On the last trading session of March 2005, the General Price Index of the Main and Parallel Market reached 1.184,34 points, representing a relative increase of 1,88%. The value of shares traded also exhibited a decrease of 47,01% compared to the previous month. It is worth mentioning however, that the highest level the index reached for the month was 1.269,22 points. The other Market Indices reached the following levels: Main Market reached 1.189,32, Parallel Market 1.061,55, Alternative Market 1.040,25, Investment Companies 1.025,68 points. On a sectoral level, sub-indices reached the following levels: Banking sector 1.206,51, Hotels 1.085,89, FTSE/CySE20 397,14 and finally the FTSE Med 100 reached 7.188,53 points.
Market Capitalization
The market capitalisation of shares (excluding Investment Companies Market) reached £2,43 billion. According to this month’s results, the Main Market accounted for 36,59% of the total market capitalisation, the Parallel Market 2,81%, the Alternative Market 9,04%, the Investment Companies Market 2,48% and the Bond Market 48,93%. Moreover the total market capitalisation, including the Investment Companies Market, Warrants and the Bond Market reached £5,02 billion compared to £4,89 billion the previous month, registering an increase of 2,81 %.
Transactions
The total value of transactions during the month in review reached £14,96 million, with an average of £712,21 thousand per trading session. The Financials sector contributed 67,33% to the total value traded, which was the highest, whereas the Basic Materials sector had the lowest contribution with 0,45%. Investors primarily focused their interest on the shares of “Bank of Cyprus Public Company Ltd” and “Cyprus Popular Bank Ltd” with 31,21% and 14,56% respectively.
Members and Listed Companies news
On the 1st of March 2005, 577 new bonds (2011) of the “Hellenic Bank Ltd” of nominal value £100 each, which have resulted from the reinvestment of the interest for the period 1/10/04 - 31/12/04, started trading.
On the 3rd of March 2005 14,961,226 nil-paid rights of “Nemesis Constructions Ltd” with an exercise price of £0.10 for every share of nominal value £0.10, started trading. The trading of the above titles ended on 28th of March 2005. It is noted that the shares that will result from the exercise of rights will start trading on April 25, 2005.
On the 4th of March 2005, 14,515 Bonds 2004 - 2011 of nominal value £100 each of “A. Panayides Contracting Public Ltd”, which were allocated through the Prospectus dated November 17, 2004 for the issue and listing of up to 50,000 bonds, started trading.
On the 10th of March 2005, the CSE Council decided to pose a deadline until June 6, 2005 to “CCC Tourist Enterprises Ltd” for its compliance with Regulation 61(1)(g) of the CSE Regulations, which provides for the sufficient dispersion of the share capital of the listed companies to the public. If the Company fails to comply with the regulation within the prescribed time and given that this is the maximum period of compliance given by the CSE Council pursuant to Regulation 61(1)(g), the trading of the titles will be automatically suspended from June 7, 2005 until the Company's compliance with the regulation. The CSE Council maintains its right to delist the Company's titles from the CSE.
On the 15th of March 2005, 52-week Treasury Bills (24/2/2005 - 23/2/2006) and total value £25,382,000, which have resulted from an auction held on February 24, 2005, started trading.
On the 15th of March 2005, Government Bonds of 5-year maturity, 1st Series 2005 with a date of issue 3/1/2005 (3rd Issue dated 28/2/2005) and total value £55,337,000, which have resulted from an auction held on February 24, 2005, started trading.
On the 15th of March 2005, 6.00% Government Bonds 3rd Series 2005-Maturity 2015 with a date of issue 28/2/2005 and total value £40,000,000, which have resulted from an auction held on February 24, 2005, started trading.
On the 15th of March 2005, 5.00% Government Bonds 2nd Series 2005-Maturity 2007 with a date of issue 28/2/2005 and total value £5,170,000, which have resulted from an auction held on February 24, 2005, started trading.
On the 15th of March 2005, the CSE Council announced that “Minerva Insurance Company Ltd” has changed its name to “Minerva Insurance Company Public Ltd”. That change has been effective from Monday, March 21, 2005.
On the 15th of March 2005, the CSE announced that “Karkotis Manufacturing and Trading Ltd” has changed its name to “Karkotis Manufacturing and Trading Public Ltd”. That change has been effective since Monday, March 21, 2005.
On the 16th of March 2005, the CSE announced that “Megabet Ltd” has changed its name to “Megabet Public Company Ltd”. That change has been effective since Monday, March 22, 2005.
