With record bids exceeding €18 billion, PPCcompleted its rights offering, raising €4.25 billion. At the close of the process, oversubscription stood at 4.5 times the initial issue amount. Excluding the participation of the Greek government and CVC, oversubscription approaches 10 times.
The amount to be raised by PPC rises to €4.5 billion. In addition to the €4.25 billion raised through the main offering, the company also proceeded with the sale of 13.4 million treasury shares, which will bring in €250 million. The offering price is €18.63 per share.
It should be noted that the “blocks” of treasury shares were traded on the Athens Stock Exchange during the final auctions at a price of €18.63 , propelling trading volume to a quarterly high (the next highest was on 2/27 at 707.6 million) and catching most market professionals off guard, as they had expected both treasury shares and new shares to begin trading on the same day (5/26).
Note that with the entry of the new shares , PPC’s market capitalization will change significantly , which may affect the weighting of the stock in the MSCI Greece Standard Index; this was taken seriously into account by active foreign portfolios operating on the Athens Stock Exchange that track this index.
In the wake of the above, today the Electricity Company’s stock (+7.23%) traded consistently in positive territory, closing at a 214-month high, while accounting for 60% of the total gross trading value. It is worth noting the stock’s distinct pullback from its intraday high of 21.74 euros (+9.14%).
On the other hand, and according to information from brokerage firms known for their more conservative estimates, “the liquidity released by PPC’s rights offering is unlikely to extend to other index-weighted stocks, other than banks, as most valuations of non-bank blue chips are considered reasonable, or even slightly ‘stretchy.’ In this case, the stocks of systemic banks may lead the next upward wave, whenever it comes, as the discount relative to European banks has widened during previous sessions.”
In its post-session commentary on the 19th of this month, the column noted, among other things, “according to the prevailing school of thought, which must also be confirmed on the chart, targeted selling of bank stocks is creating opportunities, with some portfolios taking advantage of the pressure to build positions at lower levels, anticipating that after the completion of PPC’s rights issue, the picture will change significantly, provided that international markets also support the rebound.”
With the PPC stock leading the way and buyers returning to the banking sector, it was only natural for the main ATHEX indices to trade firmly in positive territory today, but it is worth noting that they closed significantly lower than their intraday highs.
It remains to be seen whether today’s banking “comeback” will continue.
On the other hand, regarding the “hot” front in the Persian Gulf, signs of a cautious de-escalation are emerging on the U.S.-Iran front, with Tehran acknowledging that “the latest U.S. proposal has to some extent narrowed the gaps between the two sides. Further bridging of differences requires that Washington stop ‘tempting’ war.”
It should be noted that Tehran has not yet specified when it will give an official response to the U.S. proposal.
Meanwhile, “Iran’s Supreme Leader, Mojtaba Khamenei, has ordered that Tehran’s stockpile of highly enriched uranium not be removed from the country, ”according to two senior Iranian sources cited by Reuters. This decision is seen as further complicating talks with the U.S., as Washington is demanding that the stockpile of enriched uranium be transferred out of Iran as part of a potential de-escalation agreement.
It should be noted that in today’s rally, participation from other index-heavy stocks was limited, while the picture was even more disappointing among mid- and small-cap stocks.
On the earnings front, CREDIA and ASKO are reporting results today. On May 27, KRI, MOI, and CENER will announce their first-quarter results, and on May 28, LAVI will do the same.
It is worth noting that the latest MSCI changes will take effect after the close of trading on Friday, May 29, at which point the rebalancing will occur and the changes will be implemented on June 2, 2026 (June 1 is a holiday). On the evening of August 12, 2026, announcements regarding the next restructuring of the MSCI indices as part of the quarterly review are expected.
According to Beta Sec., “announcements regarding the restructuring of the FTSE Russell indices, as part of the quarterly review, are expected late on the night of May 22. Any changes will take effect on June 22, 2026 (rebalancing on June 19). The next announcement of the quarterly review is scheduled for August 21, 2026.”
