Greek bank shares surge after Reuters reports bourse authorities suspend trade in NBG, Alpha over merge rumours

Greek bank stocks soared after Reuters reported the Athens stock exchange suspended trade in National Bank and Alpha on merger rumours, lifting the benchmark index 7 percent. Reuters reported the suspension 8 minutes ahead of Bloomberg, tapping the stock exchange’s CEO. The bourse action gave more credence to the rumoured deal, sparking a rally in the sector on expectations of more acquisitions down the road. EFG Eurobank and Piraeus Bank surged 17 and 15 percent respectively on market expectations they were next in line. It was a record intra-day jump for Eurobank shares. Reuters dominated the day from the start, setting off with a report on bank shares rising on talk of possible merger. We were ahead of the competition with NBG’s statement confirming the offer and ahead again with the finance ministry welcoming the news.