GEK Terna

Two decisions originating from Cyprus - the approval of funding for the Great Sea Interconnector and the return to the Greek stock market of the Bank of Cyprus stock after its delisting from London - gave Athinon Avenue a significant boost at the start of the week, with energy and bank stocks predictably leading the market's growth. 

GEK Terna has signed a 3.3 billion euro deal for the lease of a toll highway in Athens, two sources with knowledge of the matter have told Reuters.

The deal will be key for the government to meet its fiscal target for revenue of 5.8 billion euros from privatizations and stake sales in banks this year.

The benchmark of the Greek stock market slumped on Wednesday to a new month-low, as it has completed four consecutive sessions of decline and traders showed no intention of containing its losses - which may point to more losses.

Foreign pressures brought prices down on the Greek stock market from the start of Wednesday's session, but many stocks reacted toward the end and contained their losses considerably. Likewise, the benchmark regained some of the ground lost over the course of the day and its decline upon the close will not concern observers, as it points to a likely rebound. 

Tolls for passenger cars on the Attiki Odos ring road around Athens, which also connects the capital to its airport, will be cut to €2.50 from €2.80, starting on October 6.

The new concessionaire, construction group GEK Terna, will take over operations in October.

The cost of the 25-year concession was €3.27 billion.

The rally at the Athens Stock Exchange ended Tuesday after six session and, as on Monday, trading was thin.

Athens followed other European markets in a slight decline, with investors appearing to be hesitant.

In Athens, however, they did not hesitate to sell bank stocks, with the relevant sub-index declining 1.12%.

The new airport at Kastelli, near Iraklio on the island of Crete, is under construction and will be completed in February 2027.

Its annual capacity is estimated to reach 10 million passengers by 2030, to be expanded later to 14 million.

The Board of Directors of TAIPED has proceeded with the pre-selection of the investment schemes that meet the criteria for participation in the second phase (submission of binding offers) of the tender for the development of the Lavrio Port Authority S.A., through the sale of a majority stake in the share capital of the Authority.

The planned sale of indebted and idle state mining firm Larco has been called off, the Ministry of Finance announced Monday.

Market analysts had long expected the move. It was made inevitable Friday, when GEK Terna and AD Holdings, the consortium chosen to buy Larco's assets and the accompanying mining rights, informed the ministries concerned of its decision to pull out of the deal.

Developing panic in international markets over the weakness of the US economy and the sense that the Federal Reserve is delaying a rate cut, compounded by fears of a wider Middle East conflict, could not leave Greek stocks unaffected.