PPC shines while other blue chips consolidate

The Public Power Corporation (PPC) yesterday stole the show in a volatile session, where blue chips on the whole seemed to consolidate their positions. Volatility also marked other European markets where indices kept alternating between black and red, as fears of more turbulence in credit markets spread, sending bank stocks south. The Athens Exchange (ATHEX) general index nudged down 0.02 percent to 4,682.50 points, after fluctuating as much as 55 points. The FTSE/ATHEX 20 blue chip index added just 0.07 percent, the FTSE/ATHEX Mid-40 shed 0.84 percent and the FTSE/ATHEX 80 small-cap index fell 0.42 percent. The FTSE/ATHEX International was down 0.07 percent. Utilities gained 5.91 percent on the strength of PPC, which surged 7.04 percent to -21.90 after JP Morgan almost doubled its target price from -15.90 to -30. Among other blue chips, Titan Cement advanced 1.44 percent, Cosmote added 1.37 percent and Bank of Cyprus was 1.20 percent higher. In contrast, Hellenic Petroleum slumped 2.66 percent, Viohalco dropped 2 percent, Coca-Cola HBC was 1.38 percent leaner and Piraeus Bank was down 1.31 percent. Banks Emporiki and Alpha also headed south. Turnover thinned to -294.08 million, of which -29.8 million was in block trades.