OpenCalais Metadata: Ticker
After a mixed session that saw construction firms and banks defy the trend which saw most stocks heading lower and closing with losses, the benchmark ended the day on Thursday with negligible gains that sufficed to record yet another 11-month high. This was the eighth session of gains out of the last nine for the main index at Athinon Avenue.
Investing in Cypriot banks is becoming increasingly common.
The progress they have made in terms of the nonperforming loan burden they have shed, their capital adequacy, which is characterized as good, the profits expected as interest rates rise, and the cost cuts they have implemented have transformed them into an appealing investment target.
Wednesday saw the benchmark of the Greek stock market register a new 11-month high on moderate daily gains that changed the earlier picture of negligible losses in a session of rather shallow trade at Athinon Avenue.
The main index was able to turn the tables in the closing auctions, with rising stocks narrowly edging out the losers.
The benchmark of the Greek stock market may have seen its rising streak snap on Tuesday, but that was only marginally, as its decline was negligible and the overall course appears unchanged, despite the minor profit taking on the day. The maintenance of turnover at a relatively high level also bodes well for the next few sessions.
The outlook for Greece's sovereign credit rating to return to investment grade and the 50-million-euro package of Mytilineos shares that changed hands on Monday gave a fresh boost to the Greek stock market at the beginning of the week, with its benchmark climbing to highs unseen in almost 11 months. This was the sixth consecutive session of gains for the bourse.
The benchmark at Athinon Avenue registered yet another eight-month high on Wednesday, as traders appear willing to test the waters around 950 points, while daily turnover is also picking up pace. This was the fourth straight day of stock growth and the eighth session of gains for the main index in the last 11, extending the upward trend of the last couple of months.
The Greek stock market opened the new year with another eight-month high on Monday, even if trading was a fraction of its usual size, due to the festive season and the fact that Wall Street was closed.
The positive mood prevailed throughout the day at Athinon Avenue, with banks leading the way up and rising stocks outnumbering falling ones by a ratio of more than five-to-three.
ΤΡΑΠΕΖΑ EUROBANK ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ - ASTARTI DESIGNATED ACTIVITY COMPANY