Lamda Development

The Athens Stock Exchange rose slightly on Thursday but could not scramble above 1,300 points, a level it has found difficult to sustain.

Investors made selective moves in some stocks and turnover was relatively low for a second session in a row.

The general index closed at 1,295.91 points, a 0.17% gain. Blue chips declined 0.11%, mid-caps gained 0.73% and banks slid 0.44%.

The stock market could not hold on to early gains Wednesday after deteriorating Purchase Managers' Index (PMI) numbers soured the mood in European markets.

The general index closed at 1,293.73 points, down 0.52%, on a low turnover of €71.7 million. Blue chips dropped 0.61%, mid-caps 0.31% and banks 0.15%

The Athens Stock Exchange bucked the negative trend observed on European markets Thursday, gaining 0.65% thanks to buying in banks and other blue chips.

The headline index ended at 1,314.31 points on turnover of 87.8 million euros, which was significantly lower than in previous sessions. Blue chips rose 0.69%, mid-caps added 0.44% and banks gained 1.20%. 

The concession process for some of the country's marinas is speeding up

At the same time, two business schemes - the subsidiary of Lamda Development, Lamda Marinas Investment, and CVC Capital's D-Marinas Hellas - have emerged as key players, controlling an increasing number of marinas, while other powerful groups are now claiming a share.

The lowest daily turnover of the last six weeks did not prevent the benchmark of the Greek stock market from rising to yet another nine-year high on Tuesday, even without the support of bank stocks. This time it was mid-caps that stole the show, boosting the main index and expanding the options of the few buyers that engaged in trading in Athens on what was a holiday in the US.

After eight consecutive sessions of growth the benchmark of the Greek stock market finally yielded some ground on Thursday, though its losses appear too insignificant to deduce any conclusions about an end to the upward momentum at Athinon Avenue.

The strong start to Monday's session at the Greek bourse gave way to some profit-taking initiatives in the afternoon that erased almost all of the benchmark's gains. The main index closed on the day's low, but that humble growth sufficed for yet another nine-year high. This was the sixth consecutive session of gains for the benchmark.

Unfazed by news of a German recession and a US credit default threat, the Greek stock market reverted to its upward trajectory on remarkable trading volume on Thursday, recapturing the 1,200-point level, with the help of growth in bank stocks. The universally positive first-quarter results of listed companies also contributed to the price growth.

Demand for housing and commercial property at the Elliniko project in southern Athens has exceeded initial expectations, Odisseas Athanasiou, the chief executive officer of Lamda Development, told analysts during the presentation of the company's results on Thursday.

He added that revenue from this activity will be more than 500 million euros in 2023.

Wednesday's session at the Greek stock market bore a great resemblance to Tuesday's, only with significantly greater gains upon closing after the late rally that banks staged in the closing auctions. Once again the benchmark closed higher and the majority of stocks suffered losses, given also the drop recorded by mid-caps. The 1,100-point mark is now within reach for the main index.