Mytilineos

The ties between the business world and Greek universities are being strengthened by the participation of CEOs and presidents of large companies operating in Greece in the advisory board of the postgraduate program in business administration of the University of Athens.

Mytilineos on Monday announced the acquisition of a 15% equity stake in Clara Energy's Rosedale Green Hydrogen project in Australia.

The widely anticipated upgrading of Greece's outlook to "Positive" by Standard & Poor's on Friday was taken in the traders' stride in Monday's bourse session, with many of them engaging in some profit taking that focused on banks and construction companies. Turnover posted a considerable decline though.

The Greek bourse entered its four-day recess in line with most European bourses after yet another session of growth for its benchmark, the seventh in a row - a sequence unseen in over eight months. This has also been the third straight week of growth for the main index.

The benchmark at the Greek stock market tested the waters around the 1,080-point level and returned below 1,070 points on Tuesday, closing with minimal gains that sufficed to make the session the fifth in a row with growth for the bourse. This was mainly driven by bank stocks, while the majority of the market ended up with losses, albeit minor in most cases.

The Greek economy is "in an especially good position," local banks are "extremely well capitalized" and the country's debt will be upgraded to investment grade a few months after the elections.

Mytilineos on Thursday announced the signing of a contract for the development of an open-cycle gas turbine (OCGT) power plant project in Immingham, North Lincolnshire in England, for VPI Immingham-B LLP (VPI-B), a non-consolidated group entity of Vitol.

The contract signed by Mytilineos consists of the engineering, procurement and construction (EPC) of a 299-megawatt OCGT plant.

The Greek stock market opened the week with a 2.1% decline in Monday's first few minutes, as a result of the shocking news of Credit Suisse's demise and takeover by fellow Swiss lender UBS, but stocks gradually began to recover and swung back into the black as the session progressed to close with moderate gains in their majority.

The reaction of Greek stocks to several days of decline, which had even put the benchmark's grip on the 1,000-point mark at risk, finally arrived on Tuesday, with banks leading the recovery of prices at Athinon Avenue. The advance accelerated after the announcement of inflation data from the US, with the main index closing near the day's highs.

The Greek bourse appears to have stemmed the outflow of funds seen at the start of the week and is preparing for its next move upward, after another session - on Wednesday - where blue chips rebounded, with the exception of banks. Reports by foreign firms, such as that by Jefferies, indicate that there is more to come from where the January and February momentum came from.