ECONOMY

Stocks gain 1.12 pct as blue chips bounce

A rebound in blue chips led equities more than 1 percent higher yesterday as index heavyweight OTE Telecom outperformed, boosted by a bounce in European peers. OTE gained 1.79 percent to 15.90 euros. The bourse’s telecoms index added 1.10 percent after a slide of more than 2 percent on Wednesday. «We followed a positive movement in European markets,» said Takis Zamanis, analyst at Beta Securities. The Athens benchmark general index ended up 1.12 percent at 2,229.81 points, just off a session high of 2,230.04 points. «It was clearly a reaction after the market’s drop to oversold levels,» said Vassilis Vlastarakis, analyst at Contalexis Securities. The bourse’s index of blue chips added 1.50 percent to 1,164.22 points. Mid-caps advanced 0.95 percent, with small-caps closing 1.02 percent higher. Turnover was 76.94 million euros on 22.4 million shares traded. Winners beat losers 233 to 75, while 49 shares were unchanged on 357 traded. (Reuters) Athens bourse-listed Frigoglass group said it has completed investments totaling 18 million euros in two glass factories in the towns of Agbara and Ughelli, Nigeria.