The Greek stock market resonated with the rally in European markets, even setting a new 14-year record (March 2011). The dominance of buyers was universal, with banks drilling their “ceiling” again, renewing more than 9-year highs (November 2015). Energy stocks were close behind, with the sector index gaining over +2%.

Specifically, in Wednesday’s (5/3) session, the General Index gained 28.2 points or +1.76% to close at 1,630.35, very close to the day’s high of 1,630.60. The day’s low was found at 1,606.52 points. This was the best close since March 14, 2011, when the GD had stopped at 1,662.38 points. At +10.93% the performance of the HA since the beginning of this year.

It should be noted that trading activity remains significantly higher, for yet another day, with turnover reaching 303 million euros yesterday, well above the 100-day moving average estimated at 155 million euros. Today, it exceeded 375 million euros.

Alpha Bank was in the spotlight, as in the first seconds of today’s trading, a package of 57 million shares (total value 109.15 million euros), representing 2.4% of Alpha Bank, was passed in the first few seconds of today’s trading, with billionaire investor John Paulson as the seller. Among the banking stocks, Eurobank was the leader today, rising almost +5%, exceeding 2.6 euros (9-year record – November 2015).

“Jump” +4% for Metlen, after signing three new contracts for energy storage, strengthening its leading position in the Chilean renewable energy market. Viohalco group shares (the namesake, Cenergy Holdings and ElvalHalcor) also recorded a notable rise, boosted by the results announced (ELHA) and to be announced (CENER), with the latter standing out among the blue chips. Ideal Holdings rallied more than +3%, in the wake of the big deal with Oak Hill Advisors, which intends to acquire up to 4% of the Greek group. As part of the deal, OHA will invest up to €115m with the right to invest up to €200m further over the next two years.

Tariffs, Tempi, Paulson, and results in the spotlight

International markets are recording a strong rebound today as investors are encouraged by comments on the possible withdrawal of US tariffs and the fiscal package Germany plans to put in place. The political scene in Greece is intense, as the opposition today files a motion of no confidence in the government’s handling of the Tempe train accident.

A 2.4% stake in Alpha Bank has been sold by PCO AP Financing, which is controlled by Paulson & Co. This is for 57 million shares. The reduction of John Paulson’s stake in the bank, from 5.26% to about 3%, was at a discount of -3.3 % (EUR 1.915 was the selling price, and EUR 1.981 was yesterday’s closing price). However, the bank stock manages to “balance” and gains ground with Jefferies as the upside driver, which raised its target price to 3.2 euros from 2.7 euros previously.

Cenergy Holdings announces its financial performance for the fiscal year 2024 after the close of the trading session. It was preceded yesterday by the Viohalco group’s other subsidiary, ElvalHalcor. Its net profit amounted to EUR 103.2 million, up from EUR 28.5 million in 2023, and management will propose a gross dividend of EUR 0.09 per share.

Rally in Europe – Wall Street hesitant

Wall Street has been trading in the red for several sessions as uncertainty over Trump’s tariffs has been sustained. The US market showed small signs of a reaction yesterday, with a focus on the technology sector. Today, the New York Stock Exchange started on a positive note but kept its distance from the outperformance of the rest of the markets.

There was room for a strong correction in euro markets a day after the “party” of defense stocks and the historic highs from the Stoxx 600 and the DAX. The biggest daily drop since last August was recorded by the pan-European index, while the German index recorded a “dip” of more than -3.5%. Buyers are taking the “baton” today, with the Stoxx up +1.2% and the DAX up +3.4%. Most bourses in the Asia-Oceania region were up, except the S&P/ASX 200 in Australia. The Hang Seng in Hong Kong rallied 650 points or +2.8%.