Lamda Development

Traders' reaction on Tuesday to two sessions of significant losses for stocks was encouraging for the benchmark and blue chips, but rather disappointing in terms of turnover. The market appears to be waiting for Moody's verdict on the economy on Friday.

The bourse ended the trading week on Thursday with a mixed session - after some early gains - that concluded with losses for the benchmark and mid-caps slide while blue chips and a large number of other stocks headed higher.

Athinon Avenue took another tumble on Wednesday, with the benchmark losses topping 4 percent and the banks index more than 6 percent worse off. Daily turnover dropped below the 100-million-euro mark after several days.

OTE telecom was the protagonist in Wednesday's bourse session following the issue of its 2019 financial results that showed a rise in profits, leading to 2.32 percent growth for its stock while accounting for over two-fifths of all of the day's trading. That helped the benchmark at Athinon Avenue record its first day of gains this week.

A number of Athens-listed companies are planning to take part in a new wave of bond issues, aiming to make the most of the favorable climate in the market and the improvement in investor confidence in Greece.

Lamda Development has reached an agreement with Eurobank and Piraeus Bank for loans adding up to 1.1 billion euros.

Lamda Development is as of last week the 100 percent owner of the Flisvos Marina in Palaio Faliro, southern Athens.
This follows the transaction last Thursday between Lamda and D-Marinas, which belongs to Turkish group Dogus - i.e. a few days before Dogus' broader divestment from marinas which it has sold to CVC Capital Partners.

Most stocks recorded moderate gains or got a bit of a breather following last Friday's decline in the first trading session after the long weekend, but it appears clear that any disruption will be more likely to come from developments abroad than domestic ones this year.

The stocks of former state companies gave the main index of the Greek bourse a major push on Tuesday while the banks' index stayed put. The benchmark rebounded within range of the 900-point level, with daily turnover rising above 100 million euros.

Lamda Development raised 650 million euros via a rights issue to help finance part of a landmark project at Athens' former Elliniko airport, it said on Tuesday.
Lamda, controlled by the Latsis family, announced the cash call in October to help fund a 8-billion-euro plan to turn Elliniko into a complex of luxury homes, hotels, offices and a casino.