ECONOMY

Expectations lead index to biggest rise since last June

Most stocks on the local bourse went up on Tuesday on market expectations generated by Eurobank’s and, to a lesser extent, National Bank’s efforts to woo the private sector to participate in their share capital increases.

The Athens Exchange (ATHEX) general index closed at 876.54 points, adding 5.72 percent to Monday’s 829.08 points.

This was the biggest one-day rise since the 10.12 percent upturn registered three days before the June election, when it became apparent that New Democracy would edge out SYRIZA.

The large-cap FTSE/ATHEX-25 rose 6.46 percent on Tuesday to 283.48 points.

Eurobank spent most of the day on a limit-up of 30 percent to end with gains of 29.44 percent.

Rumors that Marfin Investment Group might participate in the Eurobank recap sent its share 20.28 percent higher.

In total 104 stocks posted gains, 38 suffered losses and 24 were non-movers. Turnover rose to 64.1 million euros from Monday’s 56.2 million.