LAST UPDATE 15:18
by Manos Hachladakis
The stock market is on course to extend its 13-year rally and highs, with buyers showing they are back for good after geopolitical tensions in the Middle East eased.
In particular, the General Index, after a slight decline in the middle of the day, picked up speed again and now moves to 1,461.14 units with +0.92%.
The turnover is increased even today, already at 100 million euros, while 25 million pieces have been traded.
The banking index after today’s 3% rally is up 1.7% at 1,278 points, the FTSE is up 0.95% at 3,564 points, as is the FTSEM mid-cap at 2,342 points +0.64%;
The market yesterday broke through the key resistance zone of 1,425 points that had plagued it for the last two months or so and moved even higher to a new 13-year record with another jump of 1.9% and buyers showing that they are back for good, especially after S&P unexpectedly upgraded the outlook for the Greek economy on Friday.
Characteristic of the five-day series is that now the rise is coordinated and liquidity is spread over a large part of the board, and yesterday with a jump in turnover over 160 million euros, as the banks that were lagging behind at the end of last week have returned to the current his famous leading role.
Otherwise, the demand for the new Greek 30-year bond is explosive, as shortly before the closing of the offer book it was more than 32 billion euros, while the interest rate was set at 165 basis points above the mid swap, i.e. close to 4.2%.
On the dashboard
The banks continue to steadily rise, with National Bank and Eurobank increasing by around 2%, Pereos at +1.6% and Alpha with small gains of 0.3%.
In the rotation of the blue chips, the baton seems to be passing today to Motor Oil with a jump of 2.9%, with Sarantis following closely at +2.2% after the strong results he announced before the opening and ELPE at +1, 4%.
Mood for the fourth day of gains shows PPC at +1.1% and Jumbo for the fifth at +1.7%.
In contrast, Mytileneos is correcting slightly after its own five-day rally of almost 10%, OTE is down 0.4% and OPAP is marginally up 0.1%.
With a high turnover already of more than 2 million euros (6th highest of the day – due to a large package) the El. Venizelos moves with imperceptible gains of 0.14%.
In mid-caps Intrakat is up 1.4% after impressing yesterday with the numbers it presented, Epsilon is rallying 5% and Kri Kri is +2.7%.
Across the board, buyers are firmly in the lead, with 74 stocks moving up against 54 down.
The image internationally
In the US, the indices continued to rise for a second day, with gains of up to 1.6% for the Nasdaq, with the futures market showing dispositions to widen the reaction with Tesla’s explosive rally of more than 13% on its side, which disappointed in its sizes but excited investors by saying it will launch a new affordable model in early 2025.
Dow Jones futures essentially unchanged, +0.15% for the S&P 500 and +0.655% for the Nasdaq.
The trends are slightly upward in Europe as well, with the German DAX at +0.24%, the French CAC 40 at +0.35%, the British FTSE 100 at a new record with +0.5% and the pan-European Stoxx 50 at +0.3%.
Yields in the bond market remain at high levels, with the 10-year US at 4.640% and the 2-year at 4.944%, while the Greek 10-year sees its own at 3.488%.
Finally, without particular changes are oil prices, Brent at $88.15 a barrel and WTI at $83.
