Stocks advance, paced by CCHBC and Fourlis
Greek shares headed north yesterday. Coca-Cola Hellenic Bottling Company and Fourlis Holdings led gains. The Athens Exchange (ATHEX) index gained 87.08, or 1.8 percent, to reach 4,951.70 points at the close, as 48 stocks increased, 10 fell and two were unchanged. The FTSE/ATHEX 20 index of the country’s largest companies increased 1.9 percent to 2,627.38. The Cypriot General Index rose 3.5 percent to 4,940.70. Coca-Cola HBC, the world’s second-biggest bottler of Coke drinks, added -1, or 3.8 percent, to reach -27.20. Fourlis gained 90 cents, or 3.6 percent, to reach -25.90 after the owner of the Ikea home furnishing franchise in Greece said sales of electrical goods had risen 52 percent in the third quarter. «The performance of this division was exceptional and surpassed significantly our estimates in terms of sales and profitability,» Ioanna Katsoula, an Athens-based analyst at NBG/P&K Securities, wrote in a note to investors. Babis Vovos International Construction dropped 60 cents, or 2.9 percent, to -20.30. Analysts at Deutsche Bank reduced their price estimate on the shares of Greece’s largest real-estate developer to -22.70 from -30. Postal Savings Bank fell 36 cents, or 2.9 percent, to -12.14. Piraeus Securities cut its price estimate for the bank to -12.20 from -20.20. (Bloomberg)
