NBG gains lead stocks to recovery

Greek stocks gained ground yesterday, ending a seven-session losing streak, on the back of solid gains in the country’s largest lender, National (NBG). The Athens bourse’s benchmark general index added 0.96 percent to 1,506.71 points. The blue chip FTSE/ATHEX 20 index added 1.65 percent to 734.83 points. Banks led the way, rising 2.82 percent. NBG jumped 6.52 percent to 8 euros after the stock went ex-rights yesterday. NBG is a planning a 2.8-billion-euro capital boost via a rights issue, convertible bond sale and reduction in its Turkish unit, Finansbank, in a bid to be better prepared for worsening economic conditions. Alpha Bank gained 1.48 percent to 4.80 euros and Bank of Cyprus climbed 2.51 percent to 4.09 euros. Eurobank EFG bucked the trend, dipping 0.68 percent to 4.40 euros. Toy retailer Jumbo, scheduled to release fourth-quarter earnings after the close of trade tomorrow, firmed 0.21 percent 4.74 euros. Piraeus Securities maintained its neutral rating on the stock and its 5.50-euro target price. OTE telecom dipped 1.79 percent to 5.50 euros but OPAP added 1.36 percent to 11.15 euros. Turnover reached 122.4 million euros, versus 127 million in the previous session.

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