The Greek stock market successfully distanced itself from global market pressures, continuing its 15-year streak since May 2010. While sellers dominated the early part of today’s trading session, the dynamics shifted just before 3:00 PM, thanks to a rotation in leading stocks and an upgrade of Greece’s rating by Fitch.
During the session on Monday (May 19), the General Index rose by 6.66 points, or +0.37%, closing at 1,810.72 points, close to the day’s peak of 1,811.26 points. The lowest point for the day was 1,796.02 points. The General Index maintained its upward trajectory for a second consecutive day, accumulating gains of +1.39%, while this year’s return stands at +23.21%. The next target is the 1,853.55 points reached on May 3, 2010.
Despite some minor profit-taking in the banking sector, Bank of Cyprus shares soared to a new all-time high, with five packages valued at approximately EUR 20 million being traded. Athens International Airport (AIA) also hit a record high after UBS increased its target price to EUR 10.4 from EUR 10.3. GEK TERNA saw significant gains, eyeing its 25-year high of EUR 20 once again. Notably, Noval Property jumped by +6% as well.
Fitch as a Positive Catalyst – Next Up: Scope
Fitch provided a boost to the Greek economy by upgrading its outlook to positive (from stable) while keeping the rating at ‘BBB-‘. After more than a year, Fitch has lifted Greece from the “refrigerator,” following its investment grade upgrade in December 2023. The report indicated that further debt reduction and progress on reforms are essential for a rating upgrade.
Athens has now experienced four consecutive upgrades in 2025: Moody’s and DBRS in March, Standard and Poor’s in April, and Fitch last Friday. Germany’s Scope Ratings is scheduled to provide an update on May 30, rating Greece at ‘BBB’ with a stable outlook. Additionally, the quarterly review of the FTSE All World index will take place on May 23, with changes effective after the market close on June 20.
Austriacard Holdings is set to release its first-quarter financial results for 2025 today. Upcoming announcements include PPC, Trade Estates, and Petros Petropoulos SA on Tuesday (May 20), ElvalHalcor and Quest Holdings on Wednesday (May 21), Ideal, Alpha Trust Andromeda, and AS Company on Thursday (May 22), and AS Company again on Friday (May 21). Next week, Motor Oil and HKE will announce their quarterly results on Monday (May 26), followed by Cenergy and Fourlis on Tuesday (May 27), and OPAP and Lamda Development on Wednesday (May 28).
Alpha Trust Andromeda was trading today without the right to a dividend of EUR 0.3296243937 per share, totaling EUR 1.167 million. This dividend distribution pertains to profit from the 2024 fiscal year and previous years, with no reinvestment option. Payments will begin on June 13. Tomorrow (May 20), Aegean will announce its dividend, which amounts to €0.80406 per share (net amount €0.7638/share), with payments starting next Monday, May 26.
Seller Dominance on International Markets
The downgrade of the US credit rating by Moody’s is impacting global markets, presenting an opportunity for a correction. Wall Street is experiencing losses, with the main indices down between -0.1% and -0.4%. However, confidence is temporarily restoring among institutional investors following a strong weekly gain for US equities, with the S&P 500 achieving gains for five consecutive sessions. Positive developments included a US-China trade truce and news of resumed trade discussions between Washington and the EU.
European stock markets are witnessing profit-taking after five consecutive weeks of gains. The pan-European Stoxx 600 has dipped by -0.2%, trading at 548 points. Major indices across the continent have recorded losses of between -0.1% and -0.3%, with the Italian FTSE MIB down -1.4%. Conversely, the German DAX has risen by +0.3%, trading above 23,800 points as it aims for a new all-time high. Asian markets are also down, with South Korea’s Kospi losing nearly -1%.
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