Another day of robust growth for local stocks

The dismissal of the International Monetary Fund of a Financial Times report suggesting local banks need an additional 20 billion euros, coupled with the impact of a deal for the reduction on Russian natural gas Greek stocks soaring on Wednesday, with trading volume returning above the 100-million-euro level.

The Athens Exchange (ATHEX) general index reached a 31-month high, closing at 1,303.35 points, or 3.28 percent above Tuesday’s 1,261.92 points. The large-cap FTSE/ATHEX 25 expanded by 3.21 percent to 421.71 points.

Observers say that with such good news from the fiscal and credit fronts, it is only the uncertainty regarding the May elections that is holding back a number of investors from staging a major assault on local stocks.

Bank and energy stocks were predictably among the blue chips with the biggest growth on Tuesday. Hellenic Petroleum rose by 4.72 percent, National Bank added 4.68 percent and Public Power Corporation climbed by 4.50 percent, while Jumbo outperformed with a 5.90 percent increase.

In total, 114 stocks registered gains, 29 took losses and 19 remained unchanged.

Turnover was the highest in the last 15 sessions, amounting to 130.9 million euros, up from Tuesday’s 84.1 million.

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