Alpha Bank AE ADR (ALBKY)

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$ALBKY Credit Rating Agencies Could Possibly Be About to Upgrade Greece

Optimism at Greek Stock Exchange Grows Stronger
The benchmark of the Greek stock exchange has added more than 8 percent in just two sessions, climbing almost 40 points on Wednesday on reports that the government is close to reaching a deal with its creditors and that international credit rating agencies are about to upgrade Greece. Hedge funds are also understood to be adding some window dressing to their portfolios ahead of the end of their fiscal year next week.

The Athens Exchange (ATHEX) general index reached 954.69 points, adding 4.20 percent to Tuesday’s 916.19 points (and climbing more than nine points in the closing auctions alone). The large-cap FTSE/ATHEX 25 index expanded 4.17 percent to 308.59 points.

Titan Cement beat other blue chips in the race for the highest growth, as it rose by 7.71 percent, ahead of Jumbo (up 7.53 percent), Piraeus Bank (7.21 percent) and Folli Follie (7.19 percent). Coca-Cola was the only large-cap to fall, at the marginal rate of 0.06 percent, while Intralot closed without change.

In total 77 stocks enjoyed gains, 41 sustained losses and 20 remained unchanged.

Turnover amounted to 89.7 million euros, up from Tuesday’s 86.2 million.