ECONOMY

National Bank takes a dive in 3rd day of losses

The Athens Exchange (ATHEX) benchmark index fell for the first time in three trading days, losing 76.36 points, or 1.8 percent, to 4,087.89. The FTSE/ATHEX 20 index of the country’s biggest companies lost 2.3 percent to 2,139.21 points, as heavyweight banks came under heavy pressure. Bellwether National Bank slumped 5.5 percent to 34.92 euros, the biggest decline in more than three weeks. The share-price estimate for Greece’s biggest bank was cut to 48 euros from 55 at UBS, to reflect lower revenues from capital markets and higher liquidity costs. EFG Eurobank fell 2.1 percent to 19.74 euros, the biggest drop since March 17. The share price estimate for the bank was cut to 26 euros from 29 euros by UBS. ATEbank lost 4.1 percent to 2.80 euros, its biggest drop in close to three weeks. Motor Oil Hellas rose 1.4 percent to 14.16 euros, its highest since February 26. Metals group Mytilineos dropped 5.1 percent and construction firm Hellenic Technodomiki ended 4.5 percent lower. Thessaloniki Port Authority, the operator of Greece’s second-biggest port, will join the benchmark ATHEX index from tomorrow, replacing builder Technical Olympic which was suspended from trading on March 26. Turnover topped 305.1 million euros. (Bloomberg, Kathimerini)