Louis and Globalsoft falls drag the market down

SHARE prices fell marginally yesterday as slight gains in most sectors were offset by a one percent slide in the sector representing blue chips Louis and Globalsoft.com.

The CSE all-share index was down 0.71 points, or 0.13 per cent to a close of 528.69. There were thin fluctuations, with an intraday high and low difference of just two points.

Traded values were firmer than on Monday at £32.8 million, while there were a considerably lower number of trades – some 2,000 less at 8,498.

Companies in the ‘other’ category dropped 1.08 per cent.

Louis were down four cents to a low of £1.37 on 940,581 shares traded, while Globalsoft dipped 12 cents to £5.63 on a volume of 242,117 shares.

The two companies jostle for third place in terms of market capitalisation behind Bank of Cyprus and Laiki, and the slightest move in their prices has an impact on the category and benchmark indices.

Gainers were led by tourism shares, which climbed 0.9 per cent while banking shares barely budged with a 0.13 per cent gain.

Analysts said many investors were sitting on the sidelines expecting news of the listing date for Bank of Cyprus shares in Greece.

"Many of them are holding wait and see positions pending the green light from Greek authorities on Bank of Cyprus," said Theodoulos Mesimeris of Expresstock.

But he said small-cap shares were also in the sights of speculators on rumours they could be acquisition targets.

Dodoni, widely speculated to be jumping sector from investments into the ‘other’ category, topped volume yesterday with 1.79 million shares changing hands.

It moved marginally to a close of 26 cents.

Traders said investors should exercise caution on the stock. "It is presently trading about 60 per cent higher than its net asset value," said stockbroker Costas Shamtanis.