The Athens Stock Exchange closed higher on Friday, with the General Index finishing above the 2,700-point threshold despite swings during the trading session. Strong corporate earnings from listed companies, hopes that the Greek market will be upgraded to Developed Market status, and falling yields on Greek government bonds all helped support prices.
The General Index ended the September 4 session at 2,701.38 points, a gain of 0.37%. The day's high was 2,707.31 points and the low was 2,684.41. Turnover exceeded €261 million.
Banking Shares Mixed
The large-cap index closed up 0.35% at 6,914.78 points, while the mid-cap index slipped 0.09% to 3,098.66. The banking index rose 0.76% to 3,211.29 points.
Among bank shares, Piraeus Bank gained 1.44% to €10.60 and Eurobank rose 1.20% to €4.72. National Bank of Greece added 1.01% to close at €17.55, while Alpha Bank fell 1.22% to €4.69.
Other gainers included construction group AVAX, up 2.97%, property developer Lamda Development, up 2.95%, refiner Hellenic Petroleum (ELPE), up 2.05%, and shipping company Safe Bulkers, up 2.96%. Decliners included Bally's Intralot, down 1.44%, Allwyn, down 1.10%, and Public Power Corporation (PPC), down 0.25%.
DBRS Rating Decision Due
Canadian credit rating agency DBRS was due to announce its verdict on the Greek economy on Friday night. DBRS currently rates Greece at BBB with a stable outlook, one notch above investment grade, following its last review on March 6.
Mitsotakis to Unveil Fiscal Package
Prime Minister Kyriakos Mitsotakis was expected to announce a package of measures on Saturday at the Thessaloniki International Fair, an annual trade exhibition traditionally used by Greek governments to set out economic policy for the year ahead. The package was estimated to exceed €2.5 billion and would be rolled out in four phases through 2028.
The measures were expected to combine tax relief with income support, while activation of the escape clause for energy spending was seen creating additional fiscal room. Measures under consideration reportedly include tax interventions for farmers, families and self-employed professionals, as well as incentives for tax-compliant citizens.
Corporate Results
Retailer Jumbo reported that sales momentum remained strong in August, with group sales rising 9% year-on-year, matching July's growth and lifting eight-month growth to 5.8%. The picture was positive outside Romania: sales in Greece rose 11% in August and 8% year-to-date, Cyprus rose 9% and 6% respectively, and Bulgaria led with growth of 17% in August and 14% over eight months. Jumbo also announced an extraordinary dividend of €1 per share.
Piraeus Bank confirmed that Ethniki Asfalistiki, the insurer, priced its first subordinated bond issue worth €200 million. The deal comprised a €100 million Tier 2 bond carrying a 5.25% coupon and a €100 million perpetual Restricted Tier 1 bond at 6.875%. Orders exceeded €600 million, more than three times oversubscribed, with over 70% of the issue placed with international investors.
Quest Holdings management struck a positive tone, saying it expects double-digit growth in IT services to continue in the second half of the year.
During an earnings call, IDEAL Holdings management forecast organic revenue and comparable EBITDA growth of 8%-10% for 2026, comparable pre-tax profit growth of 12%-14%, and comparable net profit growth of 17%-20%. Management described its acquisition of OHA as an attractive reinvestment in its existing portfolio, after reviewing other acquisition opportunities. The company said momentum in its IT operations remains strong. Frozen food maker Barba Stathis expects profitability to accelerate in the second half, while ferry operator Attica Group forecast full-year revenue and EBITDA growth of 7%-9%.
International Markets
The Dow Jones Industrial Average fell at the open of Friday's Wall Street session after stronger-than-expected August employment data raised expectations that the US Federal Reserve could raise interest rates at its next meeting. At the opening, the index of 30 large US companies was down 187 points, or 0.3%. The S&P 500 fell 0.2%, while the Nasdaq traded close to its previous session's levels.
In Europe, the pan-European Stoxx 600 gained 0.17%, Germany's Dax in Frankfurt rose 0.25%, London's FTSE 100 added 0.06% and France's CAC rose 0.03%. Italy's FTSE MIB in Milan fell 0.27%.
