ECONOMY

EFG Eurobank results boost index

Stocks rose yesterday as banks came back into favor after EFG Eurobank beat first-quarter profit expectations and bolstered convictions the sector was coming out of its bear funk. Eurobank, the third major Greek bank in a row to beat consensus forecasts, rose 3.08 percent to 12.06 euros. The Athens benchmark general index rose 1.02 percent to 1,750.97, a gain of 2.2 percent on the week, with the banking index advancing over 2 percent. «The market was strong at the open today with the three biggest banks setting the pace after EFG Eurobank’s better-than-expected results, which helped improve sentiment,» said analyst Christos Samothrakis at Market Securities. Blue chips gained 1.22 percent to 868.53 points, while mid-caps rose 1.4 percent. Small-caps added 1.49 percent. Turnover rose to 120.35 million euros, with 32.4 million shares changing hands. Winners beat losers 258 to 61, with 42 shares ending unchanged on 361 traded. (Reuters)