OTE TELECOM

Recovery on the Athens Stock Exchange extended for a second straight session Wednesday, this time boosted by the greatly improved global mood.

Banks drove this recovery, as they did turnover, recovering an important part of the ground lost during Monday's big sell-off.

The Athens Stock Exchange rebounded Tuesday from Monday's disastrous session, but, although it clearly outperformed the main European markets, it only regained a fraction of Monday's 6.27% loss.

The general index closed at 1,367.78, up 1.98% on a still high turnover of €161.78 million. Blue chips gained 2.24% and mid-caps 1.57%. Banks gained 1.88%.

The month began with selling pressure on the Athens Stock Exchange, with the general index declining by as much as 1%, before steadying and limiting losses toward the end of the session.

The ATHEX general index ended 0.25% lower, closing at 1,474.44 points. Turnover was pretty high, at €99.33 million. Blue chips dropped 0.12% and mid-caps 0.47%.

The Greek bourse revealed a very interesting picture on Tuesday as there was a general trend for sales almost the entire session, but certain blue chips (most notably Eurobank) and a large number of other stocks resisted, leaving the rising stocks almost on at the same level as the decliners. Trading volume also showed some welcome improvement, a day before the end of the month.

The relief from the French election results, which may have led to a hung parliament but have also banished the prospect of a far-right cabinet, gave stock buyers an extra push on Monday at the Greek bourse, leading the benchmark to highs unseen in four weeks upon closing, on improved turnover too.

The anticipation of more interest rate cuts by the European Central Bank appears to have boosted stocks at the local bourse on Thursday, on a day with the lowest turnover in 2024, owing to the holiday in the US. Banks outperformed and remained the market's driver, though this time the rise was universal among the various sectors of listed companies.

On a day of reduced turnover, the Greek stock market recorded losses on Tuesday following two days of growth, in what seemed like a full reversal of Monday's rebound. More than just cashing in on recent gains, traders sent bank prices into a nosedive, partly due to the downgrade of JP Morgan's guidance on Greek stocks from "buy" to "neutral."

The decline of stocks continued on Wednesday at the Greek bourse, with the benchmark yielding significant ground as its drop accelerated and it closed at the lowest point of the day. It has also fallen to its lowest point in over a month. The announcement of the takeover of insurance company Europe Asfalistiki by Intracom led to a decline in the latter's price. 

Much as traders appeared eager to cash in Wednesday's stock gains, Athinon Avenue reversed its losses and ended Thursday's session on a new 13-year high for its benchmark, supported by key blue chips such as Eurobank and Public Power Corporation. Winners and losers on the day ended up in a dead heat. Turnover continued to grow.

The first-quarter financial results National Bank released on Wednesday proved a boost for stock prices on Thursday, as the lender rallied to a new eight-year high that reversed the early losses of the benchmark. Trading action was moderate at Athinon Avenue ahead of the Easter weekend, with the bourse set to reopen on Wednesday, May 8.