Eurobank Ergasias

Banks led the Greek stock market to a remarkable rally on Wednesday, which compounded the month's gains to see the benchmark at Athinon Avenue end July 5.26% higher than its level at end-June. The interest in the market was also highlighted by the significant increase in turnover, though rising stocks only marginally outnumbered decliners on the day.

The Greek stock market closed Wednesday’s (31/7) session on a positive note, with the banking sector giving its back, stopping a six-day downward trend that had cost it -5.26%.

The public offer of Eurobank to the shareholders of Hellenic Bank expired on Tuesday, without any substantial result in terms of increasing the percentage controlled by the Greek group in the second largest Cypriot bank.

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 investment climate in Cyprus has significantly improved since the crisis era of 2013, attracting substantial interest from Greek companies. These firms are finding the Cypriot market a fertile ground for expansions and acquisitions, with shared cultural ties and language facilitating smooth business operations.

The National Bank of Greece dividend payment aside, stocks at Athinon Avenue secured gains to offset the decline of the lender on the bourse on Monday. The benchmark closed with minimal losses, while winners and losers ended up in a dead heat. The day's trading volume gave investors a taste of what's to come next month, with turnover slumping to its lowest level in over three weeks.

The Greek stock market began Monday’s (29/7) session down, in a week that starts with the National Bank’s dividend cut, followed by crucial announcements on the results of heavyweight listed companies.

For the first time since fiscal 2008, Greek banks are sending their shareholders to the “treasury” this summer. They will distribute dividends amounting to €814 million.

The dividend stay seals the return of Greek banks to normality, having travelled a difficult road for the Greek banking system.

Stock prices staged a comeback on Friday to see the benchmark end the week with gains for the fourth consecutive week - a sequence unseen in over four months. The bank sector this time bucked the trend and finished the day with losses, ahead of the announcement of the four systemic lenders' first-half results from next Wednesday.

The European Investment Bank (EIB) and Greece's four systemic banks have agreed to a new collaboration in the form of a 700 million-euro guarantee program to support mid-caps in Greece.