Helleniq Energy

The positive prospects of the Athens Stock Exchange (ASE) will provide a solution to the suspended privatization of DEPA Commercial, a subsidiary of Public Gas Corporation (DEPA).

The plan is to get HELLENiQ Energy (the former ELPE) to sell its 35% stake in DEPA Commercial to the state, which, in turn, will list the company on the ASE.

The Athens Stock Exchange posted minimal gains, with the positive news of the upgrading of Greece's debt by Scope Ratings balanced by the negative climate in other European markets.

The ASE general index ended 0.09% higher at 1,320.65 points, trading narrowly throughout the session. Turnover was €79 million.

The Athens Stock Exchange proved unable to hang on to early gains recorded on Tuesday. The ASE general index, which got close to its highest levels since 2014, ended down 0.84%, closing at 1,324.28 points.

Negative trends in other European stockmarkets finally were felt in Athens.

Blue chips lost 0.91% and mid-caps dropped 1.35%. Banks lost 0.78%.

Exactly one year after signing their provisional agreement on the joint installation of offshore wind parks in Greece in July 2022, local refiner Helleniq Energy and German power giant RWE have signed the framework agreement for their joint venture through which they will bid in the tenders the Greek state has proclaimed for the development of 2-2.5 gigawatts of offshore wind power capacity.

The Athens bourse reverted to its rising course with renewed strength on Tuesday, as the benchmark of the market climbed to highs unseen since early April 2014 thanks to the positioning of several investors in local companies ahead of Greece's much-anticipated credit rating upgrade. Still, the main index stopped short of the 1,350-point mark, closing three points off the mid-session high.

Athinon Avenue produced a more convincing session of gains on Wednesday, with the benchmark growing almost 1% and turnover moving above the 100-million-euro mark again. The rebound on European markets and the Fitch report that projected a fiscal overperformance for Greece, as well as the essential window dressing at the end of the year's first half, saw most stocks move up on the day.

The peaceful conclusion of the Turkish elections and of the debt limit standoff in the US allowed European stocks to recover and the Greek bourse to extend its recent gains on Monday. The benchmark at Athinon Avenue climbed to a new nine-year high and turnover was remarkable given the holiday in the US and the UK.

The Greek stock market ended the last week before the general election with gains, which made it the third consecutive week of growth for the benchmark at Athinon Avenue. The market appears calm ahead of the polls, in contrast with what is happening on the other side of the Aegean, while turnover in Athens increased on Friday thanks to maturing of the month's derivatives.

Wednesday's narrow session at the Athens stock market saw the benchmark come off Tuesday's 104-month high and after negligible fluctuation it closed with a small drop, though the losing stocks outnumbered those that notched up gains. 

Mid- and small-caps on Wednesday served to maintain the upward trajectory of the Greek bourse benchmark, which completed its sixth consecutive session of expansion, albeit marginally, despite blue chips and bank stocks heading south.