ECONOMY

ATHEX: Negotiating team shake-up extends stock market gains

The local stock market reacted positively on Monday after the government’s negotiating team was reshuffled – in a move that appears to have sidelined the much-criticized Finance Minister Yanis Varoufakis – taking the benchmark close to 800 points in what was the fourth consecutive session of gains for most stocks.

The Athens Exchange (ATHEX) general index closed at 794.84 points, adding 4.37 percent to Friday’s 761.56 points. The large-cap FTSE/ATHEX 25 index expanded 4.51 percent to close at 238.53 points.

The benchmark has added 78 percent over the last four sessions and the banks index has risen a spectacular 39.34 percent. On Monday Alpha Bank rose 11.15 percent and Piraeus Bank grew 10.94 percent, but they were outpaced by construction firms Ellaktor, which climbed 18.06 percent, and GEK Terna, which rose 12.33 percent. Jumbo gave up 1.41 percent.

In total 82 stocks registered gains, 31 endured losses and 14 closed unchanged. Turnover amounted to 96 million euros, down from last Friday’s 106.7 million.