Stocks rise on late buy­ing

Kathimerini English - - Business & Finance -

Late-session buy­ing helped push the Athens bourse 4.42 per­cent higher yes­ter­day on news that Greece’s lat­est talks with the coun­try’s in­ter­na­tional cred­i­tors had been com­pleted suc­cess­fully, in­di­cat­ing that it will re­ceive the next tranche of bailout funds needed to avoid de­fault.

The Athens Ex­change’s bench­mark gen­eral in­dex ended at 1,333.66 points, a breath away from the session high.

The blue chip FTSE/ATHEX 20 in­dex added 5.67 per­cent to 605.13 points. Banks raced ahead 7.80 per­cent.

Na­tional Bank, the coun­try’s largest, jumped 7.80 per­cent to 5.25 eu­ros and peer Al­pha soared 12.86 per­cent to 3.51 eu­ros.

Eurobank EFG ad­vanced 11.40 per­cent to 3.42 eu­ros and Bank of Cyprus ended at 2.29 eu­ros, up 9.57 per­cent.

Jew­elry re­tailer Folli Fol­lie edged ahead 0.35 per­cent to 11.49 eu­ros.

Ear­lier, Pi­raeus Se­cu­ri­ties re­vised lower its tar­get price on the share to 12.90 eu­ros, from 14.40 eu­ros pre­vi­ously, cit­ing a “chal­leng­ing” en­vi­ron­ment in Greece, slow­ing growth rates abroad, weak cash flow gen­er­a­tion and in­creased fi­nanc­ing costs.

The bro­ker­age kept its neu­tral rat­ing on the stock.

Turnover reached 107.2 mil­lion eu­ros.

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