Greek stocks rose strongly on Tuesday

Greek stocks rose strongly on Tuesday, pushing the composite index of the market above the 590-point level. Traders said positive comments made by US President Barack Obama during his visit in Athens encouraged sentiment in the Greek market, which moved in the opposite direction to other European markets. The index rose 2.44 pct to end at 592.26 points, off the day’s highs of 593.11 points, more than covering losses suffered in the previous three sessions (-1.51 pct).

The Large Cap index jumped 3.03 pct and the Mid Cap index ended 0.94 pct higher. Turnover was an improved 52.142 million euros in volume of 89,740,069 shares.

Piraeus Bank (12.86 pct), Eurobank (8.74 pct), Jumbo (5.60 pct) and Alpha Bank (4.55 pct) scored the biggest percentage gains of the day, while Lamda Development (1.28 pct) and Piraeus Port (0.88 pct) suffered losses. Among market sectors, Banks (6.70 pct), Personal Products (4.48 pct) and Constructions (3.28 pct) scored big gains, while Technology (-0.47 pct) was the only sector to move lower.

National Bank and Piraeus Bank were the most heavily traded securities of the day. Broadly, advancers led decliners by 69 to 26 with another 18 issues unchanged. Progressive (20 pct), Chatzikraniotis (19.61 pct) and Boutaris (15.91 pct) were top gainers, while Sidma (20 pct), ANEK (17.31 pct) and Yalco (13.04 pct) were top losers.

Greek bond market closing report

The yield spread between the 10-year Greek and German benchmark bonds was stable at 7.12 pct in the domestic electronic secondary bond market on Wednesday, with the Greek bond yielding 7.43 pct (from 7.42 pct on Tuesday) and the German Bund yielding 0.31 pct. Turnover was a thin 2.0 million euros all sell orders.

In interbank markets, interest rates were mixed. The 12-month rate fell to -0.072 pct from -0.070 pct, the nine-month rate fell to -0.132 pct from -0.131 pct, the six-month rate was -0.209 pct, the three-month rate was -0.310 pct and the one-month rate rose to -0.371 pct.

ADEX closing report

The November contract on the FTSE/ASE Large Cap index was trading at a premium of 0.14 pct in the Athens Derivatives Exchange on Wednesday. Volume on the Big Cap index totaled 5,712 contracts with 8,888 open positions in the market. Volume in futures contracts on equities totaled 76,829 contracts with investment interest focusing on National Bank’s contracts (39,002), followed by Alpha Bank (7,336), Piraeus Bank (13,111), Eurobank (13,646), MIG (687), OTE (451), PPC (744), OPAP (275), Mytilineos (568), Hellenic Petroleum (172), Metka (89), GEK Terna (211) and Jumbo (150).