BUSINESS

ATHEX: Stocks rally on hopes of breakthrough

TAGS: Stocks

The prospect of an agreement between Athens and its creditors in Brussels on Friday fueled stock prices at Athinon Avenue and went some way toward dispelling the sense of despair that had culminated on Thursday. Bank investors finally had something positive to act on, leading the credit sector stocks to a rise of 6.61 percent. However, it wasn’t enough to offset all of the week’s losses.

The Athens Exchange (ATHEX) general index closed at 623.79 points, adding 2.46 percent to Thursday’s 608.79 points. On a weekly basis it declined 0.82 percent.

The large-cap FTSE 25 index expanded 2.54 percent to end at 1,668.40 points, while small-caps lost 0.11 percent.

All but four blue chips posted growth, led by Piraeus Bank (up 9.32 percent), Eurobank (7.74 percent), Viohalco (6.96 percent), National Bank (6.57 percent) and Ellaktor (5.66 percent). Sarantis gave up 2.22 percent and Grivalia Properties shrank 0.38 percent.

In total 66 stocks enjoyed gains, 36 posted losses and 29 remained unchanged.

Turnover amounted to 61.6 million euros, up from Thursday’s 37 million.

In Nicosia the general index of the Cyprus Stock Exchange contracted 0.59 percent to close at 65.55 points.

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