ECONOMY

Greek stocks are unruffled by Cabinet reshuffle

The announcement of a Cabinet reshuffle briefly weighed on the Athens bourse yesterday but the market recovered, ending 0.91 percent higher, supported by positive performances by European bourses. Brokers said news that Development Minister Nikos Christodoulakis had been named the new finance minister was seen as positive, and that the dip following the announcement was more an opportunity to cash in on recent gains. The market was discounting the [reshuffle] news which had circulated earlier in the day, said Petros Tegopoulos, analyst at Axon Securities. The Athens bourse benchmark general index ended at 2,405.22 points after dipping to a session low of 2,394.64 points. Before the Cabinet changes, the Athens bourse had gained 1.35 percent. Blue chips on the FTSE/ASE index gained 0.81 percent to 1,339.35 points. Banks rose 0.76 percent. Axon Holdings, part-owner of Axon Airlines, which is vying for Olympic Airways, jumped 4.22 percent to 3.46 euros, a day after an 11.04-percent jump. Mid-caps gained 0.55 percent while small-caps advanced 0.79 percent. Turnover was 172.64 million euros on 40.4 million shares traded. (Reuters) Waiting and waiting