Greek Stocks Hit 5-Year High on Banking Sector Gains

Index Reaches Multi-Year Peak

The Greek stock market closed higher on Tuesday, with the Athens General Composite index gaining 1.00% to reach a new 5-year high. This upward movement was primarily fueled by positive performance in key economic sectors.

Sector Performance and Key Movers

Gains were led by the Banking, Construction, and Travel industries. Among the top-performing stocks, Lavipharm SA saw a significant increase of 6.57%, reaching a 3-year high. Motor Oil Hellas Corinth Refineries SA added 3.17% to hit an all-time high, while Gek Terna rose 3.14%, marking a new 5-year high. In contrast, Aktor Symmetochon Technikon kai Energoiakon Ergon AE was among the worst performers, declining by 1.47%. Despite the index's rise, market breadth was narrow, with 55 stocks falling and 53 advancing.

Broader Market Context

In the commodities market, Gold Futures saw a substantial increase. Crude oil for March delivery rose 1.26% to $62.92 a barrel, and the Brent oil contract for April gained 1.00% to $66.96 a barrel. In currency markets, the EUR/USD and EUR/GBP pairs remained relatively stable, while the US Dollar Index Futures experienced a slight decline of 0.21%.

Summary

The Athens General Composite's new milestone reflects strong investor confidence, particularly in bellwether stocks within the banking and construction sectors. However, the fact that declining stocks outnumbered advancers suggests that the positive sentiment was not universally spread across the entire market. Investors will be watching to see if this momentum can be sustained and broadened in the upcoming sessions.

FAQ

Q: What was the main driver for the Greek stock market's rise?
A: The primary drivers were significant gains in the Banking, Construction, and Travel sectors.

Q: Which index reached a new high?
A: The Athens General Composite index gained 1.00% to close at a new 5-year high.

Q: Were all stocks on the exchange positive?
A: No, falling stocks slightly outnumbered advancing ones 55 to 53, indicating mixed performance across the broader market.

Source: Investing.com