ECONOMY

Positive news on troika front boosts stocks

Late session buying helped push the Athens bourse 4.43 percent higher on Friday after news that Greece?s latest talks with troika were completed successfully, indicating that country will receive the next tranche of bailout funds needed to avoid default.

The Athens bourse?s benchmark general index ended at 1,333.86 points, a breathe away from a session high.

The blue chip FTSE/ATHEX 20 index added 5.67 percent to 605.13 points. Banks raced ahead 7.80 percent.

National Bank, the country?s largest, jumped 7.80 percent to 5.25 euros and peer Alpha soared 12.86 percent to 3.51 euros.

EFG Eurobank advanced 11.40 percent to 3.42 euros and Bank of Cyprus ended at 2.29 euros, up 9.57 percent.

Jewellery retailer Folli Follie edged ahead 0.35 percent to 11.49 euros.

Earlier, Piraeus Securities revised lower its target price on the share to 12.90 euros, from 14.40 euros previously, citing a ?challenging? environment in Greece, slowing growth rates abroad, weak cash flow generation and increased financing costs.

The brokerage kept its neutral rating on the stock.

Turnover reached 107.2 million euros.