The Athens Stock Exchange opened with strong gains, as investors reacted positively to the 60-day ceasefire agreement between the U.S. and Iran, a development that eases concerns about the Middle East and leads to a significant drop in international oil prices.
The General Index gains nearly 2%, rising to 2,469 points.
The improved geopolitical climate is encouraging risk-taking in the markets, with bank stocks leading the rally. Eurobank is up 3.57% at €4.208, Piraeus Bank is up 2.78% at €9.302, and Alpha Bank is up 2.64% at €4.049.
The picture is positive for the rest of the blue chips as well. Metlen is up 1.78% at €42.30, PPC is up 1.85% at €23.08, while Cenergy is up 2.46% at €24.20. Aegean is up 3.94% at €12.65, as the de-escalation of tensions in the region improves the outlook for the aviation and tourism sectors.
GEK TERNA is trading marginally higher by 0.22% at €44.78, maintaining its recent strong gains, while Prodea remains unchanged at €5.20.
An exception to the upward trend is Motor Oil, which is down 1.96% at €39.10. The stock is under pressure from the significant drop in oil prices, as the market anticipates that the ceasefire reduces the risk of disruptions to energy supply and limits the geopolitical premium that had been factored into crude oil prices.