Terna Energy

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.

The relief from the French election results, which may have led to a hung parliament but have also banished the prospect of a far-right cabinet, gave stock buyers an extra push on Monday at the Greek bourse, leading the benchmark to highs unseen in four weeks upon closing, on improved turnover too.

Terna Energy is officially transferred to Abu Dhabi's Masdar Group in a deal that values ​​the Greek listed company at 2.4 billion euros.

The government announcement of the 33% levy on the excessive earnings of refineries had a direct effect on the share prices of both Motor Oil and Helleniq Energy, impacting the rest of the market too. However, GEK Terna and its subsidiary Terna Energy benefited on the latter's sale to Masdar, on a day of significantly increased turnover at Athinon Avenue.

Masdar Hellas has reached an agreement to initially purchase 67% of Terna Energy with GEK Terna and other shareholders of the Athens-listed energy company, GEK Terna announced on Thursday.

Blue chips at Athinon Avenue on Wednesday maintained their rising course that had started on Tuesday, though the majority of stocks finished the day with losses, on a day of reduced turnover, partly due to the national holiday in the US (Juneteenth).

Thursday offered investors another bank-centered decline for stocks, which came with a drop in turnover too. The benchmark at Athinon Avenue took significant losses and even closed at the day's low, pointing to a trend for a further drop on Friday morning at least. Observers say the market is waiting for the sale of blue chip Terna Energy to unleash some liquidity.

The decision by the Single Supervisory Mechanism (SSM) of the European Central Bank approving the distribution of dividends by Greek banks helped the credit sector outperform at Athinon Avenue on Thursday and carry along the benchmark to a second day of healthy gains. Nevertheless, the majority of stocks and the mid-cap index ended up in the red.

Much as traders appeared eager to cash in Wednesday's stock gains, Athinon Avenue reversed its losses and ended Thursday's session on a new 13-year high for its benchmark, supported by key blue chips such as Eurobank and Public Power Corporation. Winners and losers on the day ended up in a dead heat. Turnover continued to grow.