Despite the fog hanging over the negotiations between the government and the country’s creditors, investors threw caution to the wind on Wednesday and drove the Greek bourse benchmark closer to the 640-point mark. The robust performance of bank stocks pointed to traders betting on a positive outcome both for the Greek bailout review and Italy’s banking crisis.
The Athens Exchange (ATHEX) general index ended at 638.99 points, adding 1.71 percent to Tuesday’s 628.26 points. The large-cap FTSE 25 index expanded 1.70 percent to close at 1,712.68 points.
Banks advanced 4.50 percent, with Piraeus soaring 7.73 percent, Eurobank rising 4.92 percent, Alpha grabbing 3.78 percent and National climbing 2.94 percent.
Among other blue chips, Terna Energy jumped 6.87 percent and Jumbo dropped 4.54 percent.
Cenergy Holdings, the company created from the merger of Hellenic Cables and Corinth Pipeworks, made its bourse debut on Wednesday and posted 2.13 percent growth on the day.
In total 69 stocks reported gains, 37 suffered losses and 16 ended unchanged.
Turnover amounted to 49.4 million euros, up from Tuesday’s 40 million.
In Nicosia the general index of the Cyprus Stock Exchange edged up 0.04 percent to close at 66.81 points.