Eurobank

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EFG

ATHEX: Rebalancing leads to jump in turnover

The upcoming rebalancing of the MSCI Greek stock indexes and profit taking after five consecutive days of gains led to losses at Athinon Avenue on Friday, with a huge daily turnover. Notably 70% of trading volume took placing during the closing auctions. The benchmark of the Athens stock market ended May with a monthly advance of 3.87%, though banks lost 2.94%.

Greece’s Eurobank more than doubles Q1 profit as loan-loss provisions drop

Greece's third-largest lender Eurobank more than doubled its first-quarter net profit on the back of lower provisions for impaired loans and higher fee and commission income, it said on Friday.

Eurobank, which is 2.4% owned by the country's HFSF bank rescue fund, reported net earnings of 57 million euros ($63.4 million), up from 22 million euros in last year's first quarter.

Banks eye state-backed credit

There is strong competition among banks for participation in the Guarantee Fund for the provision of state-subsidized liquidity to Greek enterprises, with 14 lenders expressing an interest in response to the invitation published by the Hellenic Development Bank.

ATHEX: Stocks leap on reports from Brussels

The European Commission announcements concerning grants and loans for member-states adding up to 750 million euros gave Greek stocks a major boost on Wednesday, in line with most other European bourses. The fourth consecutive day of gains on the highest turnover of the last two-and-a-half months took the benchmark over 8.5% higher compared to last Thursday's closing.

ATHEX: Banks grow 12.3% to lead index higher

Despite the hour-long interruption to Tuesday's trading session due to a technical failure, bank stocks staged an impressive rebound of more than 12%, taking the benchmark at Athinon Avenue to fresh gains. The international climate continues to improve as hopes for a coronavirus vaccine keep growing, helping turnover in the local market to recover.

ATHEX: Investors get ready for rebalancing

On a day when Wall Street and the London Stock Exchange remained closed, the Greek bourse secured a rather satisfactory turnover of almost 50 million euros on Monday, with traders opting to position themselves ahead of this Friday's upcoming index rebalancing. Leading the benchmark to strong gains were bank stocks, which were oversold in previous sessions.

ATHEX: Investors shift sights to bonds

The Greek securities markets are showing a shift from stocks to bonds, as confidence in the state's solvency is growing while the private sector is facing multiple problems. On the same day the benchmark of Athinon Avenue suffered minor losses and banks dipped to new lows, the Greek 10-year bond continued its rally, with its yield dropping to 1.73% on Thursday.

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