ECONOMY

ECB rate cut secures gains for local stocks

Greek stocks surged on Thursday following a surprise cut by the European Central Bank of its benchmark rate to a record low of 0.25 percent. The cut helped the main index in Athens grow in tandem with most eurozone stock exchanges.

The Athens Exchange (ATHEX) general index closed at 1,171.06 points, rising 1.25 percent from Wednesday’s 1,156.57 points. The large-cap FTSE/ATHEX 25 expanded by 1.48 percent to end at 390.11 points, although the mid-cap index remained unchanged.

Banks led blue chips with Piraeus adding 4.23 percent and National 3.59 percent. Viohalco fell 8.46 percent.

In total 73 stocks posted gains, 55 suffered losses and 20 stayed put. Turnover reached 91.8 million euros.