With palpable caution, mixed signals, and mild fluctuations, the major European markets saw active traders monitoring U.S.-Iran negotiations, corporate earnings announcements, trends in energy prices, and bond market yields.
Meanwhile, “concerns among Fed officials that a war with Iran could push inflation higher intensified last month, with an increasing number arguing that the central bank should lay the groundwork for a potential rate hike. Furthermore, the majority of Fed policymakers, at the April 28–29 meeting, stated that some further tightening of monetary policy may be necessary if inflation continues to persistently run above the 2% target,” as noted in the meeting minutes that were published and which, at least initially, did not “spook” the stock markets.
On the other hand, Nvidia’s earnings announcement was met with an “apathy” by investors, as concerns grow over the $5.4 trillion tech giant’s ability to maintain its growth pace. The world’s most valuable company forecast sales of $91 billion for the current quarter, significantly above Wall Street’s average estimates of $86 billion, but lower than the most optimistic projections. Nvidia also announced an additional $80 billion share buyback program and increased its quarterly dividend to $0.25 per share, up from $0.01, making it one of the highest-dividend-paying companies in the U.S., with approximately $24 billion annually.
“Wall Street saw a strong upward trend, as the market reacted positively to the ‘plunge’ in oil prices and the decline in bond yields. Attention turned to Nvidia’s results, which reported figures stronger than estimates, however, the stock’s muted reaction in after-hours trading indicated that the market is now more demanding regarding the growth rates and profit margins of the AI sector,” as noted by Kyklos Securities.
Yields in the bond marketare stabilizing for all issuers. More specifically, the yield on the U.S. 2-year bond stands at 4.09%, the 10-year at 4.61% (the 30-year yield is at 5.14%), and the yield on the Greek 10-year bond at 3.772%.
The General Index remained firmly in positive territory, reaching a daily high of 2,281.2 points (+2.76%). At 5:00 p.m., it stood at 2,258.91 (+1.75%) and closed at 2,266.09 points, with daily gains of 2.08%.
Turnover stood at 703.8 million, of which 306.3 million related to pre-arranged trades (AEM, GEKTERNA, PROF, PPC, EUROB, PIR, PETRO, AIA, NBG, KOUES, BELA, OTE), with PPC and NBG accounting for 67% of the total gross trading value.
Of the total turnover of 703.8 million, 683.3 million relates to transactions in FTSE 25 shares.
The picture in the large-cap sector
Among the heavyweight banking stocks, OPTIMA changed direction twice (+1.55% and closed at a new all-time high), BOCHGR did not dip into the red (+0.97%), while ALPHA (+0.43%), ETE (+3.09%), EUROB (+5.38%), and PIR (+3.84%) maintained an upward trend.
The banking sector index remained firmly in positive territory , climbing to 2,590.72 points (+4.25%). At 5:00 p.m., it stood at 2,558.32 (+2.95%) and closed at 2,562.44 points, with daily gains of 3.11%.
The DTR has a daily sell signal, which is negated by a rebound and a close above 2,680 points. The next resistance levels are at 2,741, 2,848, and 2,900 points. The next support levels are at 2,401 (simple 200-day moving average) and 2,344 points (exponential 200-day moving average).
The final picture on the non-banking 25-stock index board clearly favors stocks with positive performance, with AKTR (-0.58%), AIA (-0.30%), ELPE (-0.49%), ELHA (-0.31%), LAMDA (-0.17%), MOI (-1.56%), and SAR (-0.13%).
Among the gainers, the biggest gains were recorded by ALWN (+3.35%), MTLN (+1.01%), CENER (+1.28%), BIO (+1.17%), DEI (+7.23%), and EEE (+1.54%).
MTLN’s annual general meeting was held today. According to an announcement by the listed company,“in 2026, the Company expects to achieve record-high revenue, with EBITDA fully recovering to a range of €1.0 billion – €1.15 billion for the full year, while remaining firmly committed to its medium-term EBITDA target of €2 billion.”
For a substantial improvement in the technical picture, MTLN shares (+1.01%) must break above €40 (200-day exponential moving average) and €42.8 (200-day simple moving average).
