Greek Stocks: Forthnet, Jumbo, Mytilineos, Metka, NBG, Eurobank
Greece’s benchmark ASE Index gained 38.15, or 2.6 percent, to 1,502.83, its biggest advance since Oct. 6. The FTSE/ASE 20 Index of the country’s biggest companies rose 2.9 percent to 712.36 and the Cypriot General Index fell 0.9 percent to 1,125.29.
The following shares were among the most active in Athens trading today. Symbols are in parentheses.
Forthnet SA (FORTH GA) dropped 8.5 percent to 43 cents, its biggest loss since April 27. Greece’s second-biggest web services provider was cut to “neutral” from “outperform” at National P&K with its target price reduced to 64 cents from 1.30 euros.
Jumbo SA (BELA GA) gained 3.9 percent to 5.39 euros, erasing a 2.6 percent decline the previous day. Piraeus Securities raised its share-price estimate on Greece’s biggest toy and baby products retailer to 5.8 euros from 5.3 euros.
Separately, Euroxx Securities said the target for a 2 percent increase in sales this year seemed “well within reach” on Jumbo’s disclosure of positive October sales and rapid network expansion.
Mytilineos Holdings SA (MYTIL GA) rose 3.6 percent to 4.37 euros, snapping a three day drop. The Greek metals and energy group said profit in the nine months to Sept. 30 tripled after the company increased exports and earnings grew at its Metka power plant builder unit.
Metka SA (METTK GA) added 3.3 percent to 9.09 euros, advancing for a second day. Greece’s biggest power plant builder, a separately listed unit of Mytilineos, said nine-month net income jumped to 70.1 million euros ($95.6 million) from 19.9 million euros a year earlier.
National Bank of Greece SA (ETE GA) gained 4.1 percent to 7.18 euros, its biggest gain since Oct. 13. The euro advanced for a second day against the dollar and yen on optimism a bailout for Ireland will prevent contagion across Europe’s debt markets. EFG Eurobank Ergasias SA (EUROB GA) rose 3.7 percent to 4.2 euros. Piraeus Bank SA (TPEIR GA) gained 3.9 percent to 3.2 euros.
To contact the editor responsible for this story: David Merritt at email@example.com.