ECONOMY

OPAP shares take a beating over fears about soccer clubs’ financing

Soccer pools and lottery organization OPAP fell 3.65 percent to 10.02 euros yesterday on fears that earnings would be dented by demands from Greek soccer teams for a higher payout after the demise on Wednesday of one of the two pay-per-view channels which had lucrative contracts with the clubs. Analysts said speculation that the soccer league would try to skim money off OPAP, which gets revenues from games based on results of Greek and international matches, was stoking fears OPAP’s profits would be hurt. Schroder Salomon Smith Barney said in a note the pressure on the stock was an overreaction and reiterated its «outperform, medium-risk» rating and 13-euro price target. «The market is completely ignoring the fact that OPAP would only consider increasing its payments to (professional soccer clubs) if it gets an incremental benefit,» SSSB said. – In the Med., Naftex for 80,000 tons of cargo, loading Sept. 16 Russia, discharging Med., has fixed M/T «A. Pustovoyt» at W/S 70.