Alpha Bank, Frigoglass, National Bank, PPC Move in Athens
Greece’s benchmark ASE Index rose 2.99, or 0.2 percent, to 1,579.85 at the 5:20 p.m. close in Athens, after three days of losses.
The FTSE/ASE 20 Index of the country’s biggest companies lost 0.4 percent to 731.4. The Cyprus General Market Index fell 3.5 percent to 1,049.17.
The following shares were the most active in Athens trading today. Symbols are in parentheses.
Alpha Bank SA (ALPHA GA) surged 4.6 percent to 5.02 euros, after three days of losses. Apostolos Tamvakakis, chief executive officer of National Bank of Greece SA (ETE) , ruled out a “hostile” bid for Greece’s third-largest bank by sales saying the goal was to build a stronger Greek banking system. National Bank’s shares fell 1.2 percent to 6.70 euros.
Bank of Cyprus Plc (BOC GA) fell 3.2 percent to 2.71 euros, dropping for a second day. Cyprus’s largest bank was downgraded to “neutral” from “outperform” at Piraeus Securities with a 12-month price estimate of 3.50 euros.
Frigoglass SA (FRIGO) rose 2.3 percent to 10.92 euros, extending the previous day’s decline. The custom cooler maker for soft drink bottlers and brewers had its share-price estimate raised to 13 euros from 11.20 euros at HSBC Holding Plc.
Marfin Popular Bank Pcl (MARFB GA) fell 5 percent to 96 euro cents, its fourth straight day of losses. Cyprus’s second- largest bank reported a 50 percent drop in 2010 net income to 87.1 million euros ($120.5 million).
Public Power Corp. SA (PPC GA) added 3.9 percent to 11.65 euros, after six days of declines. Greece’s biggest electricity producer plans to reduce personnel-related expenses this year by about 40 million euros through cuts in overtime pay and staff transport expenses, Ta Nea reported, citing a letter from Chief Executive Officer Arthouros Zervos.