Today’s session got off to a cautious start, with the General Index fluctuating between gains and losses, but shortly before 11:30 a.m., buyers took the initiative and the Index stabilized in positive territory until 4:00 p.m.
From that point on, moves to lock in significant short-term gains appeared to prevail, with the result that the session’s final direction remained in flux right up until the closing auctions, where buyers appeared to have complete control over the short-term trend.
Consequently, at the close of trading, the General Index reached a new 199-month high, with the next-highest closing level having been recorded on November 19, 2009 (2,497.15 points).
The DTR also reached a new 127-month high, with the next-highest closing level recorded on November 16, 2015 (3,073.8 points).
Over its four-day winning streak, the General Index has posted cumulative gains of 4.3%, while the DTR, with an equal number of up sessions, has posted gains of 8.34%—meaning that bank stocks are “racing” at twice the speed of other blue chips, while today’s +1.14% gain in the banking index once again shows that the sector led the upward movement, with buyers clearly more selective in the non-banking 25-stock index.
There is no mention of mid-cap and small-cap stocks, as very few stocks are commanding higher valuations with relatively convincing trading volumes.
Starting with international markets, it is worth noting that the EuroStoxx 50, EuroStoxx 600, Dow Jones, and Russell 2000 indices closed at new all-time highs yesterday, and this morning the Japanese Nikkei did the same (the BoJ raised its benchmark interest rate by 0.25 percentage points to 1%, the highest level since 1995. The decision was largely anticipated by the markets).
According to the conservative scenario, “given that international markets had been persistently pricing in a positive outcome to the U.S.-Iran negotiations, the ‘relief rally’ ends around here, or slightly higher. The next drivers of the rally will be the ‘big deals’ that continue to be announced, as well as the ongoing decline in oil prices.”
In this case, it remains to be seen whether the Athens Stock Exchange can move higher “on its own.”
“The General Index is trading at technically overbought levels, a fact that may increase supply, given the significant gains recorded since late April. Volatility is likely to continue in the short term as markets assess the implementation and sustainability of the U.S. - Iran agreement, but resilient growth and strong earnings are expected to continue to drive buying interest and support market levels. In any case, as long as oil prices fall, this is positive news for the stock markets,” according to Beta Sec.
Meanwhile, the CEOs of Greek banks have been in Paris since last night. The purpose of the trip is to participate in “Greek Day,” organized by BNP Paribas.
Today marked the start of ADMIE Holdings’ capital increase of up to 530 million euros, with the Greek government covering its share (51.12%).
According to an announcement by ADMIE Holdings (+4.32% and closing at a new all-time high, as the 530 million increase has already been oversubscribed), “regarding the Company’s capital increase up to the amount of 530 million euros, through the issuance of up to 250 million new, voting shares with a par value of 2.12 euros per share, through a cash subscription and the waiver of existing shareholders’ preemptive rights, from 10:00 a.m. Greek time on June 16, 2026, until 4:00 p.m. Greek time on June 18, 2026, through a book-building process; 15% of the shares in the combined offering will be allocated to the Greek public offering, and 85% of the shares in the combined offering will be allocated to the international offering, together with the new shares of DES ADMIE S.A., subject to the application of priority allocation to the Greek public offering, in favor of the Company’s existing shareholders, which will be proportional to their stake in the Company’s share capital as of the close of trading in the Company’s existing common shares on June 15, 2026, so that these shareholders retain at least the same percentage of ownership in the Company following the completion of the combined offering and the rights offering. The maximum offering price has been set at €4.17 per new share. The new shares will be listed for trading on June 24.”
In fact, as has been reported, Capital Group has committed to subscribing for shares with a total value of 70 million euros.
Furthermore, it should be noted that the June “triple witching” is scheduled for June 19, while position rollovers continue on the Athens Stock Exchange.
“Short positions, due to the upcoming expiration, are likely to be squeezed and help drive the market’s upward trend,” note more “savvy” analysts.
On the other hand, the Stoxx index review will include CrediaBank’s stock in the STOXX Greece, STOXX Developed and Emerging Markets, STOXX Emerging Markets, STOXX Eastern Europe, STOXX Balkan, STOXX All Europe, and STOXX Global Total Market indices. Ellaktor is being removed from the indices. The changes will take effect at the close of trading on Friday, June 19.
