FTSE

The Greek bourse reversed early losses on Friday to close with gains for the third session in a row, taking its benchmark to the highest point since last May. Notably, Athinon Avenue bucked the dominant trend on the day in markets on both sides of the Atlantic.

Athinon Avenue started 2025 on a positive note on Thursday, with technology and construction blue chips leading the way and an optimistic mood trickling down to mid- and small-caps as well.

One session before the end of the bourse year, the benchmark at Athinon Avenue closed on Monday with negligible losses after a mixed session that pointed to some of the most important stocks in the local market, such as Alpha Bank, Ellaktor and Terna Energy.

Construction group Ellaktor's decision to return 85 cents per share to shareholders galvanized the Greek stock market on Friday, after its three-day recess, and drove the benchmark higher despite the limited trading volume one would expect from the festive season anyway. Mid-caps actually outperformed, while banks lagged.

The Greek stock market closed for Christmas with banks dragging the benchmark lower, although the mid-cap index and the majority of stocks ended up with gains on Monday. Trading volume predictably declined, but remained significantly higher than on such a day in previous years.

The anticipated transaction of the package of shares in Terna Energy, with 14.6% changing hands eventually on the day, sent turnover soaring at the Greek stock market on Friday, accounting for two thirds of the day's action at Athinon Avenue.

Athinon Avenue ended Thursday with hardly any changes to its main indexes. The day started off with a decline, as the expected 25-basis point cut by the Fed on Wednesday was already priced in, while the caution the US central bank showed in its statement led markets to believe a more restrained year is looming, according to a PIMCO commentary.

Banks stocks took it upon themselves Wednesday to get the Athens bourse to rebound after two days of profit taking by investors. In a rather narrow session, with little movement for the main index despite the rather high turnover, the closing auctions gave the final push that made rising stocks edge out the decliners.

The time came for traders to cash in their recent stock gains, as sellers dominated proceedings at Athinon Avenue on Tuesday, focusing on blue chips, and especially banks. Infrastructure companies begged to differ though, recording growth.

Greek stocks had a mixed session on Monday, with banks showing a rather contained reaction to the government measures expected to cost them over 300 million euros, according to estimates. The benchmark lost some ground, but mid-caps saw their index advance, with rising stocks narrowly outnumbered by decliners.