Panafon shines as market surges ahead

Cellular operator Vodafone Panafon jumped 6.79 percent yesterday after announcing first-half earnings in line with expectations, with the broader market gaining 2.16 percent. Panafon, Greece’s second-largest mobile operator by clients, reported a 2.9 percent first-half increase in net profit. «There was buying in Panafon like there was no tomorrow,» said a fund manager. Telecoms gained 3.03 percent. Index heavyweight OTE Telecom gained 3.11 percent to 10.60 euros as the stock continued to recover from oversold levels after sliding to six-year lows. The benchmark general index rose 2.16 percent and closed at a session high of 1,860.49 points. Among the day’s big winners were National Bank and Alpha Bank, which gained 5.07 and 2.50 percent respectively. Mid-caps rose 1.62 percent while small-caps were up 1.62 percent. Turnover was 127.94 million euros on 30.0 million shares traded. Winners beat losers 289 to 42 with 38 shares unchanged on 369 traded. (Reuters)