The Greek stock market aligned with the extended losses of European markets today, ending a 5-day rally that had taken the General Index to consecutive 14-year record highs (March 2011). Of course, the assimilation of recent gains was more controlled in Athens, resulting in a hold above 1,600 points.

Specifically, in Wednesday’s (Feb 19) session, the General Index fell 11.62 points or -0.71% to close at 1,613.78 points, near the daily low of 1,610.72 points. The high for the day was 1,629.80 points. At +4.16% now the GD yield within February and +9.81% this year.

Although sellers had initially targeted banking stocks, eventually the correction extended to all sectors. Alpha Bank and ETE fell more than the systemics, while Bank of Cyprus moved lower in a reasonable profit taking after repeated historic highs. Transaction activity increased, and there was a large volume of packages, which were mainly in Eurobank, Ethniki, Piraeus and Bank of Cyprus.

Investors focus on Metlen due to Rio Tinto and results

As was the case on Monday, investors initially engaged in measured profit taking yesterday, and then regained momentum, leading the XA to its fifth consecutive rise and a new 14-year high. Trading in international markets is subdued today, with developments regarding the war in Ukraine and US tariffs taking centre stage. A ceasefire agreement between Moscow and Kiev is likely to be reached, while Donald Trump has announced a new round of tariffs from April 2, with cars, medicines and semiconductors (microchips) coming into the frame.

Metlen will announce its fiscal 2024 financials tomorrow morning – before the start of the trading session. Eurobank Equities expects the group to show improvement in all areas, raising the bar for operating profit (EBITDA) to EUR 1.09 billion, up +8% year-on-year. At the same time, it reports a net profit of EUR643 million (up +3% year-on-year) and forecasts that Metlen’s management will announce a dividend of EUR1.64 per share (yield of 4.5%). Today the group announced the conclusion of two long-term strategic agreements with Rio Tinto, securing bauxite supply and alumina distribution.

The six-monthly review of the FTSE Global Equity indices will be announced next Friday 21 February. The changes will take effect at the close of the March 21 trading session. It should be noted that 29 listed companies participate in the FTSE Russell indices.

LeonidsPort’s voluntary public offer for 21% of PPA is nearing completion. Belterra, owned by Ivan Savvidis, has made continuous share purchases, pushing the share price above 28 euros, while the offered price from the Dreyfus family is 27 euros.

International stock markets recover after record highs

Small gains on the one hand, but a new record high for the S&P 500 on the other, was the order of the day on Wall Street on Tuesday. Investors are focusing on the minutes of the latest meeting of Federal Reserve officials, which will be released later today. Downward trends prevail today as new tariffs announced by Donald Trump weigh on sentiment.

Record after record is being “broken” by the Stoxx 600 and DAX indices in euro markets, benefiting from the rally in defence stocks. This was a prime opportunity for a strong correction, despite the positive start, with the Stoxx down -0.9%, while the DAX “dips” -1.7%. At the same time, the UK FTSE 100 lost -0.6% with inflation “weighed down”, which came in at 3%, higher than analysts’ estimates.

Asian stock markets were also mixed, with Chinese stocks recovering yesterday’s lost ground. “Jump” +1.7% for the Kospi in South Korea as well. The main indices in Japan and Australia recorded losses.