The Greek stock market on Wednesday enjoyed a seventh straight session of growth for its benchmark, which has climbed to a new 10-week high and is approaching the nine-year peak recorded on March 1.
STOCKS
Bank stocks once again pulled the index of the Greek bourse higher on Tuesday, even though mid-caps and the majority of stocks suffered losses at the end of a session dominated by selective moves by traders.
The week at the Greek stock market began in the same way it had closed on Friday, with healthy gains for the majority of stocks driven by the growth registered by banks stocks.
The main index at the Greek bourse cleared the 1,100-point bar with relative ease on Friday, ending a week of gains and moderate trading volume.
For the third day in a row the benchmark of the Greek stock market posted minor gains on Thursday, with blue chips growing and mid-caps shrinking, and the majority of stocks ending up on the losing side.
Wednesday’s session at the Greek stock market bore a great resemblance to Tuesday’s, only with significantly greater gains upon closing after the late rally that banks staged in the closing auctions.
The closing auctions turned things around at the Greek stock market on Tuesday, at the start of the trading week, offering the benchmark marginal gains despite the majority of stocks ending up in the red.
April has ended for the bourse benchmark with a monthly growth of 2.89%, reversing the decline observed in March, but week-on-week it suffered losses that were extended on Friday on a day with a downward trend for almost the entire session.
After a very narrow session at the Greek stock market, with few fluctuations, the benchmark posted minor losses on Thursday, as the bourse appeared to be lacking clear direction, hence also the further reduction in turnover.
The banking sector shook off foreign and domestic concerns – related to the decline of US lender First Republic and the promise by main opposition leader Alexis Tsipras to nationalize National Bank of Greece if he comes to power – and swung to gains at the end of Wednesday’s bourse session.
Greek banks may have had a boost from Standard & Poor’s ratings, but on the stock market they suffered significant losses on Tuesday that weighed heavily on the entire market.
The widely anticipated upgrading of Greece’s outlook to “Positive” by Standard & Poor’s on Friday was taken in the traders’ stride in Monday’s bourse session, with many of them engaging in some profit taking that focused on banks and construction companies.
The Greek bourse benchmark completed on Friday its fifth straight week of gains, with price growth for bank and construction stocks and pressure on refineries.
Thursday’s bourse session at Athinon Avenue proved to be the second in a row with losses for most stocks, although in the closing auctions the main index contained its decline and the banks index actually swung into gains.
After 11 sessions of growth out of 11, the benchmark of the Greek stock markets settled on Wednesday for a moderate decline that left it exactly at 1,111.11 points.
The Greek stock market returned from the Easter break with more appetite for growth, as on Tuesday its benchmark climbed for the 11th session in a row.
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