2024-09-03 13:15:32
The Athens Stock Exchange managed today (2/9) to break the narrow range of the last few weeks and reach the highest levels since August 1st, with investors keeping the “reins” for the 3rd consecutive session.
In spite of holiday on Wall Street and the lead of sellers in Europe, the Greek market managed to become independent and to exceed them resistors of 1,440 unitsfinding supports in selected stocks. Of course, the upward reaction was not accompanied by convincing turnoverwho remained in low levels.
This, however, cannot be ruled out to change in the coming days/weeks, given that there are many more to come “dense” developments in September (DBRS & Moody’s, interest rate cuts, corporate sizes, etc.), which can significantly raise the daily investment activity.
More specifically, at the first meeting of the month, Mr General Index rated satisfactory 1.05% increase and formed in day highs of 1,446 unitsgaining about 15 points from Friday’s close (1,431.19 points).
The arc of diurnal variations was set at 14 units (from 1,432.04 to 1,446.21 units), with the transaction turnoverhowever, not to exceed the 81 million eurosof which 8.2 million euros related to pre-agreed packages.
On the board, now, the shares of OPAP and OTE stood out up to +3.2%, recovering 16 and 15 euros, respectively. Profits by 2.8% were also shown by Piraeus Streetwhich returned to 4 euros (higher than 1/8), while Alpha, PPC, Methylene and National followed at least at +1%.
Stock Exchange – OPAP: “Leader” with a rise to 16 euros
Banks are on the rise
The banking index, despite a numb start, finished at +1.37% and 1,282 unitspending the decisions on the final disinvestment round of the HFSF, but also the imminent introduction of the Bank of Cyprus.
Her stock Piraeus its share increased to +2.87% and 4.02 euros Alpha followed at +1.91% and 1.576 euros, its share National traded at +1.53% and 7,978 euros, while its share Eurobank remained unchanged at 2.064 euros.
The picture on the dashboard
In the high-cap index (+1.34% and 3,520 points), its share OPAP expanded by +3.2% and recovered to 16 euros, ahead of tomorrow’s publication of corporate figures. Its share also increased by 2.8% OTEwhich returned to 15 euros. ELVALHALCOR, PPC, Titan Cement, Methylene, Lambda and Jumbo gained at least +1%, while Sarantis jumped to +3% and 10.2 euros, pending today’s financial results. Her stock Aegeantook off at +2.2% and returned to 11 euros. On the contrary, its share Autohellas folded to -2.2% and 11.2 euros. Finally, its closure was stabilizing Motor Oil, which made a turnover of 16.5 million euros, in the wake of rebalancing in MSCI.
Regarding the mid-cap index (-0.34% and 2,312 points), the stock of Intranets stood out negatively at -2.5% and 5.02 euros, with the shares of Fourlis, ADMIE, Intralot and Optima Bank to follow around -1%. On the other hand, its stock Profile expanded dynamically to +3.6% and 4.74 euros. Austriacard and Dimand strengthened by at least 2%, while its share HE HAS increased to +1% and 4.56 euros.
Overall on the stock market, 62 stocks advanced, 33 stocks declined, while 21 stocks remained unchanged. OR capitalization of the market ranged at 100.1 billion euros.
The highest turnover
- Motor Oil -0.18% 16.5 million euros
- Piraeus +2.87% 15.3 million euros
- Eurobank 0.00% €11.5 million
- National +1.53% 9.6 million euros
- OPAP +3.26% 4.0 million euros
The biggest rise
- Kecrops +9.29% 38,647 euros
- Leventeris +6.67% 33 euros
- SIDMA +5.00% 2,973 euros
- Profile +3.60% 112,545 euros
- OPAP +3.26% 4.0 million euros
The sharpest bend
- BIOCARPET -3.66% 7,352 euros
- Intercontinental -3.33% 2,368 euros
- Frigoglass -2.75% 3,619 euros
- Intrakat -2.52% 735,589 euros
- Papoutsanis -2.45% 15,323 euros
Stock market: “Heavy” September usually brings… horror – What has happened in the last 10 years
The “heavy” September
The Athens Stock Exchange is going through one of the most critical months of the year, which today made a… September. And this, because in the coming days/weeks there will be many “heavy” developments, which will largely determine the short-medium term trend.
September reputation may not be the best possible – from 2020 to 2023 o 9th month of the year is (almost permanently) downward- but there are reasonable expectations that the trading activity and the daily turnovers will start to take the… rise again, leaving behind the cachectic days of the second 15 days of August.
The first bet, of course, is the constant exceeding of their minimum target 100 million euros/day. “The image of inactivity is not sustainable and may be reversed with the return of investors “to the desks” in September. In any case, convincing investment initiatives, “fresh money” and… news will be required to “get the cart off the ground” points out the Petros Steriotiscertified technical analyst.
The news about Athens Avenue will start to get more and more interesting in the coming days. Apart from interest rate reductions and of corporate resultswhich continue to confirm the positive trends for this year’s profitability, attention is focused on the verdicts of the rating agencies.
Vakakis: The big loser (?) of the summer – The loss of 1 billion euros in less than four months
And his report can DBRS the caution that Friday is not a particularly critical catalyst (given that the Canadian house has already given Greece the coveted investment grade), but the same is not true for Moody’s report, which is the only one of the “big” and recognized houses which still classifies Greek bonds as non-investment grade.
The Athens Stock Exchange hopes that this will change on September 13, the day of publication of this year’s rate agency’s latest report on Greece, which is currently one “step” below investment grade. The importance of this evaluation is enormous, as Mr Moody’s is proven to be the house with the greatest emphasis on passive funds. Therefore, a potential upgrade is expected to bring large inflows into government bonds, providing a significant psychological boost to Athens Avenue.
In addition to the developments surrounding the country’s credit rating, these days decisions are also being made regarding the pending Nationalwith the main question concerning the fate of 18.39% of the HFSF. The disposal rate, sale price and timing are three factors, which are expected to “close” immediately, paving the way for the completion of the government’s disinvestment cycle in the banking sector.
The processes are progressing at a fast pace Attica Bankwhich is awaiting the merger with Pancreatia on the one hand, and the pre-decided AMK on the other, while not forgetting the planned return of Cyprus Street in Athens, which will add a value of 2 billion euros.
Marginal losses in Europe
Abroad, now, with Wall Street to be closed due to the Labor Day holiday, attention turns to Europe, where the headline index STOXX 600 retreats to -0.16% and 524 points, retreating from recent all-time highs.
On the Board of the Stock Exchange: The confinement of Alpha Bank and the remarkable step of ADMIE
(The above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any stock)