PPC soars after calling for record tariff hike

Greek stocks nudged higher yesterday, reversing a string of recent losses with a major thrust by Public Power Corporation (PPC) which soared 14 percent on news that it asked the government for permission to increase prices from December 1 to halt a profit slide. The Athens Exchange (ATHEX) general index rose 0.14 percent to 4,824.93 points, as 32 stocks advanced, 22 retreated and six ended unchanged. The FTSE/ATHEX 20 index of the country’s largest companies slid 0.03 percent to 2,542.58. The mid-cap and small-cap indices were up 0.04 percent and down 1.02 percent respectively. Among blue chips, besides PPC, Titan advanced 2.60 percent and Piraeus Bank added 1.74 percent. ATEbank, which reported that third-quarter profit more than tripled after it sold shareholdings in other companies, rose 0.5 percent. Intralot gained 0.5 percent, to -12.96. Proton Bank raised its price estimate on the shares of the world’s second-largest gaming-services provider to -14.60 from -14. Coca-Cola HBC slumped 4.00 percent and Eurobank dropped 3.74 percent. Minoan Lines advanced 4.4 percent, to -4.30, while OPAP declined 0.5 percent, to -25.80. Turnover totaled -714.4 million. The Cypriot General Index fell 0.5 percent to 4,629.90. (Kathimerini, Bloomberg)