Motor Oil

Greek stocks presented a mixed picture on Thursday: The majority headed south but the banks index headed higher, helping the benchmark to end the rather volatile session in positive territory. The main index only held on to a fraction of the gains recorded earlier in the day.

Buying interest in Greek banks on the Athens Exchange (ATHEX) picked up on Wednesday as the pressure on European markets eased, allowing for a technical recovery of local credit stocks after they slumped to a new 32-month low on Tuesday.

A statement of support by Bank of Greece Governor Yannis Stournaras got Greek stocks off to a positive start on Wednesday, but a Moody's report stressing how much of a challenge bad loans pose to Greek banks soured the mood again, leading the benchmark back into the red at the close.

Bank stocks recovered most of their Wednesday losses on Thursday, leading the benchmark to notable gains, although this appears to be a technical reaction rather than a real change of heart by investors. The rise in bond yields also indicated that confidence in Greece has yet to be restored.

The closing auctions at the end of Monday's trading session in Athens wiped out all the gains registered over the course of the day and took the benchmark back into negative territory. Trading volume was very low as traders remain skeptical about the local market.

Most of the early gains registered by Greek stocks were wiped out by the end of Wednesday's trading session in Athens, with banks and mid-caps posting losses while the benchmark and other blue chips headed north.

Bank stocks dragged the Greek benchmark down with them yet again on Thursday at Athinon Avenue, as credit sector stocks' southbound course since the banks published their second-quarter results continues unabated - and this time the turnover was higher.

Losses sustained by Greek banking stocks banished early signs that the local market could head higher on Wednesday, with the benchmark losing all of its morning gains to end up in the red again.

The Athens Exchange (ATHEX) general index ended at 690.27 points, shedding 0.26 percent from Tuesday's 692.04 points. The large-cap FTSE-25 index contracted 0.20 percent to 1,811.98 points.

Greece's second-biggest refiner Motor Oil reported a 17.58 percent rise in net profit after taxes and minority interests in the first six months of 2018, compared with the same period last year, the company said on Wednesday.

Turnover for the group increased 18.08 percent or by 677 million euros to 4.42 billion euros in the same period.

Greek stocks posted losses on the Athens stock exchange on Friday as traders cashed in on the gains of the two previous sessions, during which the general index rose 3.69 percent.

The general index fell 0.87 percent to close at 724.85 points against Thursday's 731.19 points.