In addition, the Athens Stock Exchange (ASE) and FTSE Russell announced the results of the regular semi-annual review of the composition of the FTSE/ASE indices for the period November 2025–April 2026. CrediaBank is being added to the FTSE25, while Sarantis is being moved to the FTSE/ATHEX Mid Cap. The capping factors for the stocks included in the indices will be calculated based on the closing prices of the trading session on Friday, June 12, 2026. All changes will take effect as of the trading session on June 22, 2026, and the rebalancing will take place on June 19, 2026.
The issue of the free float of certain listed companies will also attract attention, as changes to the listing and trading regime in the European capital market are expected in the near future, as part of the implementation of the Listing Act. Among the key changes is a reduction of the minimum required free float to 10%, subject to the relevant national transposition of the new rules. Euronext has already provided for the possibility of accepting a free float percentage lower than 25%, with a minimum threshold of 5%, while during the transitional period, the application of a 10% threshold is being considered in order to provide greater flexibility to companies seeking to list on the Stock Exchange. In essence, this announcement overturns the Kontopoulos Regulation, which set a 25% free float threshold—at least for companies listing with a valuation below 200 million euros (for listed companies with a market capitalization exceeding 200 million euros, the minimum free float percentage may be limited to 15%).
In any case, the final extension for improving the free float expires at the end of June, while in early July, the listed companies that continue to face the risk of being transferred to the “Under Surveillance” category will be announced. Any requests that may be submitted will be reviewed on a case-by-case basis. The regulation refers to the average half-yearly dispersion.
Major European markets are trading in positive territory with modest gains. Attention will continue to be focused on central bank announcements.
As a reminder, according to the economic calendar, the ECB’s next meetings and announcements are scheduled for July 23, September 10, October 29, and December 17, 2026.
The Fed’s corresponding meetings are scheduled for June 17 (with attention also focused on the first press conference by the new Fed Chair, Kevin Warsh). The new Fed chair may argue that recent inflationary pressures stem mainly from temporary factors and that the central bank will continue to focus on the long-term trend of declining inflation), July 29, September 16, October 28, and December 9, 2026.
According to Beta Sec., “Tomorrow morning, the consumer price index for May in the U.K. will be announced, followed shortly thereafter by the same index for the Eurozone, and at 3:30 p.m., U.S. retail sales for May will be released, while at 9:00 p.m., the Fed will publish its decisions. On Thursday, it will be the turn of the central banks of Switzerland and the UK to announce their decisions on interest rates for the Swiss franc and the pound, respectively, while at 3:30 p.m., the Philadelphia Fed Manufacturing Index for June will be released. On Friday, markets in the U.S., China, Taiwan, and Hong Kong, among others, will remain closed due to official holidays.”
Yields in the bond market continue to edge lower across all issuers. More specifically, the yield on the U.S. 2-year Treasury note has fallen to 4.05%, while the yield on the corresponding 10-year note stands at 4.44% (the yield on the 30-year note is at 4.94%). The yield on the Greek 10-year bond is at 3.588%.
The General Index fluctuated between 2,455.43 (-0.29%) and 2,482.10 points (+0.79%). At 5:00 p.m., it stood at 2,465.96 (+0.14%) and closed at 2,475.32 points, with daily gains of 0.52%.
Trading volume totaled 348 million, of which 31.4 million were pre-arranged trades (CENER, OPTIMA, BYLOT, ADMIE, MOI, OTE, DEI, TRASTOR, PIR, GEKTERNA, PERF, ETE, EUROB), with DEI, PIR, ETE, EUROB, and ALFA accounting for 63% of the total gross trading value.
Of the total turnover of 348 million, 306.8 million related to trades in FTSE 25 stocks.
The picture in the large-cap sector
The heavyweight banking stocks reversed course, with the final tally giving the edge to the “buyers” (ALPHA +1.07%, ETE +0.88%, EUROB +2.07%, PIR +1.11%, BOCHGR 0%, OPTIMA +0.29%).
The banking sector index fluctuated between 2,833.9 (-0.06%) and 2,882.38 points (+1.65%). At 5:00 p.m., it stood at 2,849.44 (+0.49%) and closed at 2,867.83 points, with daily gains of 1.14%.
The DTR has a daily buy signal, which is negated if the index retreats and closes below 2,638 points. The next support levels are at 2,610, 2,454, 2,440 (simple 200-day moving average), and 2,400 points (exponential 200-day moving average). The next resistance level is at 2,900 points.
The final picture on the non-banking 25-stock index could be described as mixed, with AKTR (+12.53%), TITC (-1.39%), AIA (+2.55%), ELPE (+2.16%), LAMDA (+1.06%), and BIO (-2.24%).
