ECONOMY

Telecoms push index to a new 7-year high

The Athens stock index hit a new seven-year high as it rose above 4,920 points yesterday, helped by telecom sector stocks. Once again small-caps outperformed. The Athens Exchange (ATHEX) general index closed 0.66 percent higher at 4,924.68 points yesterday, from 4,892.28 points on Tuesday. The FTSE/ATHEX 20 blue chip index gained 0.63 percent to close at 2,640.80 points. The FTSE/ATHEX Mid-40 rose 0.50 percent to 6,233.74 points and the FTSE/ATHEX 80 small-cap index climbed 1.88 percent, ending at 1,063.26 points. The FTSE/ATHEX International also gained 0.62 percent to end at 7,033.84 points. Cosmote and OTE led earners among blue chips with rises of 2.67 percent and 2.60 percent, respectively. They were followed by Folli-Follie (up 1.95 percent), Alpha Bank (1.77 percent), Bank of Cyprus (1.56 percent) and Intralot (1.34 percent). All but three sectoral indices headed northward, led by an impressive 4.15 percent rise in health stocks. Telecommunications also rose by 2.62 percent, followed by commerce (higher 1.57 percent), insurance (1.40 percent) and personal and household goods (1.03 percent). Technology and chemicals underwent a correction after Tuesday’s rise (falling 0.75 percent and 0.65 percent, respectively). Turnover totaled -412.5 million, including -57.1 million in prearranged trades.