French bearing gift boosts investors’ mood

Credit Agricole’s (CA) improved offer for Emporiki Bank yesterday provided the springboard for Greek stocks to retake the 3,700-point level, mainly propelled by blue chips. Positive first-half results are providing additional impetus. The Athens Stock Exchange (ASE) general index added 1.72 percent, closing at 3,728.11 points. The blue chip FTSE/ASE 20 index was 1.79 percent higher, the FTSE/ASE Mid-40 advanced 1.31 percent and the FTSE/ASE Small-Cap 80 gained 1.09 percent. All blue chips but one, OTE telecom, headed north. Emporiki was up 2.63 percent to 25 euros, the improved price per share offered by CA. ATEbank surged 3.80 percent, Alpha Bank climbed 2.91 percent, National Bank added 2.41 percent, Titan rose 2.37 percent, Coca-Cola HBC was up 1.98 percent and Eurobank gained 1.88 percent. All sectoral indices headed north, led by raw materials which gained 2.60 percent. Industrial products and services was up 2.20 percent and banks advanced 1.99 percent. Turnover rose heftily to 375.28 million euros, of which 226.3 million was accounted for by the four most marketable securities: Emporiki Bank, OPAP, National Bank and EFG Eurobank.