BUSINESS

Investor relief offsets adverse sell-off news

A Council of State decision that raises obstacles to the privatization of the Athens Water Company (EYDAP) and the election of a new Piraeus mayor who is against the sale of the OLP port authority failed to dampen investors’ relief on Monday at Greece’s European and local election results, which appear to have reduced the chances of an early general election, for now at least.

The Athens Exchange (ATHEX) general index closed at 1,197.71 points, adding 2.27 percent to Friday’s 1,171.15 points. The blue chip FTSE/ATHEX 25 expanded 2.43 percent to 386.24 points, while small-caps declined 0.13 percent.

EYDAP and OLP dropped 7.14 percent and 1.23 percent respectively, but Frigoglass grew 6.67 percent, Terna Energy climbed 6.05 percent and National Bank rose 5.68 percent.

In total 80 stocks recorded gains, 39 registered losses and 25 finished unchanged.

The high trading volume on a day when the London market was closed due to a bank holiday means that with the elections out of the way investors are turning their attention back to the Athens bourse. Turnover came to 172.1 million euros, up from last Friday’s 155.4 million.

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