Eurobank

The benchmark at Athinon Avenue declined on Thursday for a third session in a row, although it actually managed to contain its losses upon closing largely thanks to the robust showing by OTE. The day's drop was partly due to the dividend that Eurobank distributed and partly because of the continued pressure on US technology stocks that has had a global impact.

The benchmark of the Greek stock market ended the week at its highest point since June 10, doubling its weekly gains and offering optimism to traders who are seeking some midsummer opportunities in a market where trading volume is sliding by the week. Price growth was most notable during the closing auctions, which saw the main indexes at Athinon Avenue end up at the day's highs.

The growth of most banks weighed decisively on the Greek stock market on Thursday for the final color of the benchmark, which reverted to black upon the closing after a rather narrow session, while turnover continued to decrease. Markets appear satisfied with the decline of the US inflation rate in June, which strengthens the scenario of two rate cuts by the Fed by year-end.

Tuesday's mixed session on the bourse showed a lack of clear direction in the market, with banks heading lower, mid-caps closing higher and the benchmark as well as the blue chip index ending up practically unchanged. That sufficed to make it five days in a row for the benchmark's growth, a performance not seen in three months at Athinon Avenue.

The relief from the French election results, which may have led to a hung parliament but have also banished the prospect of a far-right cabinet, gave stock buyers an extra push on Monday at the Greek bourse, leading the benchmark to highs unseen in four weeks upon closing, on improved turnover too.

Greek stocks retained their upward course on Friday, but the day's turnover was even lower than Thursday's, recording the smallest daily trading volume this year. Action is projected to pick up next week after the conclusion of the French elections, which appear to be holding investors back for now.

The Standard & Poor’s on Thursday (4/7) upgraded the ratings for Greek banks, but did not assign an investment grade to the country’s credit institutions, citing their improving numbers and the upward trend in the Greek economy.

Standard & Poor's upgraded the long-term credit rating of the four systemic banks and Aegean Baltic Bank on Thursday, placing National and Eurobank one step before investment grade and, respectively, Alpha Bank and Piraeus two notches below investment grade.

The anticipation of more interest rate cuts by the European Central Bank appears to have boosted stocks at the local bourse on Thursday, on a day with the lowest turnover in 2024, owing to the holiday in the US. Banks outperformed and remained the market's driver, though this time the rise was universal among the various sectors of listed companies.

Stocks bounced back on Wednesday after Tuesday's decline, although trading volume remained at a low level, reminding observers that July is nothing like June when it comes to turnover, barring any unforeseen circumstances. Thursday may well see less action given the national holiday in the US and the general election in the UK.