ECONOMY

Credit sector stocks reap gains

Greek bank stocks received a much needed boost from news of the ELA extension by the European Central Bank, sending the banks index up 13.40 percent and helping the benchmark recover 2 percent on Wednesday after three consecutive sessions of losses.

The Athens Exchange (ATHEX) general index ended at 719.43 points, rising 2.08 percent from Tuesday’s 704.74 points.

The large-cap FTSE/ATHEX 25 index expanded 2.85 percent to close at 214.24 points, but mid-caps ended up just 0.02 percent in positive territory.

The stocks of Piraeus Bank and Eurobank enjoyed a meteoric rise, gaining 22.86 percent and 21.59 percent respectively, with Marfin Investment Group a distant third (up 12.61 percent).

However, there were significant losses for the blue chips of OPAP (down 5.20 percent), Jumbo (3.68 percent) and Folli Follie (3.66 percent).

In total 72 stocks notched up gains, 40 sustained losses and 16 remained unchanged.

Turnover amounted to 101.3 million euros, down from Tuesday’s 106.6 million.