ECONOMY

Troika deal news reverses early losses on bourse

Investors were in a downbeat mood at the Greek stock exchange until early in the afternoon on Wednesday, when news of a deal between the government and its creditors broke and shares reversed their losses and turned green across the board.

The Athens Exchange (ATHEX) general index ended at 889.78 points, climbing 1.86 percent from Tuesday?s 873.51 points. The blue chip FTSE/ATHEX 20 index added 2.10 percent to close at 336.64 points.

Reports of a power rate hike of up to 40 percent next year boosted PPC, which gained 8.14 percent on the day. OPAP added 3.23 percent after Goldman Sachs raised its target price for the gaming company from 4.40 euros to 4.60 in a report that is widely seen as a vote of confidence for the Greek economy in general. Cyprus Popular Bank ended its recent rally, contracting by 1.52 percent.

In total, 76 stocks posted gains, 58 registered losses and 30 remained unchanged.

Turnover came to 103 million euros, up from Tuesday?s 90.1 million.