After a four-day hiatus due to the Easter holidays and two consecutive sessions of declines, investors eagerly returned to the Greek stock market. The General Index closed near the day’s peak, exceeding 1,670 points, primarily driven by the banking sector.
Athens maintained a distinct position compared to other European markets, bolstered by the unexpected primary surplus announced by ELSTAT and a prior upgrade from Standard and Poor’s.
On Tuesday, April 22, the General Index rose by 29.96 points, or +1.82%, to finish at 1,672.13 points. The day saw a high of 1,672.19 and a low of 1,644.55. This marks the highest closing level in three weeks, specifically since April 3, when it closed at 1,678.70 points, effectively reducing this month’s losses. To date, the index shows a return of -0.78% in April and +13.78% for 2025.
The banking index surged by over +3%, with Eurobank leading the way with a +6% increase, followed closely by Alpha Bank at +4%. The blue-chip stocks also participated in the upward trend, with several nearing or setting new records. Coca-Cola HBC rose above 44 euros for the first time, while Athens International Airport (AIA) reached a historic close of 9.7 euros. Metlen also showed significant gains, approaching its 43-euro peak.
Double Boost Amidst New Pressures on Trump
Global markets are currently facing a negative sentiment, as investors remain vigilant regarding the potential effects of tariffs and express concerns over the independence of the Federal Reserve, particularly in light of Donald Trump’s ongoing criticisms of US central bank governor Jerome Powell concerning interest rates.
Domestically, data from ELSTAT released today revealed a primary surplus of 11.401 billion euros, or 4.8% of GDP in 2024, compared to 4.578 billion euros the previous year. The fiscal surplus is projected at 3.181 billion euros, equating to 1.3% of GDP. Simultaneously, the national debt has fallen by more than -10%, currently standing at 153.6% of GDP down from 163.9% in 2023.
On Good Friday, S&P Global Ratings unexpectedly upgraded Greece’s economy, instilling a renewed sense of optimism following FTSE Russell’s cautious stance regarding the Athens Stock Exchange’s transition to developed markets. S&P raised Greece’s credit rating to “BBB” with a stable outlook, one notch above investment grade, affirming the country’s ongoing positive economic trend and its ability to meet fiscal targets. This marks the third upgrade in just one year.
Athens International Airport (AIA) will begin trading tomorrow without the entitlement to a dividend of 0.7862 euros per share, totaling 235 million euros. The dividend is set to be distributed on May 16, with shareholders having the option to reinvest part of it, up to 0.333 euros per share.
On April 24, Metlen is expected to release its first quarter financial results, followed by its Capital Markets Day on April 28, where notable surprises for shareholders are anticipated, as indicated by chairman and CEO Mr. Evangelos Mytilineos. In addition, next week will see the conclusion of corporate results announcements for the fiscal year 2024.
Buyers Return to Wall Street – Losses in Europe
On Wall Street, sellers ramped up their activity after Donald Trump criticized Fed Chairman Jerome Powell for lowering interest rates, a move perceived as an attempt to politicize monetary policy and undermine the central bank’s independence. As a result, key indices faced significant declines, closing with losses exceeding -2%. However, today the atmosphere shifted, with the S&P 500 and Dow Jones recovering by +1.6% and the Nasdaq rising by +1.8%.
Conversely, most European stock markets continued to experience downward trends, influenced by the turmoil in the US. The pan-European Stoxx 600 fell by -0.2%, trading at 505 points. Major indices across the continent dropped by more than -0.2%, while the UK’s FTSE 100 gained +0.3%. This week’s focus is on the joint spring meeting of the IMF and the World Bank taking place in Washington, DC. The International Monetary Fund has adjusted its global economic growth forecast to 2.8%, down from 3.3% previously. Asian markets showed subdued activity, displaying mixed signals.
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