Stocks rise on late buying
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.