Analysts’ estimates
“Major European markets are trading with mild fluctuations, as improved momentum in Asia contrasts with the more subdued tech climate in the U.S. and persistent concerns about the impact of higher oil prices on growth and inflation,”as noted by Eurobank Equities.
“Optimism abroad may fuel interest in the domestic market, which justifies a stronger rebound given the weakness of recent days. The investment climate is also bolstered by the easing of geopolitical tensions, following the resumption of oil tanker traffic through the Strait of Hormuz, alleviating fears of significant disruptions to energy supplies,”according to Beta Sec.
“The positive sentiment abroad persists, particularly following Nvidia’s better-than-expected results (+211% year-over-year increase in net profits to $58.3 billion). In the geopolitical arena, a wait-and-see attitude prevails, though this is accompanied by a parallel gradual downgrade of expectations for a compromise,”as noted by Depolas Investment Services.
“Strong momentum for our market and a wait-and-see attitude for European markets, awaiting positive news from the Middle East ‘front’ and a drop in international oil prices to move to higher levels, as estimated by Tasos Niavis.
From a technical analysis perspective, our market maintains very strong support around the 2,200-point level (weekly support), a level that is crucial for its future trajectory.
The third Elliott wave uptrend is in full swing; it is the longest and most profitable of the entire wave sequence and could drive the general index to new yearly highs.
On the downside, our market will face resistance around the 2,320-point level, though not particularly strong.
At this point, we should mention the increasingly positive daily reports from major foreign investment firms regarding Greek banks and large-cap companies, as well as our market in general.
In international markets, the technology sector is dominating the spotlight, driven by earnings announcements from industry giants (such as NVIDIA), which have propelled the U.S. S&P 500 and NASDAQ to reach new all-time highs, a development that signals positive trends across various fronts.
In closing, we should note as encouraging news the closing of a short position by one of the funds in MTLN stock, which has weighed heavily on the stock in recent months, a development that may lead other funds to gradually close their open positions and, finally, to reaffirm, for the umpteenth time, the extremely strong long-term trend our market has been in over the past five years,”notes Mr. Niavis (certified financial analyst).
The highest market capitalizations on the Athens Stock Exchange
At the top of the ATHEX market capitalizations is EEE (18.5), followed by EUROB (13.5), ETE (12.8), PIR (10.5), ALWN (9.8), ALFA (8.2), DEI (7.9), OTE (7.6), MTLN (5.4), CENER (5), BIO (4.9), GEKTERNA (4.1), BOCHGR (4.1), MOI (3.9), TITC (3.7), AIA (3.2), ELPE (3.1), BELA (3), CREDIA (2.5), OPTIMA (2.3), AKTR (2.1), BYLOT (2.1), ELHA (1.8), PRONTEA (1.5), KAREL (1.2), LAMDA (1.1), EYDAP (1.1), ARAIG (1), LAMPSA (1 billion euros).
The stocks in the lead
In the race for the best annual returns of 2026, according to data from Alpha Trust, the leaders are LAVI (+61.65%), BIO (+59.83%), CENER (+58%), GEKTERNA (+57.67%), ATRAST (+55.86%), ACAG (+55.72%), DAIO (+48.91%), OPTIMA (+35.54%), EYDAP (+30.79%), ELHA (+29.12%), KRI (+26.84%), VINTA (+26.52%), MONTA (+25.19%), PIR (+24.96%), TZKA (+24.68%), ELPE (+21.41%), SARAN (+20.97%).
“Tips” outside the FTSE25
With buyers positioned lower than the previous close and low trading volume, or “market” orders, the following moved higher: AAAK (+7.27%), DROME (+2.26%), DOMIK (+1.42%), MIN (+1.79%), and VINTA (+0.6%).
