ECONOMY

Losing streak reversed on OTE strength

Equities broke a two-session losing streak yesterday and gained 0.27 percent as a bounce in heavyweight OTE Telecom rubbed off on the broader market after the telecom operators’ 10 percent slide over the past week. OTE gained 1.38 percent to end at 10.28 euros. The stock has been under pressure since management announced the consolidation of Romtelecom will squeeze the group’s earnings before interest, tax, depreciation and amortization (EBITDA) margin by four to five percentage points. The Athens bourse’s benchmark general index added 0.27 percent to 1,821.16 points. The Public Power Corporation (PPC) gained 0.47 percent to 12.88 euros. Greece will sell up to a 15 percent stake in utility Public Power Corporation (PPC) in the first week of December. Blue chips firmed 0.28 percent to 889.16 points. Mid-caps rose 0.44 percent with small-caps up 0.58 percent. Turnover was 72.79 million euros on 17.8 million shares traded. Losers beat winners 192 to 90 with 80 shares unchanged on 362 traded. (Reuters)