Mytilineos

The Greek stock market opened the week with a 2.1% decline in Monday's first few minutes, as a result of the shocking news of Credit Suisse's demise and takeover by fellow Swiss lender UBS, but stocks gradually began to recover and swung back into the black as the session progressed to close with moderate gains in their majority.

The reaction of Greek stocks to several days of decline, which had even put the benchmark's grip on the 1,000-point mark at risk, finally arrived on Tuesday, with banks leading the recovery of prices at Athinon Avenue. The advance accelerated after the announcement of inflation data from the US, with the main index closing near the day's highs.

The Greek bourse appears to have stemmed the outflow of funds seen at the start of the week and is preparing for its next move upward, after another session - on Wednesday - where blue chips rebounded, with the exception of banks. Reports by foreign firms, such as that by Jefferies, indicate that there is more to come from where the January and February momentum came from.

Mytilineos Energy & Metals and Compagnie de Saint-Gobain on Thursday announced the signing of a private wire power purchase agreement (PPA) relating to the energy generated from a 4.9-megawatt solar farm in Italy.

The solar power plant will reach commercial operation in mid-2023 and it will be built on the premises of Saint-Gobain's historical factory in Vidalengo, Bergamo.

January ended at the Greek stock market with 10.01% growth for the main index, after it suffered a minor decline on Tuesday in a mixed session. While some fellow eurozone bourses took heavier losses on the day, Athinon Avenue saw its expected profit-taking to be small and targeted, while banks enjoyed another day of price gains.

The rather unexpected upgrading of Greece's credit rating by Fitch last Friday gave an extra push to the Greek stock market on Monday, with the benchmark reaching levels unseen since early December 2014.

Non-bank blue chips outperformed on Friday at the Greek stock market to take the benchmark to yet another eight-year high, with the wave of stock buying that started in late December continuing unabated. In these first four weeks of the year the main index has added just under 10%.

Athens-listed group Mytilineos said on Thursday its profit, turnover and dividend more than doubled while its debt declined and investments increased in 2022.

More specifically, net profit after minorities increased by 187% to 466 million euros from €162 million in 2021.

Respectively, earnings per share came in at €3.41, an increase of 186% compared to 2021.

After a day's respite, the Greek stock market returned to its upward course on Friday, with the benchmark covering some of its Thursday losses on its way toward the 1,000-point mark.

The benchmark at the Greek stock market soared to levels unseen in over eight years on Monday, as despite the US holiday traders showed considerable buying interest in local stocks. A number of market deals and the consensus that Greece will outperform the eurozone in growth terms this year appear to have attracted investors on a permanent basis.