Unstoppable Stock Market – New 13-Year Record with Another 1.9% Jump

By Manos Hechladakis

With the “press on the gas” continued the Athens market for the fifth session in a row, which with the “exploding” banks and Mytilene rose to new highs in 13 years after trading levels also rose significantly, in another day of significant overperformance compared to 13 years. European – and not only – dashboard.

In particular, the general index moved steadily higher today, early laying the foundations for a strong session and climbing towards a close that was once again at the highest level of the day at 1,447.82 points with a new jump of 1.93%.

At the same time, turnover rose sharply, jumping to 161.4 million euros, of which only 15.8 million euros were in 19 pre-agreed deals (4 packages in Mytilene for 7.9 million and 3 in Piraeus for 2.8 million euros) with a volume of 36.6 million euros. Million pieces.

Today's leading banking index rose 3.48% to 1,257.25, the FTSE rose 2.19% to 3,531.11, while the mid-cap FTSEM fell more discreetly at 2,327.86 with +1.32%.

After a long period of accumulation on the back of portfolio adjustments due to the Piraeus IPO, the recession was “resolved” with the market being dragged into the vortex of international liquidation in light of the geopolitical crisis in the Middle East and falling violently last week to the level of recession. The critical area of ​​1,360 units, however, ultimately appears to have been the condition Athens needed in order to regroup its forces and fuel its upward trajectory.

Thus, after last week's close, the Blues took on the burden of recovering from the geopolitical correction, with the banks returning to their familiar leadership role and the current MD with 5 x 5 bullish sessions only crossing the resistance levels at the 1420-1425 point level. But it also set a new 13-year closing record (leaving behind 1,434.87 points on March 4).

One of the positives of today's rise is also the noticeable increase in trading volume, which confirms the quality of movement with the spread of liquidity over a large part of the board.

On the dashboard

The banks confirmed that they had returned forever to their familiar rhythms, occupying the top four places in terms of turnover (75.5 million euros out of 161 million in total) while outperforming all major general managers.

Piraeus share price is now €4, +2.8%, highest trading value of the day at €34.7 million with a rise of 4%, transactions worth €13 million, +3.64% and €8.7 million Eurobank at €1,984, +3.36%, 17. 29 million after successfully completing another exit from the market today.

The banking frame was broken by Mytileneos which took second place in terms of trading volume with 22.6 million with a rise of 2.54% to 38.8 euros and 5 x 5 bullish sessions with a total increase of 9.73% in it.

At the top of the FTSE were Titans with a 4.61% rise to a new record high of €28.35 (1.94 million), while Viohalco (1.64 million) moved to €5.77 with +3% and OTE (5.7 million) moved to €14.42 with + 2.27%.

Jumbo (6.4 million) rose by 1%, PPC (5 million) by 1.78%, Coca-Cola by 1.65%, Sarantis by 1.95%, and GEK Terna by 1.35%.

Only three large-cap stocks were down: Ellactor -1.3% and Lambda and Autohellas -0.7% each.

In mid-caps, Intralot with 1.9M was up 3.36% to €1.17, while Intracat with 1.38M was up slightly by 0.6% ahead of its volume announcement, while Ideal with 1.37M was up by 2.07. % After reaching an agreement to sell 100% of Astir to Jwala.

Olympique Teknik (€82k) moved better by +6.23% and Alumil (€146k) by +5.66%.

From there on, L. Venizelos, with a population of 1.34 million, posted a 1.17% rise to €8,448, while Optima corrected against today's climate by -0.77% to €10.28 on transactions of 1.7 million.

Today, the ratio of buyers/sellers in the entire board has almost doubled, with 85 stocks rising versus 43 falling stocks.

On the other hand, the Greek state issued instructions to major banks today to “manage” the process of issuing new 30-year bonds, due on June 15, 2054, which will take place tomorrow, Wednesday, if market conditions permit.

Internationally coordinated emerging markets

Internationally, the US market entered the week “on the right note” yesterday, breaking a six-day downtrend (for the S&P 500 and Nasdaq) and continuing its bullish reaction today.

At +0.55% the Dow Jones, at +0.7% the S&P 500 and at +1% the Nasdaq, with the so-called “fear index” VIX falling significantly by more than 3% (16.4 points).

European indices are also moving into positive territory for a second day, with Britain's FTSE 100 hitting a new record high, although now slowing, limiting its gains to +0.2%, while Germany's DAX strengthened by 1.3%. The French CAC 40 index increased by 0.55% and the European STOXX 50 index increased by 1.05%.

Without specific changes, but with buyers' initiatives, the bond market continues, with the yield on US 10-year bonds at 4.591% and the yield on 2-year bonds at 4.961%, while the yield on Greek 10-year bonds fell to 3.434%.

Finally, in the oil space, Brent crude is trading at $86.6 per barrel and WTI at $81.5 with light losses in the region of 0.5%.