Metlen

Wednesday's rate cut by the Fed predictably benefitted European stock markets too, though Greece's did not follow the upward path at the same pace on Thursday. Nevertheless, it did register gains, on increased turnover too, but traders are still waiting for a domestic catalyst that will give Athinon Avenue the boost it requires to see its benchmark return to the vicinity of 1,500 points.

Not only did the benchmark of the Greek bourse recover all its Wednesday losses on Thursday, but it also did it on increased turnover, which confirmed that local stocks are gathering interest again this month. The rise in prices was led by non-bank blue chips, especially those in the energy sector, but extended across the market.

The Greek stock market experienced a new downturn following a similar movement at the end of the previous week. The initial rise to around 1,440 points was followed by a shift in investor sentiment, with Athens failing to align with the positive mood of European markets. However, the losses did not cause concern as the support level at 1,430 points remained intact.

Evangelos Mytilineos, head of metals and energy group Metlen, has asked the EU to make certain European companies get access to rare earth metals.

"China continues to restrict exports of metals and rare earths… unfortunately the EU has not specified measures" to do so, despite its legislation on critical primary materials passed in May, Mytilineos said in a LinkedIn post.

Greece's stock market reclaimed the 1,400-point mark Tuesday after six sessions.

Despite trading within a fairly narrow band, the Athens Stock Exchange general index went through several ups and downs, before settling at 1,403.17 points, up 0.36%. Intra-day, it hit a low of 1,394.62 (-0.25%) and a high of 1,404.62 (+0.46%).

Sellers regained the reins of the domestic market, as part of consolidating some of the gains from the two-day upward reaction on August 6-7, following the -6.27% “Black Monday” (August 5).

ATHEX-listed group Metlen achieved a record first-half net profit in the first six months of 2024, with analysts in their initial reactions following the results announcement maintaining a "buy" recommendation for the company's stock, which is trading at attractive levels.

Metlen, the Athens-listed group formerly known as Mytilineos, has met the challenge of transporting the bulky equipment needed to develop its three open-cycle power generation units it is building in the UK, ensuring operations continue smoothly.