Enlargement talks in ’98, share prices rise
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.