Greek stocks extend rally for third successive session

Greek stocks moved higher for the third successive session in the Athens Stock Exchange on Wednesday to climb to 2017 highs. Market sentiment was encouraged by reports of a preliminary agreement reached between the Greek government and its creditors –although both sides did not confirm these reports.

The composite index rose 0.61 pct to end at 668.55 points, off the day’s highs of 672.93 points. The index is up 5.17 pct in the last three sessions. The Large Cap index rose 0.40 pct and the Mid Cap index rose 2.03 pct. Turnover was an improved 64.59 million euros in volume of 113,195,284 shares.

Ellaktor (7.94 pct), Eurobank (4.11 pct) and Motor Oil (2.51 pct) scored the biggest percentage gains of the day, while Lamda Development (2.11 pct), Folli Follie (1.30 pct) and Jumbo (1.18 pct) suffered heavy losses. Among market sectors, Oil (1.80 pct), Technology (1.64 pct) and Banks (1.51 pct) scored big gains, while Commerce (1.30 pct), Personal Products (0.98 pct) and Real Estate (0.83 pct) suffered losses.

National Bank and Piraeus Bank were the most heavily traded securities of the day. Broadly, advancers led decliners by 70 to 38 with another 24 issues unchanged. Pasal (20 pct), Sidma (19.90 pct) and Alpha Astika (19.83 pct) were top gainers, while Varvaresos (19.86 pct), Forthnet (13.81 pct) and Voyatzoglou Systems (10 pct) were top losers.

ADEX closing report

The April contract on the FTSE/ASE Large Cap index was trading around its fair value in the Athens Derivatives Exchange on Wednesday. Volume on the Big Cap index totaled 3,625 contracts with 9,737 open positions in the market. Volume in futures contracts on equities totaled 87,562 contracts with investment interest focusing on National Bank’s contracts (24,400), followed by Alpha Bank (11,793), Piraeus Bank (23,195), Eurobank (21,102), MIG (1,945), OTE (546), PPC (459), OPAP (513), Viohalco (258), Mytilineos (349), Hellenic Petroleum (229), GEK Terna (272), Ellaktor (1,876), Intralot (214).

Greek bond market closing report

Greek bond yields fell on Wednesday, reflecting market optimism over a positive outcome in talks to conclude a second review of the Greek bailout program. The yield spread between the 10-year Greek and German benchmark bonds eased to 6.81 pct, with the Greek bond yielding 7.15 pct and the German Bund yielding 0.34 pct. Turnover was 4.0 million euros, of which 3.0 million were buy orders and the remaining 1.0 million euros was a sell order.

In interbank markets, interest rates were largely unchanged. The 12-month rate was -0.111 pct, the nine-month was -0.173 pct, the six-month rate rose to -0.243 pct from -0.245 pct, the three-month rate was -0.330 pct and the one-month rate was -0.373 pct.