ECONOMY

Mid-cap rise cancels out blue chip drop

The losses sustained by blue chips during Wednesday’s bourse session were offset by significant gains among mid-caps, suggesting that the Athens Exchange’s recent redesignation as an emerging market will in fact benefit peripheral stocks. Turnover was predictably low as many investors were awaiting political developments expected later in the evening.

The Athens Exchange (ATHEX) general index closed at 917.62 points, edging 0.04 percent lower from Tuesday’s 918.03 points. The large-cap FTSE/ATHEX-25 index slipped 0.68 percent to 309.21 points, but the mid-cap index soared 4.82 percent.

Canadian company Fairfax’s decision to raise its stake in Eurobank Properties sent the stock of Eurobank Ergasias 29.68 percent higher, taking the lead among mid-caps.

Among blue chips Frigoglass gained 6.92 percent and OPAP climbed 3.41 percent, while OTE telecom gave up 4.40 percent, Viohalco dropped 3.71 percent and Coca-Cola HBC lost 3.65 percent after completing its squeeze-out.

In total, 63 stocks posted gains, 62 recorded losses and 33 remained unchanged.

Turnover came to 37.8 billion euros, down from Tuesday’s 55 million.