Shift to smaller stocks results in 4-month high

Stocks gained yesterday on the Athens Stock Exchange (ASE), despite a drop in other European markets due to the renewed surge in oil prices. The session was marked by a shift in investor interest to medium- and small-capitalization stocks. For the first time in months, the ratio of gainers to decliners was over three to one. The ASE general index closed at 2,425.02 points, a gain of 5.70 points or 0.24 percent. It was the highest closing level since June 7. The FTSE/ASE-20 index of blue chips gained 0.10 percent to close at 1,327.56 points. Mid- and small-caps gained 1.11 percent and 2.04 percent respectively. EFG Eurobank gained 0.70 percent to close at a year-high 20.10 euros. There was also renewed interest in Agricultural Bank shares, which gained 4.56 percent. Its subsidiaries Agrotiki Insurance and Hellenic Sugar Industry gained 17.65 percent and 5.49 percent respectively. Blue chip gainers included Germanos (up 2.32 percent), Titan (1.15 percent) and Intracom (0.66 percent). OTE gained marginally (0.18 percent) while CosmOTE dropped 0.28 percent. Out of 351 stocks traded, 224 gained, 71 declined and 56 ended unchanged. Turnover was 102.74 million euros, including 17.94 million in prearranged trades.