According to an announcement by EVR, “the Company’s Board of Directors has decided to initiate the merger process through the absorption of the Company by ‘CREDIA BANK’. A corresponding decision to initiate the merger process was also taken by the Board of Directors of ‘CREDIA BANK’. June 30, 2026, has been set as the date for preparing the transformation financial statements. In the context of the proposed merger, the proposed exchange ratio of the shares of the Absorbed Company to the shares of the Absorbing Company is 1.446 new voting shares of ‘CREDIA BANK’ for every 1 common share of the Absorbed Company. In determining and applying the above proposed exchange ratio, account has been taken of the issuance of 3,425,688 new common shares of the Absorbed Company, which are expected to be issued through a capital increase of the Absorbed Company through the capitalization of share premium reserves, as part of the established long-term incentive plan. These new shares will be allocated to the beneficiaries of said program and will participate normally in the merger process, subject to the adoption of the required corporate resolutions and other approvals. Furthermore, prior to the completion of the merger, the Absorbed Company intends to reduce its share capital by up to €45.5 million(€0.31 per share), for the purpose of returning capital to its shareholders. This capital return is part of the overall transaction structure of the proposed merger. The Company will raise these funds through the sale of a portion of its real estate assets.”
This column had warned in advance about the upcoming share reclassifications of EVR (-8.18%), with the Bank.
INTKA (-3.06%), in its capacity as a major shareholder of EVR, has agreed to a lock-up of the new shares it will receive for a period of 6 months following the completion of the merger.
According to an announcement by REVOIL (+2.2%), “as of Tuesday, May 26, 2026, the Company’s shares will trade without the right to receive a net dividend of €0.04655 per share.”
“We create value for our shareholders and focus on continuously improving our results,” writes INTET (-5.77%) on its website, but it seems that some have grown tired of waiting (!) The last positive close was on May 14, while today the stock saw a slight increase in daily trading volume.
Sales by the CEO in SOFTWEB (+0.93%).
Sellers pushed DOTSOFT lower (-3.45%), and unless the situation improves immediately, this is not a positive sign for the few small investors.
The last positive close was on 5/14 for DAIO (-1.45%).
Sellers returned, pushing KAIROMEZZ to a new 28-month low (-6.05%).
After a downward trend, FOODL rebounded (+3.77%), and after two unchanged and four down sessions, NOVAL rose (+1.92%).
Trading volume increased for ADMIE (+3.83%) and PRONTEA (+1.79%).
Buyers returned to PPA (+3.33%).
KOUAL (+3.05%), FBMEZZ (+1.92%), ATTIKA (+1.24%), and PROF (+1.97%) doubled their gains.
Two “blocks” were traded, totaling 335,000 shares at a price of 5.55 euros for AEM (+0.55%).
The technical picture of the main indices
The General Index has a daily buy signal, which is invalidated by a pullback and close below 2,187 points. The first support level is at 2,200, with subsequent support levels at 2,155, 2,134 (200-day simple moving average), and 2,107 points (200-day exponential moving average). Resistance levels are at 2,327, 2,331–2,346 (gap), 2,350–2,355, 2,407, and 2,450 points.
The large-cap index has a daily sell signal, which is negated by a rebound and a close above 5,922 points. The next resistance levels are at 5,934, 6,153, and 6,200 points. The first support levels are at 5,477, 5,404 (simple 200-day moving average), and 5,331 points (exponential 200-day moving average).
A Look at International Markets
Trading on the major Asia-Pacific markets closed with mixed results.
Sentiment was also mixed in Europe, with controlled “profit taking” on Wall Street.
Buyers returned to the oil market, with the euro trading at 1.158 against the dollar.
According to a Bloomberg Intelligence survey of 126 fund managers and energy market experts, the majority of respondents estimate that Brent will trade between $81 and $100 per barrel over the next 12 months.
Goldman Sachs is sounding the alarm over global crude oil inventories, warning that they have fallen by 8.7 million barrels per day so far in May—nearly double the average rate of decline since the start of the conflict.
Gold (June 2026 contract)is down to $4,510, and silver (July 2026 contract) is at $75.80.
Bitcoin is at $77,200, and Ethereum is at $2,130.
