Accumulated profits brought liquidation temptations, turnover soared, NGE hit 7 billion market cap, Eurobank at an almost 9-year high, Jumbo’s 10% rally and EKTER’s 15x earnings.
The signs of fatigue shown yesterday by Buy after 3:30 p.m. as the climate changed internationally. The A.A. had accumulated a lot of gains, which if you calculate the intrasession +1.03% yesterday, reached close to 8% in the last six days, while indices and shares were found at overbought levels, so liquidations were a matter of time. It remains to be seen whether the ASE will be satisfied with such “hybrid” intra-session corrections, as it has done in the recent past, or whether the index will turn lower.
The path of the General Index, October 15, 2023 – April 24, 2024
In the last two days after the upgrade, the turnovers in the market, led by the banking sector which is the first to be positively affected when the country’s credit rating improves, as happened now with the upgrade of the outlook by S&P. After €161.4 million in Monday’s session, yesterday’s turnover reached €175.5 million (the largest in the last 24 sessions), which was largely due to the banking sector which traded €107.38 million , with Piraeus dominating with a turnover of 41.69 million euros. That is, only in the last two days there have been transactions on the A.H.A. worth 337 million euros, while if the 104 million euros of the second meeting are added, then the turnover rises to 441 million euros. This is an image that is clearly due to the upgrade of the outlook by Standard and Poor’s last Friday night, which reawakened the dynamics of the banking sector, bringing a new wave of inflows.
The General Index is up 6.73% in the six-day bullish streak, the FTSE 25 gains 7.17%, the Mid Cap is at +6.65%, while the banking sector is at +8.88%. Now, since the beginning of the year, the… harvest has been partially restored, as G.D. is at +12.03%, the FTSE 25 at +13.14%, the Mid Cap lags behind with a rise of 2.84%, while the banking is at +19.11%.
— Solidus Sec.: As the analysis department of AXE notes, “the Hellenic Stock Exchange was the first to signal the recent correction, but also the first in the upward reset. The last sessions are of historic importance, not only because a new 13-year high was set, but because the market capitalization exceeded 100 billion euros. Spring is ahead (good corporate earnings, dividends, interest rate cuts and most importantly, liquidity waiting to enter the Market)”.
— Banks: The sectoral index gained as much as 2.01% yesterday to hit a new high of 1,282.54 points in recent years, while ending the session at 1,264.53 points up 0.58%, just below 1,267.72 points. which closed on March 6 and is by now the multi-year closing record. In the sector, only in the three meetings after the upgrade, a total of 223.5 million euros have been traded.
— Capitalization: Although in A.A. there are 155 listed companies left, some of which are (almost) non-existent in terms of business and stock exchange, as of Tuesday the A.A. has reached the 100 billion euro capitalization, for the first time since November 9, 2009, i.e. 14.5 years ago. On November 9, 2009 the General Index of the A.A. was at 2,688 units, while the A.A. it had at least 70 more companies.
— National: Over 7 billion euros capitalization again, after many years. Yesterday it closed at 7.65 euros with an increase of 1.92%, levels it has seen since December 2015, that is, about nine years ago. Gains of 8.63% in the last five days, +21.72% year-to-date.
The performance of the National Bank share, October 15, 2023 – April 24, 2024
— Eurobank: Up 1.64% yesterday, +11.93% in the last five days and +25.28% this year, it closed yesterday above 2 euros for the first time since November 18, 2015, which means it is at close to nine-year highs! First bank in valuation with 7.49 billion euros and second in the entire A.A. after Coca Cola HBC.
Eurobank share performance, 15 October 2023 – 24 April 2024
—EXTERNAL: The company achieved a leap in size in 2023 (more than three times the turnover, 15 times the profits!) confirming those who pointed out its good quality and strong position in the construction market. With the momentum this stock still has a lot to show us.
The course of the EKTER share, October 15, 2023 – April 24, 2024
— Jumbo: It completed a five-day bullish streak with a total gain of 10.09%, closing yesterday at 28.38 euros, which is about an eight-month high, as it had seen since September 1, 2023, and is now not far from the 29 euros of August 22 2024 which is the stock’s all-time highs at close. It rose to the 9th position of capitalizations with 3.86 billion euros, leaving behind Alpha Bank with 3.82 billion euros.
— Jumbo’s stock performance, October 15, 2023 – April 24, 2024
— Optima: She continues undeterred. A new high for the stock yesterday with high profitability and the expectation of high dividends acting as a magnet.
— Intralot: After the good reaction rally, it corrected by 2.56% yesterday to €1.14, making the biggest turnover in the Mid Cap with €1.31 million. Moody’s yesterday confirmed the “Caa1” rating for the company, while upgrading its rating outlook from stable to positive.
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