BUSINESS

ATHEX: TLTRO talk sends bank stocks higher

TAGS: Stocks

Greek bank stocks followed their eurozone peers on Wednesday, posting significant gains on a Bloomberg report about the possible renewing of cheap loans (known as targeted longer-term refinancing operations or TLTRO) for banks that the European Central Bank may decide on at a Governing Council meeting on Thursday. This has taken the benchmark back above the 700-point mark, but turnover remained relatively weak.

The Athens Exchange (ATHEX) general index ended at 707.17 points, adding 1.19 percent to Tuesday’s 698.83 points. The large-cap FTSE-25 index expanded 0.88 percent to 1,837.38 points.

The banks index jumped 5.03 percent, as Piraeus soared 12.90 percent, National grew 7.35 percent, Alpha rose 3.45 percent and Eurobank climbed 3.20 percent.

Grivaila Properties improved 2.57 percent and Public Power Corporation augmented 2.04 percent, while Piraeus Port Authority contracted 1.52 percent.

In total 62 stocks posted gains, 33 endured losses and 28 remained unchanged.

Turnover amounted to 44.2 million euros, up from Tuesday’s 41 million.

In Nicosia the Cyprus Stock Exchange general index decreased 0.22 percent to 63.02 points.

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