En­large­ment talks in ’98, share prices rise

Financial Mirror (Cyprus) - - FRONT PAGE -

EU lead­ers agreed that ac­ces­sion talks with would-be en­trants will be­gin in 1998 fol­low­ing re­forms are achieved, while share prices con­tin­ued to climb driven pri­mar­ily in the In­sur­ance sec­tor, ac­cord­ing to the is­sue 142, on De­cem­ber 28, 1995.

EU lead­ers agreed in Madrid to launch ne­go­ti­a­tions to bring in other Euro­pean states into the Union, with Cyprus in­cluded among the 12 hope­fuls. But talks will be­gin with the states


best pre­pared to join and their ap­pli­ca­tions will be on an “equal foot­ing”, fol­low­ing a com­pro­mise from Ger­many that wanted only Poland, Hun­gary and the Czech Repub­lic to join in the first wave The Com­mis­sion has al­ready is­sued favourable opin­ions on Cyprus and Malta.



Pres­i­dent Glaf­cos Clerides said he was sat­is­fied with the de­ci­sions of the Euro­pean Coun­cil sum­mit which calls for pri­or­ity to the ap­pli­ca­tions of Cyprus and Malta for ac­ces­sion. He said Spain’s PM Felipe Gon­za­lez as­sured him that that the two is­land states were ready to start mem­ber­ship talks six months af­ter the 1996 Inter Govern­men­tal Con­fer­ence.

Share prices con­tin­ued to climb as the gen­eral in­dex rose 0.5% with in­vestors con­tin­u­ing to pump fresh funds into the mar­ket. The main con­tribut­ing fac­tor was the per­for­mance of the In­sur­ance sec­tor that has surged 9.6% on spec­u­la­tion of fur­ther merg­ers and ac­qui­si­tions. Weekly vol­ume also reached a new record of CYP 8.2 mln, wit the year-to-date reach­ing CYP 128 mln and the av­er­age weekly trade for the year at CYP 2.7 mln. Mar­ket cap is now CYP 1.05 bln, gain­ing 398 mln or 61% from the start of the year. The best per­form­ers are FW Wool­worth (20c) gain­ing 196%, CTC (20c) up 192%, FW Wool­worth (+185%), Univer­sal Life (+174%) and Paneuro­pean In­sur­ance (+168%) Even Cyprus Air­ways gained 86% in the year, clos­ing at 60.5c.

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