ECONOMY

Auctions lead to surprise stock growth

While Greek stocks contracted on a weekly basis, Friday’s closing auctions provided a happy ending, pushing the benchmark to it’s biggest daily rise in four months, while trading volume soared.

Friday’s September triple witching, the rebalancing of portfolios and global markets’ relief at the result of the Scottish referendum saw the ATHEX chalk up late gains that more than made up for the sluggishness of morning trade.

The Athens Exchange (ATHEX) general index ended at 1,148.64 points, adding 3.67 percent to Thursday’s 1,107.98 points. On a weekly basis it contracted by 1.09 percent.

The large-cap FTSE/ATHEX 25 index expanded 3.92 percent to close at 373.31 points.

Mytilineos led the blue chips with gains of 9.09 percent, while Alpha Bank added 7.97 percent.

In total 77 stocks went up, 37 sustained losses and 16 remained unchanged.

Turnover more than doubled to 298.1 million euros from Thursday’s 123.9 million.