Posts Tagged ‘ Surges ’

Greek Stock Market Surges on M&A

August 29, 2011
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Greek Stock Market Surges on M&A

The Greek stock market is having a melt-up this morning, with the largest gains in 20-years. The index as a whole is up 14%, which isn’t bad for those who managed to get long Greek equities on Friday. And for more adventurous and daring sorts, the Cypriot stock market is up 18.5% this morning; Cyprus is leveraged to Greece. The rally comes based on two of Greece’s largest banks (the 2nd and 3rd largest) agreeing to merge to bolster assets. EFG Eurobank Ergasias and Alpha Bank have commenced merger discussions and have been halted from trading. Cypriot banks rallied 20%+. The largest bank in Greece is National Bank of Greece – in case you were wondering (up 30% today). This is swell and all and I already sense what the cynics...

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