ATHEX: Hopes for end to talks help stocks expand

Expectations that the long and arduous negotiations between the Greek government and the country’s creditors may be nearing completion sent Greek stocks soaring on Wednesday, with the market’s benchmark finally passing 850 points and trading volume getting close to 100 million euros.

The Athens Exchange (ATHEX) general index closed at 851.81 points, adding 3.55 percent to Tuesday’s 822.61 points. The large-cap FTSE/ATHEX 25 index expanded 4.34 percent to close at 256.52 points.

Despite the extra pressure put on banks from the non-increase of the emergency liquidity assistance (ELA) limit on Wednesday by the European Central Bank, the index of the credit sector grew a remarkable 9.12 percent, as Eurobank added 10.29 percent and Alpha Bank climbed 9.21 percent. They were only overshadowed by Public Power Corp, which rose 11.37 percent. Among the few blue chips to go down, Titan Cement lost 2.10 percent and Motor Oil fell 1.75 percent.

In total, 84 stocks registered gains, 34 endured losses and 15 remained unchanged.

Turnover came to 95 million euros, up from Tuesday’s 51.8 million.

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