Greek shares flat in early afternoon as Titan Cement gains offset NBG losses


Updated Wed, 14 Nov 2007 00:00:00 GMT

ATHENS, Nov. 13, 2007 (Thomson Financial delivered by Newstex) -- Greek shares were flat in the early afternoon as the market consolidated on fragile sentiment with Titan Cement's gains offsetting National Bank of Greece's (NYSE:NBG) losses.

At 1.00 pm, the ASE general index was flat at 5,117.3 and the blue chip index was little changed at 2,715. Mid caps slid 0.6 pct to 6,448.2 and small caps dropped 1.5 pct to 1,050.2.

Decliners outnumbered advancers 203 to 37 while 87 were unchanged.

National Bank of Greece led blue chip decliners and fell 1.2 pct to 45.22 eur on profit taking after gaining sharply yesterday while Titan Cement led blue chip gainers and rose 1.5 pct to 33.5 eur, rebounding from recent falls.

Alpha Bank slid 0.4 pct to 24.9 eur after broker HSBC Pantelakis Securities cut its rating to 'neutral' from 'overweight' saying that its earning growth outlook is weaker than its domestic peers.

Bottler Coca-Cola HBC jumped 1 pct to 40.42 eur after it said this morning that its nine month group net profit rose 18 pct year-on-year to 435 mln eur on account of solid sales growth in emerging and developing markets.

Hellenic Telecomms (OTE) was 0.5 pct higher at 26.14 eur on positive sentiment surrounding shares after it announced it will buy-out its mobile unit Cosmote's minorities. Cosmote was unchanged at 26.24 eur on the news. Yesterday, OTE ended 4.9 pct higher while Cosmote jumped 4 pct.

Bank of Cyprus grew 0.6 pct to 12.18 eur, rebounding after dropping 4.7 pct in trade yesterday.

Bank of Piraeus continued its downward trend after losing 3.9 pct yesterday and slid 0.8 pct to 26.38 eur today.

Source: Newswire
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