Minoan Shares Bounce Back

Wednesday, October 04, 2000
Minoan Lines shares were recovering on Wednesday after a five-day slide following the sinking of one of its ferries trimmed more than 25 percent from its stock value.

A week after the Express Samina, a ferry operated by Minoan subsidiary Minoan Flying Dolphins, sank with the loss of at least 79 lives; Minoan shares were up 3.32 percent at 2,490 drachmas ($6.41). They closed at 3,300 drachmas ($8.50) before the Express Samina went down.

Brokers said the recent slide of most ferry operator shares now offered investors attractive valuations following the sinking, which together with a government ban on various ferries for safety reasons affected the broader sector.

In five days trading after the accident more than $160 million were wiped off Minoan's market capitalization. It amounted to a more than 26 percent slide until Wednesday morning.

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