The first trading session of the new stock market week was clearly bullish, with the main indices of the Athens Stock Exchange (GD, FTSE25) consistently in positive territory, characterized by selective buying activity in the wake of recent news and developments, relatively low trading volume, the noticeable pullback of indices and individual stocks from intraday highs, as well as the close at the day’s low, which exposed morning buyers.
Taking things in chronological order, the credit rating agency Standard & Poor’s maintained Greece’s credit rating at “BBB,” with the outlook remaining stable—a move fully anticipated by the market amid an unstable international environment.
Fitch’s assessment of Greece’s creditworthiness is scheduled for May 8.
On May 12, MSCI Greece will announce its decision on index revisions, with most analysts estimating that “any change would be meaningless, given the Athens Stock Exchange’s upgrade to a Developed Market in May 2027.”
On the other hand, Stoxx announced that “Greece will be reclassified from an Emerging Market to a Developed Market, effective at the start of trading on Monday, September 21, 2026.”
According to Eurobank Equities,“this development is, technically, a positive factor for Greek banks, as the impact on capital flows will come mainly from the banking sector, given that investors in Developed Markets typically make their investments based on industry benchmarks, primarily the STOXX Banks index.”
It should be noted that MSCI will upgrade us starting in May 2027.
Beyond the above and according to a former analyst and contributor to this column, “apart from ‘imported’ news and the international stock market climate, the Athens Stock Exchange will continue to move in step with PPC, with the stock’s inclusion in the MSCI Developed Standard Indexvirtually a foregone conclusion, and withfirst-quarter results expected from large-cap companies, which will intensify in the coming period. In this scenario, the “relief rally” is expected to come with the completion of PPC’s rights issue, provided the geopolitical situation is favorable. The expected ADMIE rights issue will also play an important, albeit smaller, role, as it too will require liquidity from the market.”
Starting with the main factor shaping the climate and sentiment, “Iran submitted a new proposal to the U.S. regarding the opening of the Strait of Hormuz and the end of the war, with nuclear negotiations postponed to a later stage,” according to a U.S. official and two sources familiar with the matter, as cited by Axios.
On the other hand, the price of Brent at $101.6 per barrel and the continued tension in Iran are fueling caution.
Goldman Sachs raised its oil price forecasts, predicting that Brent will settle at around $90 per barrel in the last three months of the year, up from a previous estimate of $80.
It should be noted that Friday’s market close saw the S&P 500 and Nasdaq hit new all-time highs, followed this morning by new records for the Nikkei and Kospi.
“The global energy market is in a period where short-term geopolitical developments and long-term structural trends coexist with intensity. The critical factor is that the market reacts not only to actual data but also to expectations. At this stage, it appears to be operating more under a state of temporary shock than under a new normal. Even if the crisis subsides, the full restoration of flows will take time. The supply chain will not return to normal immediately, a fact that maintains a premium of uncertainty in prices. The real value lies in the ability to distinguish between temporary disruption and structural change. In this environment, energy remains a sector with high volatility, but also significant opportunities for both short-term trades and long-term investments,” emphasizes Symeon Mavroudis (portfolio manager at Fast Finance AEPEY).
Keep an eye on May 1 as well, because that marks the end of the 60-day period during which the U.S. President can authorize military action without congressional approval.
“Technically, and with regard to the Athens Stock Exchange General Index, as long as the 2,200-point level remains intact, the scenario of surpassing 2,300 points remains on the table. A potential breach of this level would increase the chances of a retest, or even a breach, of this year’s highs, a scenario that continues to be the most likely, based on the short-term technical picture, provided that international developments also support such a break,”according to Beta Sec.
“Stock picking” continued in mid- and small-cap stocks, which is positive, as it brings a larger portion of the stock market into focus.
Regarding the remaining expected 2025 corporate earnings, which this column updates on a daily basis based on announcements from listed companies:
- 4/27 LOGOS – SIDMA – LOULI – ILYDA – INKA (after market close)
- 4/28 BELA (before market open), BIOKA, CNLCAP, SPEIS – ALMY – FRIGO (after market close)
- 4/29 ASTAK – ELIN – DAIO – INTET – MUZK – HAIDE – MATHIO (after market close)
- 4/30, XYLK – EYDAP – MONTA (before market open), IATR – ELSTR – MENTI – AKTR – ATEC – PTK – NAFP – OLYMP (after market close).
Major European markets are showing mixed signals, marginal changes, and are far from their morning highs, with investors monitoring oil prices and bond market yields while awaiting announcements from central banks.
It is worth noting that the ECB’s upcoming meetings and announcements regarding its monetary policy are scheduled for April 30, June 11, July 23, September 10, October 29, and December 17, 2026.
The Fed’s corresponding meetings are scheduled for April 29, June 17, July 29, September 16, October 28, and December 9, 2026.
The next BoE meeting is scheduled for Thursday, April 30.
“The right approach for central banks is to wait and see what happens, given the uncertainties surrounding the situation in the Persian Gulf, as well as the lack of clarity regarding how the energy turmoil will affect growth and inflation,”most analysts note in their assessments.
Yields in the bond market are stabilizing across all issuers. More specifically, the yield on the U.S. 2-year bond stands at 3.80%, the 10-year at 4.32%, and the Greek 10-year bond at 3.773%.
The General Index remained firmly in positive territory , climbing to 2,243.86 points (+1.07%). At 5:00 p.m., it stood at 2,226.05 (+0.27%) and closed at 2,222.04 points, with daily gains of 0.09%.
Turnover fell to 203.8 million, of which 29 million related to pre-arranged trades (BOCHGR, CENER, DIMAND, PPC, PEIR, ETE, BIO, ADMIE, GEKTERNA), with DEI and ETE accounting for 39% of the total gross trading value.
In the stock of DEI accounted for 31% of turnover.
Of the total turnover of 203.8 million, 182.9 million relate to transactions in FTSE 25 shares.