The Greek stock market managed to keep its distance from the pressures of the international markets, extending its 15-year record (May 2010). Although the sellers had the initiative of the moves in the first half of today’s session, the scene changed just before 15:00, with “allies” the rotation in the shares that led the board, but also Fitch’s upgrade of the Greek rating.

Specifically, in Monday’s (19/5) session, the General Index gained 6.66 points or +0.37% to close at 1,810.72 points, close to the daily high of 1,811.26 points. The day’s low was found at 1,796.02 points. The GD remained in an uptrend for a second day, with cumulative gains of +1.39%. This year’s return for the index stands at +23.21%. Next stop is the 1,853.55 points of May 3, 2010.

Despite the mini profit taking in the banking sector, Bank of Cyprus shares diversified and “flew” to a new all-time high, while five packages with a total value of around EUR 20 million were also passed. Record high also for Athens International Airport (AIA) after UBS raised its target price to EUR 10.4, from EUR 10.3 previously. GEK TERNA recorded a strong rise, “seeing” the 25-year highs of EUR 20 again with claims. The “jump” of +6% of Noval Property is also worth mentioning.

Fitch positive catalyst – Scope is next
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Fitch gave a vote of confidence to the Greek economy as it upgraded the outlook to positive (from stable previously), keeping the rating unchanged at ‘BBB-‘. The US agency took Greece out of the “refrigerator” after more than a year, as since it had given the investment grade (December 2023), it has not proceeded with any upgrade of the rating or the outlook of the Greek credit rating. Fitch’s report noted – among other things – that further debt reduction and progress on reforms would be needed for the rating upgrade.

Athens is now coming off four consecutive upgrades within 2025, from Moody’s and DBRS in March, Standard and Poor’s in April and Fitch last Friday. This is followed on May 30 by Germany’s Scope Ratings, which gives Greece a ‘BBB’ rating with a stable outlook. The quarterly review of the FTSE All World index is scheduled for 23 May, with the changes taking effect after the close of the Friday 20 June session.

Austriacard Holdings is publishing its first quarter 2025 financial results today. On Tuesday (20/5), PPC, Trade Estates and Petros Petropoulos SA, on Wednesday (21/5) ElvalHalcor and Quest Holdings, on Thursday (22/5) Ideal, Alpha Trust Andromeda and AS Company and on Friday (21/5) AS Company. As for next week, Motor Oil and HKE announce their quarterly performance on Monday (26/5), Cenergy and Fourlis on Tuesday (27/5) and OPAP and Lamda Development on Wednesday (28/5).

Without the right to the dividend, amounting to EUR 0.3296243937 per share and a total amount of EUR 1.167 million, Alpha Trust Andromeda was trading today. The distribution of this dividend relates to the profit for the financial year 2024 and past financial years and there is no right to reinvest it. Payment of the dividend will commence on Friday 13 June. Tomorrow (20/5) Aegean will “cut” the dividend. The gross amount, adjusted for treasury shares, amounts to €0.80406 per share (net amount €0.7638/share). The payment will start next Monday 26 May.

Controlled dominance of sellers in international markets

The downgrade of the US credit rating by Moody’s is affecting global markets, providing a prime opportunity for a correction. Losses are recorded on Wall Street, with investors keeping their cool, of course. The major indices are down -0.1% to -0.4%. The confidence of institutional investors is temporarily regained by US equities, which are coming off a strong weekly rise. The S&P 500 has posted gains for five consecutive sessions. Following the US-China trade truce, information about a resumption of trade talks between Washington and the EU was beneficial.

Profit taking today on European stock markets, which are counting five straight up weeks. The pan-European Stoxx 600 is down -0.2% to trade at 548 points. Losses of between -0.1% and -0.3% are recorded by the main indices of the Old Continent, while the Italian FTSE MIB is lower by -1.4%. In contrast, the German DAX is up +0.3% and trades above 23,800 points, setting its sights on a new all-time high. Asian markets are down, with the Kospi in South Korea losing close to -1%.