ANCIIAL MII ROR THII WEEK

GENX index roaring above the 80 points level. Broker Costas Hadjigavriel said that this level would soon become history and a sharp rebound in profitability is likely to lead prices higher, while Polys Polykarpou was equally bullish predicting the index will hit a target of 150 points within the nest two years.

The combined assets of the 24 approved investment companies listed on the CSE fell by 1.33% in the fourth quarter to CYP 208 mln, from 210 mln at the end of September and 230 mln at the end of March the previous year, with cash balances pushing the NAV further down. Best performers included Dodoni and Apollo with a 2% rise in NAV, with Demetra the worst as its NAV fell 4% in the fourth quarter.

Finance Minister Makis Keravnos said he was satisfied with the EU Finance Ministers (Ecofin) conclusion that Cyprus has carried out all effective actions to purify its public finances and that it has implemented all measures included in its revised convergence programme.

The government is in the final stage of awarding the island’s biggest infrastructure project to a private consortium led by the Shacolas group for the construction and management of the Larnaca airport and the upgrading of Paphos airport. Hermes comprises CTC, Charilaos Apostolides, Egis Projects and Iacovou Brothers, as well as Aer Rianta, and French Bouygues. The investment will reach CYP 200 mln and the state will rake in CYP 40 mln a year from the 33% projected share of revenues.