Eurobank, PPC propel local bourse higher

While the Eurobank rebound and the Goldman Sachs report which upgraded its recommendation for Public Power Corporation stock from “neutral” to “buy” marked a day of recovery for the majority of stocks on the local market on Wednesday, it is clear that major placements are only reserved for corporate and sovereign bonds and share capital increases, and not for the bourse.

The Athens Exchange (ATHEX) general index closed at 1,231.25 points, adding 1.33 percent to Tuesday’s 1,215.08 points. The large-cap FTSE/ATHEX 25 expanded 1.10 percent to 395.56 points while small-caps declined by 0.88 percent.

MIG outperformed, rising 7.19 percent, and PPC added 5.58 percent, while Eurobank recovered 6.67 percent after Tuesday’s 19 percent drop. The Capital Market Commission warned of extensive checks on the buyers and sellers of the lender’s stock. Terna Energy grew 5.78 percent, a day after signing a cooperation agreement with an Abu Dhabi firm.

National Bank slid 3.20 percent to 2.72 euros, a new nine-month low, as it edges ever closer to the likely price range of the new share issue, expected at 2.10-2.60 euros.

In total, 79 stocks went up, 46 posted losses and 25 were non-movers.

Turnover amounted to 124.5 million euros, down from Tuesday’s 131.6 million.