ECONOMY

CCHBC, OPAP news leads to index rebound

The local stock market rebounded on Friday afternoon after five-and-a-half sessions of decline, driven by positive corporate news from Coca-Cola HBC and OPAP, as well as talk of Russian support for Cypriot banks, which are listed on the Greek bourse.

The Athens Exchange (ATHEX) general index closed at 952.34 points, adding 1.68 percent to Thursday’s 936.57 points. The large-cap FTSE/ATHEX-25 index expanded by 1.95 percent, ending at 313.13 points.

The simultaneous trading of Coca-Cola Hellenic Bottling Company stock on the bourses of Athens, London and New York is expected to start on April 29, with its ATHEX price expanding by 1.79 percent on Friday.

OPAP added 2.11 percent in the wake of the release of its 2012 financial results – announced after Thursday’s closing – according to which turnover slumped by a smaller-than-expected 8.9 percent and profits shrank by no more than 8.2 percent year-on-year.

Even banks posted gains, with Bank of Cyprus outperforming (11.67 percent), followed by Eurobank Ergasias (up 5.11 percent). Duty Free Shops gave up 1.54 percent.

In total 89 stocks recorded gains, 52 sustained losses and 19 remained unchanged.

Turnover amounted to 56.4 million euros, down from Thursday’s 67.8 million.