Greek stocks ended sharply higher on Tuesday

Greek stocks ended sharply higher in the Athens Stock Exchange on Tuesday pushing the general index of the market above the 730-point level. Market sentiment was encouraged by news of an agreement to conclude a second review of the Greek program which had a positive impact on Greek bond yields.

The general index jumped 3.06 pct to end at 733.93 points, off the day’s highs of 737.75 points, to its highest closing since June 26, 2015. The index is up 9.29 pct during the last six sessions. The Large Cap index rose 2.81 pct and the Mid Cap index rose 3.14 pct. Turnover was a strong 158.876 million euros in volume of 241,361,909 shares.

Eurobank (13.28 pct), Piraeus Bank (10.77 pct), Alpha Bank (6.15 pct), National Bank (5.94 pct) and PPC (5.92 pct) scored the biggest percentage gains among blue chip stocks, while OPAP (2.97 pct) and Coca Cola HBC (0.04 pct) suffered heavy losses.

Among market sectors, Banks (8.23 pct), Utilities (4.61 pct) and Financial Services (3.61 pct) scored big gains, while Travel (1.97 pct) and Food (0.04 pct) suffered losses. National Bank and Piraeus Bank were the most heavily traded securities of the day. Broadly, advancers led decliners by 87 to 24 with another 22 issues unchanged. Varvaresos (17 pct), Pegasus (16.67 pct) and Galaxidi (13.33 pct) were top gainers, while Kreka (20 pct), Intertek (9.79 pct) and Dromeas (6.45 pct) were top losers.

Greek bond market closing report

The yield spread between the 10-year Greek and German benchmark bonds shrank to 5.82 pct in the domestic electronic secondary bond market on Tuesday with the Greek bond yielding 6.13 pct and the German Bund yielding 0.317 pct. Traders said the Greek bond yield fell below the 6.0 pct-level during the day reflecting market optimism after news that Greek authorities and its creditors reached an agreement to conclude a second review of the program. Turnover was a thin 3.0 million euros.

In interbank markets, interest rates were largely unchanged. The 12-month rate was -0.121 pct, the nine-month rate was -0.179 pct, the six-month rate was -0.249 pct, the three-month rate was -0.328 pct and the one-month rate was -0.374 pct.

ADEX closing report

The May contract on the FTSE/ASE Large Cap index was trading at a premium of 0.22 pct in the Athens Derivatives Exchange on Tuesday. Volume on the Big Cap index totaled 3,349 contracts with 8,642 open positions in the market. Volume in futures contracts on equities totaled 162,072 contracts with investment interest focusing on Piraeus Bank’s contracts (66,714), followed by Alpha Bank (10,847), National Bank (32,950), Eurobank (30,739), MIG (13,300), OTE (1,123), PPC (1,141), OPAP (1,172), Viohalco (502), Mytilineos (562), Hellenic Petroleum (267), Ellaktor (669), Jumbo (155), Folli Follie (196), Hellenic Exchanges (106).