Tuesday’s (3/9) session at the Athens Stock Exchange turned into a derby between buyers and sellers. The General Index was limited to a range of about 6 points, changing sign continuously. Negative sentiment abroad left little room for anything more, with investors avoiding risk especially since the Xetra was coming off three consecutive rises.

Notably, the GC ended its positive streak as it fell marginally by 0.08 points or -0.01% to close at 1,446.09 points. The high for the day was found at 1,450.42 points and the low for the day was at 1,444.48 points. Although it was temporary in nature, the breach of 1,450 points is a positive sign going forward. Turnover remained at low levels, despite the fact that many packages were traded today.

The domestic market balanced between selected securities which outperformed, each for their own reasons and in the need to lock in profits in the wake of the three-day rally that preceded it. Attica Bank was the clear leader with a double-digit “jump” as investors welcomed the “green light” given by the bank’s AGM to its merger with Pancretia and the creation of the fifth banking pole.

The big winners of the day included ADMIE, which “climbed” to 2.2 euros after the “white smoke” that came out on the Greece-Cyprus electricity interconnection. The move away from the recent 6-month low and back above the psychological threshold of 10 euros was achieved by Sarantis, with a convincing rise having on its side the record sales and “soaring” profitability in the first half of the year. Motor Oil also recorded a strong rise, returning to a price above 22 euros.

Next targets and potential positive catalysts

Analysts have set a high bar of expectations for September, with the first target being to exceed 1,450 points, which was achieved today, albeit temporarily. The next milestones are 1,478 points (close of July) and this year’s record of 1,502 points, which is also a 13-year high.

A prerequisite is the maintenance of positive momentum in the international markets, since some indices are moving at record levels (Dow Jones on Wall Street and DAX in Germany). Therefore, it is not excluded that Athens Avenue will have to deal with possible liquidations from abroad.

September’s big event for the global economy is the two-day Federal Reserve meeting on the 17th-18th. Barring a shocking contingency, the US central bank will signal the start of monetary easing. Crucially, the data to be released later in the week will largely determine the size of the upcoming rate cuts. Similar moves are expected from other major central banks (ECB – BoE) meeting later this month.

September is also a key month for the Greek economy. Next Friday 6 September the DRBS will release its verdict on the Greek sovereign rating. The Canadian agency rates the country with “BBB (Low)” and a stable trend. A week later (13 September) it is Moody’s turn (“Ba1” and stable outlook), with the US house being the only one that has not given Greece the investment grade.

After Sarantis, for which the market discounted its satisfactory results, today it is the turn of OPAP to announce its half-yearly performance, immediately after the close of the stock market session. Investors’ attention is more focused on the organisation’s pre-dividend, with analysts making estimates of EUR 0.50 to EUR 0.55 per share. Trade Estates (3/9) and Quest Group (4/9) also publish financial results.

Market eyes also “fell” on ADMIE, in the wake of the preliminary agreement reached yesterday on the Greece-Cyprus electricity interconnection. Under this deal, the Cyprus Energy Regulatory Authority will approve cost recovery during the construction period, i.e. from 2025 to the operation of the project in 2030.

Attica Bank’s extraordinary general meeting was held this morning. Shareholders gave the green light to the merger of the bank with Pancretia, as well as the subsequent AMC. As noted in the invitation to the AGM, upon completion of the merger, Attica Bank’s share capital will amount to EUR 2.653 million, divided into approximately 53 million shares with a nominal value of EUR 0.05 each.

In the red on international markets

Back to action for investors on Wall Street after yesterday’s respite due to the Labor Day holiday. Corrective trends prevail today as the market is coming off a close at record levels for the Dow Jones. The Dow Jones and S&P 500 are down -1%, while the Nasdaq is lower by -1.7%.

A change of scenery on Europe’s major stock markets as sellers now hold the reins after the upward start. Down -1% for the Stoxx 600, while the major northern European indices follow with losses of between -0.8% and -1%. The picture is worse in the periphery (Italy – Spain – Portugal), as stocks there are down -1.1% to -1.4%.

Tuesday’s session ended with losses for most Asian bourses, but sellers did not rush in en masse. In the spotlight was new data on South Korean inflation, which fell to its lowest level since March 2021.