The Greek stock market turned into a downward “channel” today, which was tuned to the pressure on euro markets from US tariffs. The banking sector kept its distance, which remained in positive territory, with ETE leading the way.
Specifically, in Thursday’s (27/2) session, the General Index fell by 2.32 points or -0.14% to close at 1,597.85 points, having moved between 1,581.01 (low of the day) and 1,599.13 points (high of the day). With one session left to complete February, the GD is up +3.13% every month. This year’s return for the index is +8.72%. Meanwhile, the domestic market is preparing for its first 5-day decline after 9 consecutive weeks of gains.
Athens “absorbed” the initial shocks, balancing between satisfactory corporate results and the slide in global markets. Some blue chips and several mid-cap stocks were placed by sellers today, with Metlen and Jumbo being the focus of the liquidation. On the flip side, National Bank “climbed” by almost +2%.
Foreign volatility due to tariffs
Investors’ moves in the domestic market were selective, as stock picking continued. A volatile backdrop overseas as Donald Trump’s upcoming 25% tariffs on imports from the EU caused turbulence in Old Continent stocks, which are falling sharply today after Wednesday’s impressive rise. Retaliatory measures have been announced, for its part, by the Commission. Meanwhile, the US president said on Thursday that his proposed tariffs on imports from Mexico and Canada will take effect on March 4, while China will be hit with an additional 10% tariff on the same date.
Ideal Holdings announced its consolidated financials for 2024 this morning, reporting more than doubled revenue (€374.2 million) and operating profitability – EBITDA (€50 million) compared to 2023. After the close of today’s trading session, Eurobank, HELLENiQ ENERGY, and Noval Property will announce their financial results. They will be followed tomorrow (28/2) by National Bank and Alpha Bank, before the start of trading on the HA. Premia Properties will finally publish its flash note of annual financial results today, instead of tomorrow as originally planned.
The place of TERNA Energy is officially taken by Aktor in the FTSE Large Cap index of the Athens Exchange. Until today, Aktor was trading in the Mid Cap index. The change will come into effect at the meeting on Friday 28 February. It is recalled that TERNA Energy exited the SA after the completion of the public offer by Masdar.
In the red International markets
It was a highly volatile session on Wall Street yesterday, with the major indices closing in mixed territory. Smiles were brought to the market by Nvidia’s better-than-expected performance. The data on personal consumption expenditures (PCE), the Fed’s favorite inflation gauge, is awaited with interest. In today’s session, despite a positive start, the S&P 500 and Nasdaq have “turned” into negative territory, while the Dow Jones is diversifying with a +0.7% gain.
European stock markets are under pressure today, correcting yesterday’s strong rise. The negative catalyst is the 25% tariffs that the US will impose on the EU. The Stoxx 600 is down -0.6%, trading at 556 points. Germany’s DAX is lower by -1.4%, and the French CAC 40 is down -0.8%. Asian markets are mixed, with the major indices in Japan and Australia in bullish territory.
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