BUSINESS

ATHEX: S&P sends index near to three-year highs

TAGS: Stocks

Greece’s credit rating upgrade by Standard & Poor’s from B- to B, with a positive outlook, continued to bolster the local stock market on Monday, sending the benchmark to highs unseen in almost three years. The Eurogroup meeting was seen as a mere formality and did not affect proceedings at Athinon Avenue.

The Athens Exchange (ATHEX) general index ended at 858.12 points, the highest closing since March 2015, adding 1.25 percent to Friday’s 847.56 points. The large-cap FTSE-25 index expanded 0.93 percent to 2,202.10 points, and mid-caps jumped 2.59 percent.

The banks index rose 2.06 percent, fed by the S&P estimate that there will be no need for a further recapitalization. Piraeus soared 8.33 percent, Eurobank climbed 2.14 percent and National improved 1 percent.

Piraeus Port Authority increased 4.52 percent, PPC ascended 4.35 percent on high interest in its coal-fired plants, and Terna Energy advanced 3.08 percent.

In total 85 stocks registered gains, 37 sustained losses and 25 remained unchanged.

Turnover amounted to 76.7 million euros, down from last Friday’s 158.7 million.

In Nicosia the Cyprus Stock Exchange general index contracted 0.30 percent to 68.66 points.

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