Europe markets shrug off Syriza win, Greek banks plummet

26.01.2015 23:21 staff |


European markets closed higher Monday, despite opening the session lower, as investors digested news that anti-austerity party Syriza won a general election in Greece on Sunday.

The pan-European Euro Stoxx 600 index ended around 0.5 percent higher after fluctuating earlier in the session.

Greek stocks on the Athens Composite traded down 5 percent earlier in the day, but ended around 3 percent lower. Greece’s Bank of Piraeus closed 17 percent percent down, Alpha Bank fell 11 percent and the National Bank of Greece dropped sharply by around 13 percent, amid concern about the impact of Syriza’s win.

Greek elections weigh

FTSE FTSE 100 Index 6852.40
19.57 0.29% 630840240
DAX DAX Index 10798.33
148.75 1.40% 105118584
CAC 40 CAC 40 Index 4675.13
34.44 0.74% 131723356
IBEX 35 IBEX 35 Idx 10696.10
114.60 1.08% 309103661

London’s FTSE ended 0.3 percent higher, the French CAC provisionally closed 0.8 percent higher, while German stocks rallied to finish 1.4 percent higher.

Syriza’s leader, Alexis Tsipras, is opposed to the austerity measures that were part of Greece’s financial bailout agreed with international lenders and has said he will try to renegotiate Greece’s debt agreements.

The euro fell to an 11-year low in early morning trading, but erased some losses by mid-morning after it was clear that the Syriza party hadn’t won an outright majority.

Meanwhile, the basic resources sector was the major underperformer, with metal prices showing some weakness at the start of the trading week. Energy stocks also saw some selling, down 0.3 percent, with the price of Brent and WTI both falling in the morning session.


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