ECONOMY

German plan reverses local stock losses

The morning decline on the local bourse due to an inconclusive Eurogroup meeting in Brussels on Wednesday was offset by afternoon optimism over an alternative plan Berlin is reportedly proposing for financing the Greek funding gap, leading to gains for the majority of stocks at the end of the session.

The Athens Exchange (ATHEX) general index ended at 830.27 points, adding 1.10 percent to Tuesday’s closing figure of 821.23 points. The blue-chip FTSE/ATHEX 20 index expanded by 1.29 percent to close at 296.52 points, but mid-caps outperformed with their index adding 2.60 percent, as for one more day there is significant interest in periphery stocks that are seen to present some opportunities for investment at the moment.

Alpha Bank led the way among blue chips with gains of 4.55 percent, followed by Ellaktor (up 4.12 percent) and Mytilineos (3.63 percent). METKA contracted by 3.89 percent.

Thessaloniki Water Company (EYATH) enjoyed gains of 3.74 percent on the day that the state began the process of selling a 75 percent stake in it.

In total 93 stocks grew, 48 declined and 20 remained unchanged.

Turnover amounted to 64.7 million euros, against Tuesday’s 52.7 million.