Cyprus Business Now

The Construction Materials Price Index in Cyprus experienced a marginal decrease of 0.13 per cent in October compared to the previous month, according to the latest report from the state’s statistical service.

According to the report, this slight decline brought the index to 134.30 units, with 2015 having been designated as the base year.

Despite the monthly decrease, when examining year-on-year data, October 2023 saw a 0.31 per cent reduction compared to the same month in the previous year.

This contrasted with an overall increase of 3.45 per cent for the period spanning January to October 2023 in comparison to the corresponding months in 2022.

Analysing the index across primary product categories, notable increases were observed in minerals (14.03 per cent), mineral products (5.48 per cent), and products derived from wood, insulation materials, chemicals, and plastics (0.67 per cent).

Conversely, decreases were noted in metallic products (-9.45 per cent), as well as electromechanical items (-0.05 per cent).

These fluctuations in the Construction Materials Price Index reflect a mixed trend within the construction sector, with certain materials experiencing fluctuations in prices both on a monthly and yearly basis.

The Cyprus Shipping Chamber (Kne) has pledged its support for the European Community Shipowners’ Associations (ECSA) plea regarding the urgent need to supply clean and economically viable fuels in the shipping sector, according to an announcement released on Tuesday.

This endorsement comes ahead of a crucial vote in the plenary session regarding Carbon Dioxide (CO2) standards for heavy vehicles.

In its statement, the Cypriot Shipping Chamber emphasised that adequate quantities of sustainable and renewable-source fuels are pivotal for the energy transition within the maritime industry.

However, the statement also highlighted the current scarcity of such fuels, explaining that it “risks stalling the energy transition of the shipping sector, which is already one of the most challenging sectors to decarbonise”.

In addition, the Cyprus Shipping Chamber noted that while all sectors of the European economy require access to clean fuels and energy sources, concerns arise over calls for further incentives to utilise additional quantities of biofuels and RFNBOs (Renewable Fuels of Non-Biological Origin) in heavy road transportation through the introduction of the so-called Carbon Correction Factor (CCF).

The chamber’s stance echoes the pressing need for accessible and sustainable fuels in the maritime industry, urging policymakers to address the scarcity issue to facilitate a smoother transition towards greener practices without compromising the sector’s viability.

The Cyprus Stock Exchange (CSE) ended Tuesday, November 21 with profits.

The general Cyprus Stock Market Index was at 128.88 points at 13:37 during the day, reflecting an increase of 0.82 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 78.22 points, representing a rise of 0.85 per cent.

The total value of transactions came up to €312,975.

In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 0.92 per cent, 0.78 per cent and 2.31 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.34 per cent), the Cyprus Cement Company (+3.17 per cent), Hellenic Bank (+1.36 per cent), Demetra (+2.4 per cent), and Vassiliko Cement Works Public Company (+1.33 per cent).