Fourlis

Greetings, the day after a significant political event, such as the expulsion of a prominent political figure from their party, is always “a cold day” for everyone who thinks a little more than just about…social media. After all, Mitsotakis himself has always been a moderate politician who thinks quite thoroughly and methodically about his moves and decisions.

The inability of buyers to react showed today’s (10/9) third consecutive session of losses on the Greek stock market. Although initially the General Index had recovered above 1,440 points, sellers then took the reins again and led the market below 1,430 points.

Retail group Fourlis seeks to expand its presence in the Balkans and Cyprus with an agreement it reached with US multinational sportswear and footwear company Foot Locker. 

According to CEO Vassilis Fourlis, the Foot Locker deal is a strategic move that aims to more than double sales over the next 3-5 deals and will more than double profits. 

The benchmark of the Greek bourse slipped to a three-week low while turnover was the smallest in three months on Monday, partly due to a US holiday that kept buyers away. The reopening of brick-and-mortar stores apparently had little effect on the stock market, which is eager for some assurances this will not be a mere blip.

Though few admitted to it, there was much anticipation that Friday's triple-witching session at the Greek bourse would be the one to take the benchmark above the psychologically significant level of 800 points.

Losses accelerated at the Greek stock market on Wednesday as buyers were far outnumbered by buyers and the benchmark closed at the day's low. Bank and energy stocks lost much of the ground gained in recent days.

Bank stocks continued their advance on Tuesday, while investor attention was focused on the benchmark bond issue, but non-banking stocks dragged the main index lower at the start of this four-day trading week at Athinon Avenue.

Traders had appeared set to cash in recent stock gains at Athinon Avenue on Thursday, but the European Central Bank's announcement that assistance for eurozone member-states would be boosted contained the drop in prices, while the mid-cap index went up.

The European Commission announcements concerning grants and loans for member-states adding up to 750 million euros gave Greek stocks a major boost on Wednesday, in line with most other European bourses. The fourth consecutive day of gains on the highest turnover of the last two-and-a-half months took the benchmark over 8.5% higher compared to last Thursday's closing.

Despite the hour-long interruption to Tuesday's trading session due to a technical failure, bank stocks staged an impressive rebound of more than 12%, taking the benchmark at Athinon Avenue to fresh gains. The international climate continues to improve as hopes for a coronavirus vaccine keep growing, helping turnover in the local market to recover.