GEK Terna

The stock market regained its composure somewhat after Parliament’s widely anticipated failure to elect a new president and Prime Minister Antonis Samaras’s announcement of general elections next month, as losses of up to 11 percent in afternoon trade were reduced to less than 4 percent by the end of the first session after Christmas.

The Greek bourse reacted calmly on Tuesday to the result of the presidential vote in Parliament, which while seeing a rise in support for the government’s candidate was still some way off the result required in next Monday’s third and final vote. The majority of stocks posted small losses on a day of poor turnover ahead of the Christmas recess.

 Bourse benchmark has lost 20 percent in the last three days

Greek securities sank afresh on Thursday as panic selling in stocks and bonds led the bourse benchmark’s total losses over the last three sessions to 20 percent, with 13 billion euros wiped off the value of Greek shares, while 10-year sovereign bond yields soared over 9 percent.

York Global Finance Offshore BDH (Luxembourg) S.a.r.I. announced the acquisition of another 5,133,174 shares in blue chip Terna Energy on Thursday in a non-bourse transaction amounting to a 4.70 percent stake in the Athens-listed company.

The share purchase has seen York Global’s stake in the Greek energy firm climb to 7.70 percent,corresponding to 8,412,606 shares.

As Greece draws closer to having its bailout support extended, the bourse enjoyed a fourth consecutive day of gains on Wednesday, with the benchmark climbing back over the 1,000-point mark to its highest point since October 9.

The Greek bourse continued rising on Thursday, albeit at a much slower pace due to investors exercising caution ahead of the results of Athens’s negotiations with its creditors and Fitch’s credit rating report.

The benchmark of the Greek stock exchange has added more than 8 percent in just two sessions, climbing almost 40 points on Wednesday on reports that the government is close to reaching a deal with its creditors and that international credit rating agencies are about to upgrade Greece.

The local stock market saw little reason to buy into Friday’s news of the country’s official return to growth, with the weak momentum abating but taking the benchmark just over 890 points while trading volume ended at the lowest level of the last seven sessions.

The Athens stock market posted gains on Thursday, in line with most of its international peers and stretching its rising streak to five sessions on slightly improved turnover.

Azeri state energy company SOCAR said it expected to close a deal to purchase Greek natural gas grid operator DESFA in early 2015, anticipating that it will clear an investigation by the European Commission.

SOCAR was the only bidder in a tender for DESFA last year, offering 400 million euros ($501 million) for a 66 percent stake.