New highs were captured by the Greek stock market just before the end of the first half of the year. It was above 1,880 points for the first time in more than 15 years, namely since April 2010. Buyers prevailed for the fifth consecutive day, holding the reins for most of the session. They slowed down at the close, causing it to close off the highs of the day, but that did not stand in the way of new records being set.

Specifically, in Thursday’s (26/6) session, the General Index gained 11.61 points or +0.62% to close at 1,882.83 points and moved in a 23-point range between 1,867.40 (low of the day) and 1,890.40 (high of the day). The next highest closing price was found at 1,936.43 points (April 21, 2010).

Over the last 5 days it has gained a cumulative +5.81%, while June’s gains have reached +2.82%, with two more sessions left to complete the month. In fact, this will be the 8th consecutive monthly rise, a record for the first time in its history. This year Athens is “running” at +28.11%.

Eurobank led the banking rally, even closing at a new 10-year high (November 2015). In blue chips, strong gains were recorded by Cenergy Holdings and Jumbo, followed by PPC, Metlen (closed at a new all-time high despite the dividend cut of €1.5/mt), Titan and HELLENiQ ENERGY (extended its one-year high), with stronger turnover and a rise of at least +1%. In the mid-cap sector, Kri Kri and Profile “rallied” by more than +4%, both extending their historical records.

Metlen in focus due to LSE and dividend

Today Metlen held the dividend payment of €1.5 per share (net amount €1.452/mt), with the payment process to the beneficiaries to start on Wednesday 2 July. ElvalHalcor has also “cut” a dividend, which amounts to €0.09 per share (net amount €0.085/share), with its payment also scheduled for next Wednesday.

It is scheduled to be held on Wednesday, with a further payment scheduled for Wednesday next week.
As for Metlen, the group has “pressed the button” for its admission to the London Stock Exchange (LSE). More specifically, UK-based Metlen PLC has submitted a voluntary public offer to acquire all the shares of Metlen SA as part of the consolidation plan. The offer is being made by way of an exchange of shares at a ratio of one new Metlen PLC share for every one Metlen SA share. The public offer covers a total of 112.2 million shares, representing 78.41% of the total share capital of Metlen SA. For their part, shareholders have the choice between an exchange with one new Metlen PLC share for each share held, or cash of 39.62 per share. According to JP Morgan, the transition to the LSE will bring investment inflows of $408 million to Metlen.

Meanwhile, Lamda Development, Hellaktor and Elastron had their general meetings scheduled. In the case of Lamda, shareholders approved a new share buyback program for up to 10% of the share capital (the same shares currently amount to 2.7%) at a price range between EUR 0.3 and EUR 14 per share.

Trading of the 32.09 million new Frigoglass shares, which resulted from the recent €1.28 million AMC, has also commenced. The shares were issued at a value of €0.04 and an issue price of €0.32. In this way, the company exits from the supervision regime.

Alpha Bank remains off the CSE board due to the reverse merger and the replacement of Alpha Holdings shares by the bank. Alpha will return to the board on Monday 30 June.

Athens is unchallenged among this year’s big outperformers

“With an eye on this year’s and 15-year high, the General Index remains resilient, with the market quickly brushing aside any bad news and duly honouring every opportunity presented to it to take steps higher. The Banking sector is the driver of the rise, with this year’s “fund” of +50% and the 10-year high being “all the money””, notes in his weekly analysis of the HA, Mr. Petros Steriotis.

“The lack of concern is shown by the fact that corrections are generally short in time and limited in depth, which has left investors seeking discounted entry levels…on hold. Characteristic of a long-term bullish trend, with corporate valuations fundamentally supported by reported results, favorable management guidance and business deals that have closed or are being baked,” the International Federation of Technical Analysts member further says, adding:

“Although MSCI did not put HA on a watch list, the focus now shifts to the upcoming verdicts of the other Houses. In any case, with or without an upgrade, the MDXA remains firmly among this year’s big outperformers on a pan-European and global level.”

Wall Street – One breath away from new records

Positive sentiment prevails in global markets as geopolitical tensions in the Middle East ease. At the same time, expectations of new interest rate cuts are rising. Attention now turns to the July 9 deadline set by the US government for imposing tariffs on its trading partners. On the upside, Wall Street welcomes the mixed economic data released today on US GDP, the US trade deficit and unemployment benefit claims. Gains of +0.4% to +0.5% are seen in the major indices, with the S&P 500 and Nasdaq approaching their all-time highs.

European bourses are mixed, with the pan-European Stoxx 600 index marginally up +0.05% at 537 points. The German DAX is up +0.3%, while in contrast the French CAC 40 is down -0.1%. Asian markets were also mixed, with Japan’s Nikkei gaining +1.7%, while South Korea’s Kospi recorded a loss of -0.9%.