ECONOMY

Shares gain on good US job market news

Shares continued gaining on the back of buoyant European markets yesterday after US payroll data showed the world’s largest economy was generating jobs for the first time in eight months, traders said. The general share index advanced 1.80 percent to 2,089.90 points, 4.4 percent up on the week. Blue chips gained 1.80 percent on the day. «Both the Greek and European markets had been doing well in the morning on the strength of yesterday’s rebound but things really got going when the US payroll data came out,» one trader said. A fund manager added there was expectation of a recovery in equities markets, while bond markets had started to retreat. «International institutional investors are looking at nine-month results and the first signs of recovery (of the US economy) and going for placements,» said Ioannis Talaros of Cyprus Mutual Funds Management. Electricity utility Public Power Corporation (PPC) continued a second day of gains with a 0.92 percent rise to 17.52 euros. The government announced on Thursday that 15.7 percent of PPC would go on sale by the end of October. Turnover fell to 119.17 million euros, with 31.2 million shares changing hands. Winners led losers 318 to 21, with 19 ending unchanged. (Reuters)