Eurobank Ergasias

Fitch Ratings revised the outlook on Greece's four systemic banks - Alpha Bank, Eurobank, National Bank and Piraeus Bank - to positive from stable on Thursday, following the investment grade it gave Greek bonds on December 1.

The benchmark of the Greek stock market on Thursday built on the gains recorded in previous sessions to rise to another 14-week high, very close to the 1,300-point level, that it temporarily surmounted. The rotation of stocks in focus continued, as in this case it was non-banking blue chips and mid-caps that drew most of the buyers' attention.

The Greek stock market on Wednesday repeated its ascent of Tuesday, climbing to yet another 14-week high based on the second consecutive day of advance by banks.

Bank stocks gave the main index of the Greek stock market the boost it needed to rise to a new three-month high on Tuesday, on improved turnover too. The day saw the main index on a constant upswing, but it was only at the end of the session that the rising stocks outnumbered falling ones, by the smallest of margins too.

Traders at the Greek stock market stayed on the same path of caution they have been on throughout December to date, with reduced action at Athinon Avenue and a mixed picture for stock prices on Monday. 

However, despite a drop in the blue-chip and banks indexes, the benchmark managed to end up in the black for the day, albeit marginally.

The Helleniq Energy placement dominated proceedings at the Greek stock market on Friday, accounting for over two thirds of the day's trading. However, the small rise of the main index did not suffice to avert a weekly drop, with banks continuing their decline (with five sessions of losses in the last six) following their previous rally.

While the vast majority of stocks at the Greek bourse closed with gains Thursday, the benchmark of the market remained practically unchanged and banks suffered renewed pressure, losing some of the ground recently secured. Observers note the significant expansion of investor interest in mid- and small-caps at Athinon Avenue in recent days.

Mid-caps proved quite the attraction at the Greek stock market on Wednesday, taking the benchmark out of the red and into the black, with the vast majority of stocks ending up with gains on the day. Still, trading volume remained at a moderate level for another session, as activity in the markets appears to have already slowed down with the approach of the festive season.

December appears to have started in a relatively slow mode for the Greek stock market, despite the Fitch Ratings boost last Friday and the decline in Greek bond yields. On Tuesday prices at Athinon Avenue headed lower, though their decline was contained during the closing auctions, while trading remained below the 100-milllion-euro mark. 

The Greek stock market had largely taken for granted the credit rating upgrade by Fitch Ratings last Friday, so on Monday it showed a mixed picture as the losers narrowly outnumbered the gainers and the main index came of a three-month high to post a small drop, along with the banks index. A handful of blue chips contained the benchmark's losses, while mid-caps continued their advance.