ECONOMY

OTE news about Romtelecom lifts market

Firm telecoms led Greek stocks 0.70 percent higher yesterday as OTE Telecom outperformed on news it will take a majority stake in its largest foreign investment, Romtelecom. OTE announced on Friday, after the close of trade, that it had won approval from Romania for a $200-million share-capital increase which will lead to its obtaining a majority in Romtelecom. «Investors can see an end coming to the Romtelecom issue, with a positive development which gives OTE a majority stake,» said Michalis Karatzas, analyst at Devletoglou Securities. OTE gained 2.13 percent to 11.52 euros, while telecoms added 1.44 percent. The Athens benchmark general index firmed 0.70 percent to 1,773.69 points. Blue chips on the FTSE/ASE-20 index rose 0.62 percent to 876.32 points. Mid-caps rose 0.25 percent and small-caps, 0.50 percent. Turnover was 55.84 million euros on 14.1 million shares traded. Winners beat losers 157 to 123, with 72 shares unchanged on 352 traded. (Reuters)