Greek stocks ended strongly higher in the Athens Stock Exchange on Friday

Greek stocks ended strongly higher in the Athens Stock Exchange on Friday, extending their rally for the third successive session and pushing the composite index to its highest close since after the Brexit referendum in the UK. Traders said expectations of a swift conclusion of negotiations on a second review of the Greek program, which will pave the way to short-term relief measures on Greek debt and the inclusion of the country in the ECB’s QE program, encouraged sentiment in the market.

Bank shares remained at the focus of buying activity. The composite index jumped 1.81 pct to end at 611.93 points, for a net gain of 5.04 pct in the week. The index is up 3.52 pct in November but down 3.08 pct so far this year. The Large Cap index jumped 2.79 pct and the Mid Cap index ended 0.55 pct higher. Turnover was an improved 81.987 million euros in volume of 177,345,943 shares.

Eurobank (14.24 pct), Piraeus Bank (9.04 pct) and National Bank (6.06 pct) scored the biggest percentage gains among blue chip stocks, while Folli Follie (1.17 pct), Piraeus Port (0.47 pct) and Titan (0.46 pct) suffered heavy losses. Among market sectors, Banks (7.11 pct), Telecoms (2.42 pct) and Food (2.22 pct) scored big gains, while Commerce (1.16 pct) and Construction (0.40 pct) suffered losses.

National Bank and Piraeus Bank were the most heavily traded securities of the day. Broadly, advancers led decliners by 70 to 39 with another 22 issues unchanged. Sidma (19.88 pct), Chatzikraniotis (19.18 pct) and Pegasus (18.52 pct) were top gainers, while Vioter (20 pct), Progressive (18.75 pct) and Lazaridis Estate (9.98 pct) were top losers.

Greek bond market closing report

The yield spread between the 10-year Greek and German benchmark bonds shrank again to 6.98 pct in the domestic electronic secondary bond market on Friday, from 7.10 pct the previous day, with the Greek bond yielding 7.14 pct and the German Bund yielding 0.25 pct. The three-year bond yield fell below 7.0 pct to 6.79 pct, while turnover was a strong 14 million euros, all buy orders.

In interbank markets, interest rates moved lower. The 12-month rate fell to -0.077 pct from -0.075 pct, the nine-month rate eased to -0.136 pct from -0.135 pct, the six-month rate was -0.217 pct, the three-month rate was -0.313 pct and the one-month rate was 0.373 pct.

ADEX closing report

The December contract on the FTSE/ASE Large Cap index was trading at a discount of 0.42 pct in the Athens Derivatives Exchange on Friday, the day the November contract expired. Volume on the Big Cap index totaled 2,638 contracts with 7,332 open positions in the market. Volume in futures contracts on equities totaled 95,542 contracts with investment interest focusing on National Bank’s contracts (48,376), followed by Alpha Bank (5,689), Piraeus Bank (33,555), Eurobank (14,305), MIG (1,317), OTE (1,143), PPC (1,302), OPAP (229), Hellenic Exchanges (102), Viohalco (93), Mytilineos (522), Hellenic Petroleum (236), Metka (188), GEK Terna (347), Ellaktor (705), Intralot (155).