On the 17th of March 2005, the CSE announced the transfer of titles of “Suphire Holdings Public Ltd” to the Special Trading Category on March 18, 2005 due to the decision of the Securities and Exchange Commission on March 15, 2005 to suspend partly the operating license of its subsidiary “Suphire Securities and Financial Services Ltd” for the provision of specific investment services, pursuant to Article 16(5) of the EPEY Law 2004. “Suphire Holdings Public Ltd” will trade in the Special Trading Category until the lifting of the suspension of the operating license of its subsidiary. This decision was taken on the basis of CSE circular no 24-2003 “Titles in Special Trading Category”, pursuant to criterion 2(c) on the uncertainty of the company status as a result of the suspension of its operating license. The Securities and Exchange Commission have agreed with the decision.
On the 24th of March 2005, 11.214 warrants of “Triaina Investments Public Company Ltd”, which have been granted and issued gratis to the ratio of one new warrant (2004/2007) for every warrant (2001/2004) exercised on March 31, 2001, started trading. The new warrants (2004/2007) will be exercisable on March 31, 2005, 2006 and 2007 at the price of £2.50 each, in exchange for 2 income shares, 2 capital shares and 1 share of international investments.
On the 31st of March 2005, The CSE Council announced the continuation of the trading of titles of “Transoccer Holdings Ltd” in the Special Trading Category due to its failure to announce the indicative results (net profit/loss after taxation) for the financial year ended December 31, 2004, thus violating Paragraph 27, Regulation 81(1), Appendix F. The Company should have announced its indicative results by February 28, 2005. The Company also failed to issue an announcement based on a CSE Council decision, in order to explain the reasons for the loss of 80% in the Company's turnover for the first half of 2004 and the measures that it will take or has already taken for the improvement of its financial condition.
Members News
On the 15th of March 2005, the CSE announced, pursuant to the Article 46 (2) of the CSE Laws and Regulations, the suspension from March 15, 2005, of the CSE member “Suphire Securities and Financial Services Ltd”. The decision was taken following the decision of the SEC dated March 15, 2005, for the suspension of the EPEY license of the company for the provision of specific investment services, pursuant to the Article 16 (5) of the EPEY Laws of 2004.
On the 23rd of March 2005, the CSE decided to delist the Member “Francoudi & Stephanou Financial Services Ltd” and “Olympian Securities Ltd”, after the respective companies’ relevant requests.
On the 24th of March 2005, the CSE announced that pursuant to Article 46(2) of the CSE Law, the suspension of the CSE Member “Suphire Securities and Financial Services Ltd” will continue for a further period of 3 months. This decision was taken after the SEC's decision dated March 24, 2005 for the partial suspension of its license for the provision of investment services, pursuant to Article 16(5) of the EPEY Law 2004. The suspension will have a three-month duration. As a result, the titles of “Suphire Holdings Public Ltd” will remain in the Special Trading Category, as it was announced on March 17, 2005.
CSE Events
CSE & ASE: Promotion of cooperation framework for the adoption of common trading platform
Recognising the need to create a common infrastructure in order to facilitate the accessibility and use of the CSE and the ASE by all capital market participants (Members, Institutional and Private Investors, Custodians etc), the leaders of the two Stock Exchanges met on 1st of March 2005, in Athens, and agreed to promote the cooperation to their Councils and receive the relevant approval for the adoption of the Common Platform that will support the operation of the two markets. Within the framework of this effort, a meeting was also held at the presence of the Greek and the Cypriot SEC Chairmen, Mr. Alexios Pilavios and Mr. Marios Clerides, regarding issues concerning investors’ protection, in relation to this project. Further information regarding the promotion of the cooperation framework for the adoption of common platform between the CSE & ASE is available through the CSE web site:
http://www.cse.com.cy/en/Announcements/textfiles/2005/ANN13817_EN.htm
On the 21st of March 2005, the Advisory Committee for the Corporate Governance had its periodic meeting at the CSE offices. The Advisory Committee was established by the CSE, in order to review issues concerning the Corporate Governance Code (introduced in 2002) and expend its enforcement in the Cyprus market. The Code aims to promote certain transparent procedures for a more effective management of the listed companies' financials and other issues, concerning their growth, viability and prospects. The Advisory Committee is composed of representatives from the CSE, the SEC, the Listed Companies Association, the Institute of Certified Public Accountants, the CSE Members Association and PASEXA (CSE Investor Association). The Committee is also joined by Greek experts, such as ex - ASE Chairman and business consultant Dr. Panayiotis Alexakis and Dr. Charilaos Merjanis, Greek SEC official.
At the meeting, among other issues, the Committee discussed the balance of the Board of Directors of the listed companies, their internal audit, the independence and its criteria of the Board members, the share options and the borrowing of the Board members.
Companies’ Business Plan Presentations
On the 24th of March 2005, listed company “Louis Public Company Ltd” (Main Market) presented in the CSE seminar room, its business strategic plan to the media, institutional private investors and other interested parties. The presentation is within the framework of corporate presentations started in September 2002, aiming to bring the participants in the capital market closer and encourage the listed companies to prepare and present extensively, their business plans.
