Greek shares higher in late morning trade, led by Motor Oil Hellas');">Comments
ATHENS (AFX) - Shares were higher in late morning trade, led by refiner Motor Oil Hellas which was gaining after posting better than expected first quarter results, brokers said.
At 11.55 am the ASE general index was up 0.6 pct at 3,667.3 points, and blue chips were 0.4 pct higher at 1,969.3 points. Mid caps were 0.5 pct higher at 4,006.6 points.
Refiner Motor Oil Hellas was rising 3.5 pct to 20.6 eur after it said that first quarter net profits jumped 48 pct year-on-year to 43 mln eur. Brokers said this was due to the operation of its new hydrocracker unit, forex and inventory gains, as well as the impact of lower effective exchange rate.
Lottery operator OPAP was up 1.1 pct to 26.8 eur rebounding from recent selling pressure and after posting uninspiring first quarter results yesterday. CSFB said that the revenues were strong, but EBITDA and net profits were weak and kept the stock at 'neutral'.
Electricity utility PPC was 0.5 pct higher to 18.92 eur recovering from recent profit taking. In other news on PPC, broker UBS cut the stock to 'reduce' from 'neutral' and trimmed its target price to 18 eur from 18.8 eur, saying its recent first quarter results didn't show sufficient restructuring.
Betting technology company Intralot was flat at 21 eur after having posted strong first quarter results today before trading began on growth from international operations.
Source: Euro2day.gr NewsWire
skrekas@euro2day.gr
ns/ak/joy
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