The meeting on Tuesday (3/9) at the Athens Stock Exchange turned into a derby between buyers and sellers. The General Index was limited to a range of about 6 units, constantly changing sign. The negative climate abroad did not leave room for anything more, with investors avoiding the risk especially since the A.A. it came from three successive rises.
In particular, DG ended its positive streak, as it fell marginally by 0.08 points or -0.01% and closed at 1,446.09 points. The high of the day was found at 1,450.42 points and the low of the day at 1,444.48 points. Although it was temporary, the crossing of 1,450 units is a positive sign for the continuation. Turnover remained at low levels, despite the fact that many packages were traded today.
The domestic market was balanced among select stocks that outperformed, each for their own reasons and in the need to book profits, in the wake of the three-day rally that preceded it. Attica Bank is the clear star with a double-digit “jump”, as investors welcomed the “green light” given by the bank’s General Assembly to its merger with Pankritia and the creation of the fifth banking pole.
The day’s big winners include ADMIE, which “climbed” to 2.2 euros after the “white smoke” that came out for the Greece-Cyprus electricity interconnection. Sarantis succeeded in removing it from the recent 6-month low and bringing it back above the psychological limit of 10 euros, with a convincing rise having on its side the sales record and the “surge” of profitability in the first half. A strong rise was also recorded by Motor Oil, which returned to a price above 22 euros.
Next goals and possible positive catalysts
Analysts have raised the bar of expectations for September, with the first goal being to exceed 1,450 units, which was achieved today, albeit temporarily. Next milestones are 1,478 units (end of July) and this year’s record of 1,502 units, which is also a 13-year high.
A necessary condition is the maintenance of the positive momentum in the international markets, especially since some indices are moving at record levels (Dow Jones on Wall Street and DAX in Germany). Therefore, it is not excluded that Leoforos Athinon will have to face eventual liquidations from abroad.
September’s big event for the world economy is the two-day meeting of the Federal Reserve on the 17th-18th of the month. Barring a shocking contingency, the US central bank will signal the start of monetary easing. The data to be released within the week is crucial as it will largely determine the size of the upcoming rate cuts. Similar moves are expected from other major central banks (ECB – BoE) that meet within the current month.
September is also a pivotal month for the Greek economy. Next Friday, September 6, DRBS will publish its verdict on the Greek debt. The Canadian house rates the country with “BBB (Low)” and a stable trend. One week later (September 13) it is Moody’s turn (“Ba1” and stable outlook), with the American house being the only one that has not given Greece investment grade.
After Sarantis, for which the market discounted its satisfactory results, today it is the turn of OPAP to announce its six-monthly performance, immediately after the end of the stock market session. Investors’ attention is focused more on the organization’s ex-dividend, with analysts estimating 0.50 to 0.55 euros per share. Financial results are still published by Trade Estates (3/9) and Quest Group (4/9).
The market’s eyes also “fell” on ADMIE, in the wake of the preliminary agreement reached yesterday for the Greece-Cyprus electrical interconnection. Based on this deal, the Cyprus Energy Regulatory Authority will approve the recovery of costs during the construction period, i.e. from 2025 until the operation of the project in 2030.
The extraordinary general meeting of Attica Bank took place this morning. The shareholders gave the “green light” to the merger of the bank with Pankritia, but also to the subsequent AMK. As noted in the invitation to the General Meeting, upon completion of the merger Attica Bank’s share capital will amount to 2.653 million euros, divided into approximately 53 million shares with a nominal value of 0.05 euros each.
In the “red” in the international markets
It’s back to action for investors on Wall Street after yesterday’s break due to the Labor Day holiday. Corrective trends are in place today as the market comes off a record close for the Dow Jones. The Dow Jones and the S&P 500 fall by -1%, while the Nasdaq moves lower by -1.7%.
A change of scenery on Europe’s major stock markets as sellers now take the reins after a bullish start. Down -1% for the Stoxx 600, followed by losses between -0.8% and -1% of the major northern European indices. The picture is worse in the region (Italy – Spain – Portugal), as shares there fall by -1.1% to -1.4%.
Tuesday’s session ended with losses for most Asian stock markets, but sellers did not rush out en masse. In the spotlight are new data on South Korea’s inflation, which fell to its lowest level since March 2021.
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