Banks back in favor; Alpha outperforms
Equities were firmer yesterday with second-largest bank Alpha adding 2.53 percent as it moved away from year-low levels reached after reporting disappointing first-quarter results last week. The Athens benchmark general index added 0.13 percent to 2,227.96 points. «It appears that the long drawn-out fall in bank stocks has been closed off… Banks are now a favorite pick,» said head of derivatives Nikos Galoussis at Kappa Securities. The bourse’s FTSE index of blue chips rose 0.44 percent to 1,164.73 points with telecom stocks off 0.62 percent. Analysts said retail investors were making a reappearance on the bourse, tempted back by the market’s apparent consolidation around the 2,200-point mark. «The market is just fine, full of retail (investors), that almost extinct race that roamed the earth in 1999,» said one trader. Total turnover was 97.38 million euros on volume of 19.8 million shares. Losers beat winners 166 to 137 with 54 unchanged on 357 traded. (Reuters) Plastics
