by Manos Hachladakis
The Athens stock exchange continued its upward streak even with marginal gains “in the delays”, with transactions strongly increased for the second day.
In particular, the General Index reached up to 1,462.68 units (+1.03%), however, slowing down in the last hour, it was finally limited to a imperceptible increase of 0.06% to 1,448.7 units, which actually emerged in the auctions.
As mentioned above, turnover remained high at 175.5 million euros, of which only 15 million in packages (a large 2.1 million in El. Venizelos and another also 2.1 million in Optima, 7 in the National for 4.2 million) with the volume of transactions at 46 million pieces.
The banking index which reached as high as 1,282 points (+2%) finally finished at 1,264.53 up +0.58%, the FTSE edged up 0.06% to 3,533.19 points, while the FTSEM mid-cap closed at 2,314.7 units with losses of 0.57%.
After the market yesterday sharply broke through the resistance zone of 1,425 points and set new 13-year highs, today it showed momentum to extend it significantly further (as it did intra-session) but – rather predictably – saw investors in the process lock in some of the significant gains of the previous five days, mainly in the blue chips that had outperformed since the beginning of the upward reaction.
At the same time, however, the banking sector, which had lagged behind in the bullish three-day period that ended last week, continued to be led by buyers today.
In any case, on a technical level, Athens Avenue now has its sights set on the zone of 1,470 units with today’s move not changing much in the general picture, while interest in Greek assets seems to have rekindled after the upgrade – surprise from S&P, as shown by the explosive demand for the Greek 30-year bond today.
In comparison, the issue was oversubscribed by 10 times with offers amounting to 33 billion euros and the final interest rate 165 basis points above the mid swap, i.e. around 4.2%.
On the dashboard
The session revolved around 5 securities, the 4 banks and Mytileneos, which made a cumulative turnover of 120 million euros out of the 175 million of the day’s total (the 107 million in DTP).
At the top of the turnover with 41.6 million euros was Piraeus but remaining unchanged at 4 euros, Eurobank followed with 27.2 million at 2.01 euros with a strong increase of 1.64%, as well as National Bank at 7, 56 euros with a jump of 1.93% on transactions of 20.25 million.
A negative exception was Alpha, which fell to 1,627 euros with a sharp drop of 2.4%, completing the 4th place in the turnover with 18.2 million.
Mytileneos, after the five-day rally with gains of almost 10%, today corrected with a drop of 1.3% to 38.3 euros and a turnover of 12.8 million.
From there, the market found further supports in Motor Oil which jumped 2.8% to 27.28 euros with a turnover of 4.4 million Jumbo at 28.38 euros with +1.14% and 4 million with Cenergy (1.9 million) to 7.57 euros with +1.75%, Sarantis (1.1 million) to 11.88 euros with +1% and Ellactor (446 thousand euros) to 2 .59 euros with +0.97%.
Apart from Alpha and Mytileneos, sellers focused on Quest (272 thousand euros) with -1.93%, Lambda (1.1 million) with -1.56%, TERNA Energy (3.4 million .) with -1.04%, OTE (3.8 million) with -0.97% and GEK TERNA (2.4 million) with -0.96%.
Biohalco (1.4 million) also moved correctively with -0.6% ELVALHALCOR (354 thousand euros) with -1.02% and with small losses below 0.55% were Titanas, PPC, OPAP, ELPE .
Otherwise, Optima returned to its explosive pace with a jump of 3.7% to 10.66 euros on transactions worth 3.8 million, while El. Venizelos with a high turnover of 2.7 million (due to the large package) saw a marginal increase of 0.12%,
In mid-cap Epsilon (€445k) rallied 5.1%, while Intralot (€1.3m) posted losses of 2.56% and Intrakat (€1.2m) erased gains of 2.4% finally closing with losses of 0.8%.
On the entire board, 67 stocks finished down compared to 56 up.
The image internationally
In the US, indices continued to rise for a second day with gains of up to 1.6% for the Nasdaq and are trying to continue today, boosted by the explosive rally of more than 12% of Tesla, which disappointed in its figures but excited investors saying that it will launch a new affordable model in early 2025.
Thus, the Dow Jones is slightly lower hourly, but the S&P 500 is up 0.3% and the Nasdaq is up 0.8%.
The trends are also marginally upward in Europe, which in a similar course to the Athens L. came face to face with profit taking movements,
Thus, the German DAX and the pan-European Stoxx 50 are now close to unchanged, while the French CAC 40 moves to +0.15% and the British FTSE 100 to +0.2%.
Yields on the bond market remain stable at high levels, with the 10-year US at 4.649% and the 2-year at 4.941%, while the Greek 10-year sees its own at 3.486%.
Finally, without particular changes are oil prices, Brent at $88 a barrel and WTI at $82.8 with a slightly downward movement.
