ECONOMY

Stocks slip into the red on low volumes

Moderate gains on the Athens bourse disappeared late on Tuesday as stocks slipped into negative territory on weak banks and turnover remained low turnover after the Easter break.

The Athens bourse?s benchmark general index dipped 0.40 percent to 1,425.57 points, against a backdrop of moderate gains in major European peers.

The blue chip FTSE/ATHEX 20 index slipped 0.45 percent to end at 643.54 points.

National Bank gave up 1.30 percent to 5.33 euros and Piraeus Bank dropped 1.80 percent to end at 1.09 euros. Hellenic Postbank (TT) ended at 2.88 euros, off 1.37 percent.

Shares in Terna Energy, one of Greece?s largest providers of renewable energy, firmed 0.95 percent to 3.18 euros.

EFG Eurobank Securities re-initiated coverage of the stock, revising it to a buy from hold and setting a target price of four euros per share.

?We believe Terna remains a decent proxy for investors interested in playing the expansion of renewable capacity in Greece by nearly 1,900 megawatts in five years ending 2015,? said the brokerage in a note.

Turnover reached 41.8 million euros, the lowest level for 2011.