also shown signs of stability in recent months close just below 0.90. HB shares have been fluctuating around this level since the beginning of June after a sharp price rally that started at the end of 2016.

Hellenic peaked at 1.02 on January 26 and had its lowest point at 0.82 on February 13 for this year.

“Hellenic prices soared at the same time as BoC was about to enter LSE and just after the lender announced its cooperation with APS, loan and real estate managing company,” said a source.

FTSE 20 of the Cyprus Stock Exchange has also shown signs of stabilising after a strong rally within 2017.

From 38.9 points it was at the beginning of the year, it peaked at 47.38 on May 12 and from June onwards it has been fluctuating around 45 points which very close to what was the index during the week.

Among the biggest winners of the year so far are Vassiliko Cement and KEO.

Source: InCyprus

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