Public Power Corporation
OpenCalais Metadata: Ticker
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%.
Early profit-taking at Athinon Avenue gave way to a fresh wave of buying later on Thursday - although banks appeared to have fallen out of favor - taking the benchmark higher for the fifth session in a row. The market is now confidently looking toward more growth, boosted also by the significant increase in daily trading volumes.
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.
Greek traders seemed to respond to the heat wave on Monday, swimming well in shallow waters, as the local stock market posted significant gains on very limited turnover. Banks and a few select blue chips led the way, as international markets were boosted by news of a possible breakthrough in terms of a coronavirus vaccine.
The union of Public Power Corporation workers (GENOP/DEH) has happily accepted a proposal from the utility's management regarding redundancy incentives for employees with full pension rights working at the West Macedonia Lignite Center and the subsidiaries Meliti Lignite and Megalopoli Lignite that are being prepared for privatization.
Greece's biggest power utility Public Power Corporation (PPC) on Thursday posted a net loss of 1.68 billion euros for 2019 after it wrote down the value of its coal-fired plants.
PPC, which is 51 percent state-owned and plans to switch off all but one of its coal-fired plants by 2023, said the figure compared with a net loss of 903.8 million euros in 2018.