Stock market

The Greek stock market recovered on Wednesday from a two-day sell-off that saw banks shed over 12 percent of their stock value, as the benchmark jumped back above the 860-point level, albeit on lower trading volume. The market appears quite volatile, in contrast to the months leading up to the May 26 European elections.

For the first time in the last seven years, the wealth of the richest people around the world declined in 2018, a report by the Capgemini consulting firm, quoted by DPA, reported.

The millionaires have also diminished. This is the first time since the financial crisis in 2008.

Investor expectations for a change of government in Athens and the consolidation of a stable financial and tax environment has activated funds toward Greek stocks and bonds in the last few weeks. The question is whether this strong rally can continue and attract quality investors.

The Greek stock market demonstrated a clear lack of direction during Tuesday's session, with banks and the majority of smaller stocks heading lower while the other blue chips offset earlier losses and kept the benchmark afloat.

Financial companies and banks make over 60pct of the stock market capitalisation in Romania, chief economist at the National Bank of Romania (BNR) Valentin Lazea told an event on Friday dedicated to technology on financial markets.

Very positive messages are coming from foreign investors at the investment roadshows this week in which Greek banks and other listed companies are participating, as the interest of funds in local assets has increased.

Market psychology has changed completely with regard to Greece since the May 26 European polls and the announcement of early general elections, as investors look forward to the prospect of a faster political shift toward a more market-friendly administration.

Listed gaming giant OPAP is planning to propose a share capital increase to its shareholders, in order to draw up to 800 million euros, instead of distributing a dividend to its old shareholders, in the period from 2019 to 2023.

Greece's stock market reopened on Tuesday after a four-day recess with minor changes, although on significant turnover. The market appeared to have shaken off the disappointment from the Standard & Poor's decision not to upgrade Greece's rating last Friday, with its impact being limited to some bank stocks. PPC resumed its declined.

After a difficult and turbulent 2018, the Greek stock market has been savoring its best four-month period since 1999, with only four sessions left till the end of April. The benchmark at Athinon Avenue has recorded gains of 26.92 percent since the start of the year, which is the second highest return in the world after the main bourse in China.