The only FTSE25 stock that did not move into positive territory was EEE (-0.56%), as traders moved to lock in short-term gains. The next support levels are at 50.3 and 47.03 euros (200-day exponential moving average), and the first significant resistance level is at 55.75 euros.
AKTR shares (+12.53%) recently hit a 2.5-month low, from which a rebound attempt began, with the stock posting three consecutive sessions of gains. The next resistance level is at 11.50 euros, and the first support level is at 9.66 euros (200-day simple moving average). During today’s session, the stock fell as low as 9.75 euros (-1.52%), but from that point on, buyers took complete control. In fact, shortly before the close of trading, the stock even triggered a market-wide price limit (!) at 10.96 euros (+10.71%).
Signs of aggressive “short covering.”
DEI hit an 18-year high (+0.26%).
Analysts’ assessments
“Much to the relief of the Western world, Trump ultimately settled for a pragmatic truce with Iran. The markets also celebrated the apparent agreement. The Athens Stock Exchange Index is trading at a 16.5-year high. The 2,400-point level now serves as the nearest support level, with 2,500 points representing the next “milestone” should the upward trend continue. Banks continue to support the market, while expectations of an upgrade of the Athens Stock Exchange to developed market status are boosting investor interest. However, following the recent rally and the approach to the 2,500-point level, selective profit-taking moves cannot be ruled out,” according to Kyklos Securities.
“Amid a favorable market climate and with the support of the banking index, the General Index climbed to a new high, paving the way for the 2,600-point range. However, the upward trend may not be ‘served up’ to investors on a silver platter, but rather unfold cautiously, at least until it is confirmed that an agreement has been reached and that transit through the Strait of Hormuz is proceeding smoothly, with lost energy reserves being replenished in the meantime. Domestically, ADMIE Holdings’ rights offering begins today, with the offering price set at a maximum of 4.17 euros. It is worth noting that only 15% of the shares in the combined offering will be allocated to the Greek public offering,” reports Depolas Investment Services.
“The markets may pause to assess the sustainability of the rally that followed the easing of tensions between the U.S. and Iran, after the strong gains of recent trading sessions,” according to Eurobank Equities.
“The market maintained its positive momentum today as well, though at a more moderate pace. ADMIE Holdings launched its public offering for the issuance of new shares,” notes Piraeus Sec.
“The agreement between the U.S. and Iran was announced early Monday morning, but the text will be signed in Switzerland on Friday, at which time it will be announced,” as Dimitris Tzanas points out.
Although the process suggests that new negotiations will take several days, it is recognized as a first step toward peace in the long-suffering Middle East. As a result, the price of oil has fallen sharply, to around $80 per barrel for Brent, with international markets staging a relief rally and European markets expected to benefit the most, as inflationary pressures were threatening the European economy, even as a period of stagflation was beginning!
On the other hand, even if the Strait of Hormuz reopens on Friday, all analysts agree that it will take at least six months for economies to return to normal and for inflation—which has already spread to many sectors beyond energy and food—to be brought under control.
As a result, the ECB has already implemented interest rate hikes, which will continue, seeking to control inflation through demand as well, while all eyes will be on Kevin Warsh on Thursday, the new Federal Reserve chair, who is called upon to speak convincingly about the future strategy: with the markets set to assess his rhetoric regarding the preservation of the independence of the world’s most powerful central bank!
At the same time, SpaceX, yet another tech giant, is making its mark on Wall Street, promising to contribute to the advancement of AI applications by providing affordable solar energy! With the IPO reaching $75 billion—more than double that of Aramco, which until recently held the record—this has made its major shareholder, Elon Musk, the world’s first trillionaire!
The stock market euphoria inevitably spread to Euronext Athens as well. Following the recent successful issuance of a 10-year bond by the PDMA, the ECB’s interest rate hikes are adding new interest income to bank loans, contributing to their organic profitability—a factor leading to new target price upgrades from Morgan Stanley and Optima Bank.
At the same time, analysts are raising their price targets for ADMIE, which is expected to successfully complete the book-building process for its rights offering with high oversubscription, as well as for PPC, Metlen, TITC, Allwyn, and Bally’s Intralot.
As a result, banks and other blue-chip stocks drove the General Index comfortably above 2,400 points, with trading volume rising above 300 million euros and closing levels setting successive new highs for 2026 and for a 17-year period.
With the technical picture now viewing 2,400 points as the nearest support level and the prospect of a move toward 2,650 points as the next “feat” the General Index will be called upon to achieve, according to Mr. Tzanas (Management Consultant at Kyklos AHEEPY).