NBG takes driver’s seat after Q1 results

Bullish buyers of National Bank, responding to a flurry of positive reports after Thursday’s first-quarter results above market expectations, and strong interest in OTE Telecom pushed the Greek stock market still higher yesterday. The Athens Stock Exchange (ASE) general index gained 0.42 percent to close at 3,073.64 points. National Bank (NBG) climbed above 29 euros for a 3.42 percent gain. UBS and Deutsche Bank issued new target prices for National of 35 and 32.6 euros respectively. OTE advanced 2 percent to a new year-high of 16.36 euros. Other blue chip gainers included Hyatt and Coca-Cola HBC, at 2.65 and 1.87 percent respectively, while Piraeus Bank advanced 1.56 percent. In contrast, there were sizeable losses for Intracom (down 4.29 percent) and OPAP (2.59 percent), while Alpha Bank continued its slide after its less-than-encouraging first-quarter results on Wednesday, ending 1.36 percent lower. The blue chip FTSE/ASE 20 index added 0.72 percent, but the mid- and small-cap indices shed 0.27 and 0.58 percent respectively. Decliners beat advancers 152 to 124 on 333 traded. Turnover declined to 211.78 million euros, of which 109.4 million was accounted for by the four most heavily traded stocks, banks Alpha and National, and OTE and OPAP.

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