Cypriot dairy producer Christis Dairies commenced buyback proceedings for an additional 13,900 shares yesterday [Wednesday], in what many market watchers see as a further bid to shore up equity prices.

Christis has already completed a 20,000 share buyback earlier this month.

The company posted a post-tax profit of €773,000 (US$689,000) for the H1 of 2001, up from €720,000 year-on-year.