In Japan, data showed that the country’s exports grew at the fastest pace since January, rising 14.8% in April and exceeding estimates. Imports rose 9.7%, compared to analysts’ estimates of an 8.3% increase.
The International Monetary Fund has revised its growth forecast for France downward. The IMF now estimates that French GDP will grow by 0.7% in 2026, down from a forecast of 0.9% just last month. The Fund noted that short-term risks to these outlooks remain tilted to the downside.
Economic activity in the Eurozone contracted in May at the fastest pace in the past two and a half years. The S&P Global Composite Purchasing Managers’ Index, which includes both Manufacturing and Services, fell to 47.5 points in May from 48.8, its lowest level since October 2023 and below the forecasts of a Reuters poll, which had predicted no change from April. The result marked the second consecutive month of contraction in the Eurozone’s private sector.
“The Eurozone economy will slow in 2026, as the war in the Middle East has triggered the second energy shock in less than five years, with the severity of the impact depending on the duration of the conflict,” the European Commission stated in its Spring Forecast.
It now forecasts that the growth of the Eurozone’s gross domestic product will slow to 0.9% in 2026, from 1.3% in 2025, with a rise to 1.2% in 2027. In its latest forecasts in November, the projections were 1.2% and 1.4%, respectively.
The European Commission also revised its inflation forecasts upward to 3.0% in 2026, up from 1.9% previously, and to 2.3% in 2027 from 2.0%, strengthening the case for the ECB to raise interest rates.
Consumer confidence in the Eurozone rebounded marginally in May compared to April. Specifically, the consumer confidence index compiled by the European Commission rose to -19 points this month, from -20.6 points in April. Analysts had forecast a decline to -20.8 points. Across the European Union as a whole, consumer confidence rose by 1.7 points to -18.2 points.
New home construction declined in April in the U.S. Specifically, housing starts fell 2.8% to 1.465 million units. This figure indicates how many homes would be built in a year if construction activity continued at the April pace. Analysts had forecast that starts would come in at 1.41 million.
The number of Americans filing for unemployment benefits fell to 209,000 in the week ending May 16, down from 212,000 a week earlier. Analysts had forecast a decline to 210,000.
Back to the Athens Stock Exchange
It should be noted that, according to data from Alpha Trust, today’s trading session added €2.9 billion to the Athens Stock Exchange’s total market capitalization, bringing it to €163 billion.
Autonomous Research paints a positive picture for Greek banks, as well as for the Greek economy as a whole , following its meetings in Athens with bank management, government officials, the Bank of Greece, and the Hellenic Debt Management Agency (HDMA).
The firm maintains a clearly positive stance on the Greek banking sector, with Eurobank and National Bank of Greece as top picks. It sets a target price of €5.40 for Eurobank with an “outperform” rating, €18.30 for National Bank of Greece, also with an “outperform” rating, €9.50 for Piraeus Bank with a “neutral” rating, while for Alpha Bank it maintains an “underperform” rating with a target price of €3.60.
“Economic activity in Greece is projected to slow from 2.1% in 2025 to 1.8% in 2026, as the energy price shock erodes real household income and limits consumption growth. Investment growth, however, is expected to remain strong, supported by the continued absorption of EU funds. In 2027, GDP growth is projected to slow slightly again to 1.6%, as the implementation of the Recovery and Resilience Facility (RRF) nears completion,” the Commission notes in its Spring Economic Forecast.
Citi continues to see significant upside potential for Metlen, estimating that the guidance for EBITDA of €1–1.15 billion in 2026 confirms the Group’s return to fully normalized profitability, following the pressures it faced in 2025 from the EPC sector. It maintains a “buy” recommendation and a price target of €52.
Among large-cap stocks , ELPE did not turn positive, while ALFA, ETE, EUROB, PIR, BOCHGR, ALWN, DEI, EEE, and BELA remained in negative territory. In the final trading sessions, SAR closed at the day’s low, while EEE and OPTIMA closed at the day’s high.
The final picture was almost evenly split, with 78 stocks rising versus 61 falling, while 10 stocks ended the session with gains of more than 3%.