The Greek stock market continues to keep its distance from the massive liquidations taking place in foreign markets, which remain under strong volatility. Although the CA was corrected two days of the rally, profit-taking was controlled, with banks acting as a “counterweight” due to the gains they made.

Specifically, in Tuesday’s (11/3) session, the General Index fell by 3.6 points or -0.22 % to close at 1,624.34 points. Intra-session, it “flirted” with a new 14-year record (March 2011), with 1,635.95 points being the high of the day. The daily low was found at 1,622.15 points.

Turnover remained at high levels, while the volume of packages was also up, with the ABAX placement – which heralded the dark room – taking centre stage. Trading activity yesterday reached levels of over 220 million euros, well above the 100-day average estimated at 160 million euros.

Traders insist on the tactic of selective placements, while in the context of the now established rotation in securities, Alpha Bank took the baton of the protagonist from the National Bank, surpassing 2.06 euros, a 7-year record. Today’s Standard and Poor’s report was a positive catalyst for the sector.

According to the dark room column, developments are coming from ABAX’s side as, barring any contingency, after the close of today’s session, there will be a placement of 4% to 5% of the shares with the three main shareholders (Ioannou, Mitzalis and Kouvaras) selling jointly to institutional portfolios. This was preceded yesterday by Edison’s report, which raised the target price to 4 euros.

Deals and Moody’s the “fuel” in the domestic market

Yesterday’s wild sell-off – mainly on Wall Street – is trying to defuse today’s foreign markets, but without success, as sellers keep the reins. As Beta Securities notes, “international pressures are escalating on fears of an economic slowdown, trade war and geopolitical uncertainties.”

The long-awaited upgrade of the Greek economy by Moody’s to investment grade provides support to the stock exchange, with the verdict of the American house (“Ba1” with a positive outlook) expected next Friday. This follows an upgrade by DBRS to “BBB” with a stable outlook, one notch above investment grade.

Attica Bank attracted the interest of investors, which yesterday announced its financial results for fiscal year 2024. Its operating profitability amounted to EUR 43.9 million, up 100% year-on-year. A milestone for the bank is the reduction of the ratio for “red” loans to 2.8%.

Dimand’s performance was also shown, recording a significant increase in profit before tax attributable to shareholders of 40 million euros in 2024. At the same time, the group’s net asset value (NAV) increased to 180 million euros. Sarantis (after the close of trading) and Autohellas (before the opening) will publish their annual financial results tomorrow.

In other news regarding listed companies, the EUR 469 million Piraeus Bank – Ethnikis Insurance deal for 70% of the latter’s share capital is in its final stage, with a possible completion date of around March 20. Piraeus aims to implement the Danish Compromise, a regulatory framework that would reduce capital requirements. If approved, by the third quarter of 2024, this could reduce the capital required for the transaction by between €200 million and €250 million.

Meanwhile, Hellactor received a non-binding offer from Aktor Group of Companies for the full acquisition of its subsidiary, Aktor Concessions. The two sides officially confirmed the opening of an exclusive negotiation period until the end of April, during which the financial and legal due diligence of the transaction will be completed. The outcome of this process will determine whether there will be a final agreement.

With their foot on the gas, overseas sellers

Wall Street is on “alert” as the possibility of a slowdown, if not a recession, in the US economy, combined with the Oval Office’s indifference to this prospect, is panicking investors. Yesterday saw the worst session since September 2022, with the Dow Jones and S&P 500 losing over -2% and the Nasdaq “sinking” by -4%. Despite the initial reaction, the major indices remain at the mercy of sellers, with the Dow Jones down 1%. The Nasdaq resists with a gain of +0.1%.

European stock markets are gradually losing more and more ground, despite the upbeat start. The Stoxx 600 is down -1.5%, while Germany’s DAX loses -0.75%. Mixed signals on Asian markets, with losses being controlled, as only the Kospi in South Korea fell by more than -1%. Chinese indices turned bullish at the close of the session.