Economy of Greece

OPAP’s Q1 profit beats forecasts

Gambling monopoly OPAP posted higher-than-expected quarterly profit due to a rise in sports betting and cost-cutting.

The company said first-quarter net profit rose 27.6 percent to 49.7 million euros, beating the average forecast of seven analysts in a Reuters poll of 44.5 million euros.

Sixth day of gains takes index above 1,200 points

The local bourse’s sixth consecutive day of gains, made on the strength of the balanced election results and a return to normality, took the benchmark above the 1,200-point level on Tuesday, with improved first-quarter results also playing a role. The Greek market had not seen six straight days of growth in over three months.

Investor relief offsets adverse sell-off news

A Council of State decision that raises obstacles to the privatization of the Athens Water Company (EYDAP) and the election of a new Piraeus mayor who is against the sale of the OLP port authority failed to dampen investors’ relief on Monday at Greece’s European and local election results, which appear to have reduced the chances of an early general election, for now at least.

Late stock rally shows little will change after elections

Unaffected by the country’s credit upgrade by Fitch, the Athens bourse benchmark spent most of the day on Friday hovering around Thursday’s level. However, it enjoyed a significant rise in the last couple of hours as confidence that Sunday’s elections will not harm political stability grew.

Fitch upgrades Greece by a notch to 'B'; outlook stable

Fitch ratings agency has upgraded Greece's sovereign debt rating by one notch, citing the country's improved deficit figures.

Although still deep in junk status, Friday's upgrade on Greek bonds, from B- to B, was a boost for the country that has been struggling through a devastating financial crisis for the past four years.