The Greek stock market saw in the month of December with another session of robust growth on Tuesday, driven by the four systemic banks. The better-than-expected third-quarter results posted by National Bank gave the credit sector that extra push, which also took daily turnover well beyond the 100-million-euro mark.
November may have been the month of the second lockdown, but it was also the month of the Greek stock market, as its benchmark rebounded 29.4% over the period and the banks index recorded a rise of almost 70% on a monthly basis. Monday's session changed little in the month's statistics, although large trading volume was observed due to index rebalancing.
The Greek bourse benchmark climbed on Friday to highs unseen in almost nine months - i.e. throughout the time of the pandemic in Greece - boosted by aspirations for a strong recovery next year when the vaccines arrive. This was the fourth consecutive week of gains for the local market, which has recovered a large share of the losses incurred over the year.
The Greek stock market appears determined to stretch its November momentum through to the end of the month, as it enjoyed significant gains on Thursday that took its benchmark to a new eight-month high.
The Athens Exchange (ATHEX) general index ended at 726.92 points, adding 3.08% to Wednesday's 705.21 points. The large-cap FTSE 25 index expanded 3.34% to close at 1,725.52 points.
The small gains secured on Monday by the ATHEX benchmark sufficed for it to clear the 700-point bar for the second time within the space of just a few days, in a session dominated by announcements about the Aegean Air share capital increase and the JP Morgan report that contained previous estimates of a stock price rise.
World markets were upbeat on Tuesday, following the announcement of bolstering measures by the central banks of the US and Japan, while expectations for an economic rebound starting in the second half of the year added to global stocks' upward swing. In Greece, Athinon Avenue enjoyed a day of significant gains that rose over the course of the day across the board.
The benchmark of the Greek stock market resisted heading south on Monday despite spending most of the day in the red and seeing its eurozone peers suffer losses. A late rally offset all of the day's losses, although the blue-chip and the mid-cap indexes ended with a small decline and turnover remained at low levels.
After a session of ups and downs, buyers retained the upper hand in the closing auctions at the Greek stock market on Friday and pushed the benchmark into the black after three consecutive days of losses.
The Athens Exchange (ATHEX) general index ended at 646.80 points, adding 0.29% to Thursday's 644.90 points. On a weekly basis it declined 5.36%.