EEqquuiittyy pprriicceess hhaavvee ggoooodd pprroossppeeccttss,, HHBB rreessuullttss
The prospects for equity prices seem very good despite a somewhat market consolidation, two leading brokers said, while Hellenic Bank announced saw profits rise and said it might expand to Greece, according to the Cyprus Financial Mirror issue 101, on March 8, 1995.
The prospects for further gains in the stock market are good, if not excellent, despite the recent consolidation and slight drop in stock prices according to brokers Neophytos Neophytou of Imperial Eurobrokers and Theodoulos Chalarambides of Laiki Investments. But the market lost its recent momentum as the market needed drained CYP 3 mln for the conversion of partly paid shares, while an ongoing labour dispute over COLA could spell trouble for the economy.
The expected appointment of independent inspectors at the world’s largest ports will dramatically improve the quality of the Cyprus merchant fleet and improve the image of the world’s fifth largest flag, said Dr Phedon Nicolaides, General Secretary of the Cyprus Shipping Council. Asked by parliament if the budget of CYP 500,000 was not too high, Nicolaides told MPs that it was a worthy investment in return for CYP 50 mln in earnings.
A tight-lipped Hellenic Bank Chairman Paschalis Paschalides told a briefing of brokers after releasing a 16% rise in profits to CYP 5.06 mln that new actions over the next six months may include an entry into Greece, launch of new products and some new strategic agreements. Paschalides also played down rumours of a need to raise fresh capital.
British Prime Minister John Major said that further enlargement of the European Union will bring in Cyprus and Malta, as well as some central and eastern European states, with the PM adding that “we can now foresee the date when there may be up to 25 or 27 members of the EU.” Meanwhile, Government Spokesman Yiannakis Casoulides said that accession will begin six months after the conclusion of the 1996 EU intergovernmental summit, a change from the original document tat stated that talks “can start” after that date.