The Greek stock market recorded its third consecutive rise, with buyers holding the reins throughout trading, leading the General Index above 2,050 points for the first time since mid-October last year. Dense business developments and 9-month results of listed companies set the tone, while sentiment abroad is also improving due to the end of the shutdown in the US.
Specifically, in Wednesday’s (12/11) session, the General Index gained 29.14 points or +1.44% to close at 2,053.58 points. The index’s range was set at around 21 points, with a daily low of 2,033.96 points and a daily high of 2,055.16 points. This is the highest close since October 14 (2,056.86 points). Over the last three days it has gained a cumulative +3.36%. The intra-November gain is +2.93% and this year’s return is +39.73%.
Buying interest spread across the board, with Ethniki, Piraeus and CrediaBank standing out among bank stocks. GEK TERNA closed at a new 26-year high, exceeding 24 euros for the first time since late December 1999 – early January 2000. PPC also made gains, extending its 16-year record. Motor Oil also strengthened significantly, reaching an 18-month high. Viohalco and ElvalHalcor also recorded strong gains, closing at an all-time high and a new 18-year record, respectively. Aegean rallied, boosted by a +12% increase in 9-month net profit, which reached €148 million.
Premier for Lamda Development bond – Attention also on Fitch, Euronext
The public offer for Lamda Development’s 7-year bond started today, with the process running until Friday, November 14. It is recalled that the aim is to raise EUR 500 million (minimum amount is EUR 400 million), while the yield range is set between 3.8% and 4.1%. The funds raised from the bond will be primarily allocated to projects within the Hellenic Metropolis with an emphasis on residential developments, which will be “run” by the company until 2030.
OTE, HELLENiQ ENERGY and Austriacard Holdings will announce their third quarter and nine-month financials tomorrow, Thursday 13 November. As for next week’s programme, it is as follows: Monday 17 November – ElvalHalcor, Lavipharm; Tuesday 18 November – PPC, Trade Estates; Wednesday 19 November – Motor Oil, Cenergy, Quest; Thursday 20 November – CrediaBank, Kri Kri, Ideal, Alpha Trust Andromeda; Friday 21 November – Premia Properties.
Next Friday, November 14, Fitch Ratings will proceed with its assessment of the Greek economy. The US agency rates the country with “BBB-” and positive outlook and will close the cycle of this year’s ratings. Last week, Scope upgraded the outlook to positive, keeping the rating stable at “BBB”.
Attention remains focused on HSE, as the Euronext public offer expires on November 17. As a reminder, the pan-European group lowered its bar to 50%+1 share, reducing the required acceptance rate from 67% previously. The revised public offer for the takeover of EFAE has also been approved by the Securities and Exchange Commission.
Positive momentum in international markets – New record for the Dow Jones
Wall Street presented a mixed picture yesterday. The Dow Jones came a breath away from the record of 48,000 points with the prospect of the end of the shutdown as a “vehicle”. On the other hand, several technology stocks came under pressure, with concerns about valuations in the artificial intelligence sector coming back to the fore. A similar picture prevails today. The Dow Jones gains +0.8% to trade at 48,300, a new all-time high, while the Nasdaq retreats -0.3%.
European stock markets remain on an upward trajectory, taking a boost from the impending lifting of the US shutdown. The pan-European Stoxx 600 index is up +0.9%, Germany’s DAX is higher by +1.4%, France’s CAC 40 is up +1.5%, and Britain’s FTSE 100 gains +0.3%.
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