ECONOMY

HELEX 9-month profit dips 24 pct

Hellenic Exchanges (HELEX), the operator of the Athens stock and futures markets, yesterday reported a 24 percent drop in nine-month net profits to 50.2 million euros on lower volume and fee income. Group revenues for the same period fell 27 percent to 85.4 million euros. «This reduction is due mainly to the reduction in the total volume of trade in the cash market of the Athens Exchange,» the company said. Average daily turnover on the Athens stock exchange in the nine months fell to 352 million euros from 461 million in the same period in 2007. HELEX said activity in the derivatives market picked up to an average daily volume of 42,700 futures and options contracts from 33,600 in the same period a year earlier. Shares in Hellenic Exchanges, which has a market value of 384 million euros, fell 8.03 percent to 5.50 euros.