Eurobank

The last week of November began with minor losses for the Greek bourse’s benchmark as traders are anticipating developments regarding a pending review of the Greek program’s progress by the country’s creditors. With Fitch maintaining Greece’s ‘B’ credit rating late on Friday, the market is now shifting its attention to the new ratings to be announced by Moody’s at the end of this week.

Expectations of a deal between Greece and its creditors and European Central Bank President Mario Draghi’s statements for further support to the economy if necessary, which were well received across the eurozone, sent the Greek bourse benchmark mighty close to the 1,000-point mark on Friday, a rather unlikely outcome to the week considering the miserable series of sessions leading up to the ral

By Yiannis Papadoyiannis

Eurobank Chief Executive Officer Christos Megalou announced on Wednesday that the lender would double financing to enterprises and households next year to 2 billion euros. He explained that after a long period of major challenges for the local credit system, banks can now focus on their main task, funding the economy.

The optimism generated on Tuesday by the assurances of the finance minister as well as anticipation of a credit rating upgrade either by Fitch on Friday or Moody’s next week led to a major rebound at the local bourse that saw rising stocks outnumber decliners by a ratio of three-to-one. Turnover also showed a significant improvement.

The trading week in Greece got off to another southbound start, with the benchmark sliding by as much as 2.5 percent midsession before climbing again and containing losses to just over 1 percent. It appears that the bears are getting settled at Athinon Avenue and won’t be moving until the political landscape clears.

By Yiannis Papadoyiannis

Eurobank recorded a significant improvement in its financial figures for the first nine months of the year as its third-quarter results illustrated on Friday, with bank officials stating that they pave the way for the group’s return to profits next year.

The Athens stock market posted gains on Thursday, in line with most of its international peers and stretching its rising streak to five sessions on slightly improved turnover.

The Greek bourse bucked the trend set by most other European stock markets on Monday, enjoying healthy gains, albeit on thin turnover.

With the third-quarter results edging closer for most listed companies, observers consider encouraging the fact that the benchmark closed the session on the day’s high.

Local lenders continued to drag the Greek bourse lower on Thursday, with the banks index down 10 percent at one point before ending with daily losses of 5.06 percent, based on fears that shareholders will see their stakes shrink if lenders proceed to share capital increases.

European shares turned lower on Thursday as banks in countries such as Italy, Greece and Spain resumed their recent downtrend.

Shares in peripheral banks have mostly been falling since the publication of the results of the European Central Bank's stress tests over the weekend.