The wind has been blowing lately in the Greek stock exchangewith buyers comfortably prevailing for the fourth consecutive day, putting the General Index back on track for records, even closing near the day’s high.
In particular, at the meeting on Monday (22/4) o General Index jumped 27.78 points or 1.99% to close at 1,420.40, moving between 1,399.34 (day low) and 1,420.44 (day high). In this way, it moved at least 60 points away from the more than two-month low of 1,357.30 points, which it hit last Tuesday.
At the same time, it narrowed the gap to -0.14% from 1,422.35 points on March 28, re-entering the trick of resuming monthly gains. Also nearby are 1,434.87 points, the highest close in a 13-year “depth”. In the last 4 days the index “runs” a rally of +4.65%. The rotation in the protagonists maintained the strong upward momentum in the domestic market, with the banks taking the “baton” from the large-cap heavy papers. This, however, does not mean that the blue chips did not overperform as well, as buyers were positioned across the spectrum of the board. Among others, Eurobank, Piraeus, Alpha Bank, OTE, Aegean and Quest Holdings stood out.
Driven by the recent upgrade of the outlook by Standard & Poor’s, which implies a possible upgrade of the debt to a “depth” of 12-24 months, Athens Avenue today showed an even better picture compared to the three previous bull sessions. Positive catalyst for the A.A. are also the new figures from the field of the economy, with the primary surplus forming at 1.9% of GDP at the end of 2023, against a forecast for 1.1%.
Although the previous week started with a two-day decline and massive selling, at a time when the rest of the markets were showing composure, it ended in a completely opposite pattern. The A.A. outperformed most foreign markets in the wake of the Israeli strike on Tehran on Friday (19/4), showing signs of resilience in the face of geopolitical risk. The buying awakening was also driven by strong results announced last week by a number of companies, such as Jumbo, Lamda Development, Ellactor and ADMIE, with shares of all of the above rallying in the wake of the announcements. The climate of optimism is also maintained by the information about new deals, which are expected to change the business map of the country.
The image abroad
Wall Street’s S&P 500 and Nasdaq have hit their longest losing streak since October 2022, falling for a sixth straight day on Friday. The S&P 500 snapped a three-week losing streak and missed the psychological 5,000 mark. Accordingly, the tech index posted its worst weekly performance since November 2022, completing its fourth consecutive 5-day downtrend. However, today is the time of reaction for Wall Street, although for now it appears to be weak.
European markets are moving strongly, with Britain’s FTSE 100 and Spain’s IBEX 35 leading the way with gains of more than 1%. The Italian FTSE MIB keeps its distance, recording a new decline. The Portuguese PSI moves to +2.7%. Rebound in major Asian stock markets after Friday’s sell off, with Hong Kong’s Hang Seng and South Korea’s KOSPI posting the strongest gains today.
The unexpected upgrade and results agenda
The catalyst for the rise for the domestic market is the pleasant surprise of Standard & Poor’s, which upgraded the outlook of the Greek debt from stable to positive, leaving open the possibility of an upgrade of the rating (BBB-). in the next evaluation of the American house, which will take place on October 18. The positive outlook, as it states, reflects the improvement of public finances and the commitment to the continuation of structural reforms. It is recalled that S&P has already given our country the investment grade.
Rich in announcements is the current week, in terms of the annual results for the year 2023 of the listed companies. Among others, we are waiting for EYDAP, Intrakat, Plastic Thrace and Space Hellas. At the same time, the cycle of announcements for the financial figures of this year’s first quarter has begun. Papoutsanis was the first, followed by Sarantis on April 24th and Mytilineos one day later (April 25th). During Holy Week, Piraeus Bank and Athens International Airport (IAA) announce their quarterly performance.
Read more financial news at Newmoney.gr
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