Mytilineos

Local stocks ended a nother profitable month at the Greek bourse, as July saw gains of 4.45% to the benchmark at Athinon Avenue following a session of slight growth for the majority of stocks on Monday. As banks' second-quarter results started flowing in, non-bank blue chips stole the show, with Mytilineos reaching a new all-time high.

Athens-listed Mytilineos on Thursday announced a 17% increase in its first half turnover to 2.516 billion euros, from €2.154 billion in the same period last year.

The company also said its EBITDA rose 9% to €438 million, its net profit after minorities jumped 61% to €268 million and earnings per share soared 59% to €1.94.

Thursday was another positive day for the Greek stock market, albeit on rather weak turnover. The benchmark at Athinon Avenue climbed to yet another nine-year high, this time boosted mainly by mid-caps as investors seek opportunities in underpriced stocks.

Even without the support of bank stocks, the Athens bourse benchmark soared to yet another nine-year high on Wednesday, in line with the positive mood across eurozone markets. Four out of the 21 non-banking blue chips closed at historic highs, also helped by the Scope Ratings report about the growing prospect of Greece regaining investment grade.

The government sees opportunities to exploit domestic deposits of rare earths and critical raw materials after restrictions announced by China on exports of gallium and germanium, which are essential raw materials for the manufacture of semiconductors.

Six of the eight investment schemes that participated in the final phase of the tender for the new Attiki Odos concession contract submitted binding financial offers by Monday's deadline.

Greece could be Europe's answer to China's decision to restrict exports of gallium and germanium, rare earth elements used in the manufacture of semiconductors, photovoltaics and optical fibers.

Friday's narrow trading session at the Greek stock market concluded with some gains for most, at the end of a week of price growth that sent the benchmark to yet another nine-year high at the close. Barring any unforeseeable factors, the short-term trend at Athinon Avenue remains positive, with prices rising in line with the temperatures.

The Greek stock market experienced a mixed session on Thursday, with the majority of stocks closing with gains while most indexes posted losses at the end of the day. Traders opted for select sales to cash in their recent gains, so the benchmark came off Wednesday's 111-month high to settle for a minor decline.

A balanced session with particularly low turnover brought the week to a close at the Greek stock market as external pressures were mostly offset by the upward moves by blue chip heavyweights Coca-Cola HBC and Piraeus Bank. The slip of the main index took the weekly result from a rise to a marginal loss.