ECONOMY

Banks, OTE lead the way to 9-month high

Stocks tracked European bourses higher yesterday, consolidating above the 1,900 mark at a new nine-month high, with banks and telecoms continuing to keep investor interest riveted. Banks rose 4.17 percent with Commercial up 7.13 percent and National up 4.79 percent. The general index gained 2.32 percent to 1,954.96 points, with heavyweight OTE easing off the day’s highs, to end at 10.4 euros. «News that OTE got support to waive the clause on CosmoRom from bondholders got the market off to a strong start and talk of activity in the banking sector kept momentum going,» said head analyst Vassilis Vlastarakis at Contalexis Securities. Blue chips rose 2.65 percent to 986.84 points, while mid-caps gained 2.68 percent and small-caps rose 3.08 percent. Turnover eased to 214.14 million euros, with 53.1 million shares changing hands. Winners beat losers 294 to 49, with 19 shares unchanged on 362 traded.(Reuters)