ECONOMY

Stocks end week up by 2.8 percent

Stocks ended the week in positive territory as investors reacted to the bank sector’s recent outperformance. The Athens bourse’s benchmark general index firmed 0.53 percent to 1,549.94 points, racking up gains of 1.40 percent for the week. The blue chip FTSE/ATHEX 20 index added 0.38 percent to end at 756.75 points. Banks inched up 0.10 percent, ending the week with gains of 2.85 percent. Geniki Bank, majority-owned by France’s Societe Generale, jumped 11.65 percent to 2.78 euros. Its peer Emporiki, which belongs to French banking giant Credit Agricole, also outperformed, adding 3.77 percent to 2.20 euros. Cement company Titan dipped 1.20 percent to 15.58 euros. HSBC cuts its price target on Titan to 18.80 euros, from 21.50 euros previously, while keeping its neutral rating on the stock. Oil refinery Hellenic Petroleum firmed 0.88 percent to 5.75 euros. On Thursday, Goldman Sachs upped its rating on Hellenic Petroleum to neutral, from sell, and removed the stock from its Pan-Europe sell list. Turnover reached 116.4 million euros versus 151 million in the previous session.