Mytilineos

The stock market could not hold on to early gains Wednesday after deteriorating Purchase Managers' Index (PMI) numbers soured the mood in European markets.

The general index closed at 1,293.73 points, down 0.52%, on a low turnover of €71.7 million. Blue chips dropped 0.61%, mid-caps 0.31% and banks 0.15%

The Athens Stock Exchange posted minimal gains, with the positive news of the upgrading of Greece's debt by Scope Ratings balanced by the negative climate in other European markets.

The ASE general index ended 0.09% higher at 1,320.65 points, trading narrowly throughout the session. Turnover was €79 million.

The Athens Stock Exchange bucked the negative trend observed on European markets Thursday, gaining 0.65% thanks to buying in banks and other blue chips.

The headline index ended at 1,314.31 points on turnover of 87.8 million euros, which was significantly lower than in previous sessions. Blue chips rose 0.69%, mid-caps added 0.44% and banks gained 1.20%. 

The Athens Stock Exchange proved unable to hang on to early gains recorded on Tuesday. The ASE general index, which got close to its highest levels since 2014, ended down 0.84%, closing at 1,324.28 points.

Negative trends in other European stockmarkets finally were felt in Athens.

Blue chips lost 0.91% and mid-caps dropped 1.35%. Banks lost 0.78%.

Helleniq Energy Holdings on Monday announced it has reached a binding agreement to buy a portfolio of solar power projects, with total power of 211 megawatts, from Mytilineos Energy & Metals through its subsidiary Helleniq Renewables for an undisclosed sum.

Local stocks ended a nother profitable month at the Greek bourse, as July saw gains of 4.45% to the benchmark at Athinon Avenue following a session of slight growth for the majority of stocks on Monday. As banks' second-quarter results started flowing in, non-bank blue chips stole the show, with Mytilineos reaching a new all-time high.

Athens-listed Mytilineos on Thursday announced a 17% increase in its first half turnover to 2.516 billion euros, from €2.154 billion in the same period last year.

The company also said its EBITDA rose 9% to €438 million, its net profit after minorities jumped 61% to €268 million and earnings per share soared 59% to €1.94.

Thursday was another positive day for the Greek stock market, albeit on rather weak turnover. The benchmark at Athinon Avenue climbed to yet another nine-year high, this time boosted mainly by mid-caps as investors seek opportunities in underpriced stocks.

Even without the support of bank stocks, the Athens bourse benchmark soared to yet another nine-year high on Wednesday, in line with the positive mood across eurozone markets. Four out of the 21 non-banking blue chips closed at historic highs, also helped by the Scope Ratings report about the growing prospect of Greece regaining investment grade.

The government sees opportunities to exploit domestic deposits of rare earths and critical raw materials after restrictions announced by China on exports of gallium and germanium, which are essential raw materials for the manufacture of semiconductors.