STARTING out on dips, share prices emerged marginally higher yesterday after resisting early pressure on most stocks.
With traded value at a steady £34.9 million, the benchmark CSE index climbed with eventual gains of 0.39 per cent, staging a u-turn from an opening that saw the market moving 1.07 per cent lower in the first 20 minutes of trading.
The all share index settled at 551.02 after a weaker open of 545.69. Almost 20 million shares were traded.
"The market has a strong support level of 540 points. We are seeing some investors in a rush to reap profits, but the market is stable and that adds to the flow of liquidity," said stockbroker Costas Shamtanis of Expresstock.
Liquidity was important to the market now that the Central Bank had slapped new restrictions on credit expansion, he added.
There was a rally on tourism stocks, which jumped 4.95 per cent. Two companies in the sector, Astarti Development and Droushia, ended with significant gains. Astarti added 91 cents to a last trade of £6.97 pounds, while Droushia was the second most active stock. It rose 13 cents to £1.07 on a turnover of 2.5 million shares.
Traders said there was nothing in particular that had triggered so much interest in the company.
Supermarket chain Orphanides continued to climb after returning to the market on Tuesday on a 5:2 split. It closed on a last trade of £1.09 on a turnover of three million shares.
Louis Cruise Lines registered a turnover in the region of 2.25 million shares as the stock rebounded 10 cents to £2 after Tuesday’s drubbing when it lost 19 cents. The share had dipped on investor confusion over the takeover of hotel divisions in the Louis Group and what it meant to the firm, said traders.
LCL will acquire a 60 per cent stake in Louis Hotels and will finance the acquisition through an equity issue. The deal needs ratification from shareholders.
Demetra Investments resisted selling pressure and closed unchanged at 99 cents, close to its net asset value. The stock hit an intraday high of one pound and a low of 96 cents on 284,939 shares traded.
Advancing stocks beat declining ones 60 to 36 and 15 were unchanged on a total of 111 traded. Two shares hit new year highs, and five dropped to year lows. There were 8,380 trades.
