With last week’s results in the black, investors got off to a positive start this week. With the S&P 500 up 0.93% to 7,500.58 points, traders on Wall Street priced in the prospect of a preliminary U.S.-Iran agreement, the Fed’s decision to keep interest rates unchanged, and the continued growth of artificial intelligence giants.
U.S.-Iran negotiations are set to begin in Lucerne, Switzerland, at a time when tensions in Lebanon and developments in the Strait of Hormuz are testing the fragile ceasefire.
Obviously, traders are well aware that a ceasefire is not a permanent peace, that the 60-day period is a long and eventful time, and that it will take weeks for the consequences of the war to subside.
However, the picture in the futures markets “suggests” that the base-case scenario is a gradual exit from the crisis, though short-lived turbulence cannot be ruled out, with the VIX/CBOE at 16.78 (2.38%), WTI at $76.51 (-0.12%), the U.S. 30-year at 4.901%, and so on
The DAX 30 closed at 24,985.82 (up 1.42%), the FTSE 100 at 8,421.14 (0.84%), the FTSE 100 from 10,363.27 with weekly losses of 1.04%, driven by rapid political developments within the Labour Party and speculation about Starmer’s resignation.
With the General Index rising 2.24% to 2,475.98 points on Euronext Athens, the week was marked by a significant increase in trading volume (to an average daily volume of 368.9 million, up 33.4% from the previous week) with increased inflows due to index rebalancing.
A new upward trend was driven by the banking sector as well as blue-chip stocks, with a notably broader range of investors participating across more stocks—including several mid- and small-cap stocks.
Trading volume stood at 288.7 million at 5:00 p.m. (on Friday) and at 457.38 million at the “close,” which effectively means that approximately 168 million were traded as part of the rebalancing. The trading volume was not proportional to the MSCI rebalancing, but it involved “second-tier” stocks, a fact that “opens up options” for investors. In the FTSE25, CrediaBank’s stock—replacing Sarantis—has been included in the FTSE Mid Caps, taking Profile’s place, while Ellaktor has been delisted from the Stoxx.
Among the key developments of the week was the continued fundraising, a process that strengthens the capital base of groups and companies, as seen in the cases of Motor Oil, Optima Bank, Athens International Airport “Eleftherios Venizelos,” ADMIE following in the footsteps of PPC, with others to follow.
For now, ElvalHalcor’s management is proceeding with an extraordinary general meeting (on July 9) to approve a capital increase (amounting to 250–300 million) with the waiver of preemptive rights (and preferential treatment of existing shareholders).
This process will be led primarily by Goldman Sachs (along with JPMC and Morgan Stanley) and will be nearly identical to that of Cenergy Holdings (October 2024), when Goldman Sachs played a decisive role. It is widely believed in the financial community that listed companies’ management teams are considering a capital increase—if possible, before the next ECB meeting (July 22–23).
Alongside the capital raising, the process of distributing profits (for the 2025 fiscal year) through dividends is underway. For example, several companies will have their ex-dividend dates next week, including ElvalHalcor (0.11/share), Cenergy Holdings (0.26), Intracom Holdings (0.183), Metlen Energy & Metals (1), Viohalco (0.27), Motor Oil (1.40), and others.
Liquidity in the market has strengthened, with inflows from new traders and investors expanding the scope of trading activity.
For the first time, increased trading volume was recorded in FTSEMidCap stocks, reaching 60 million euros. ADMIE and Bally’s/Intralot were the focus of attention, with trading volumes of 29.7 million and 29.6 million euros, respectively.
Other standouts on the index included KRI KRI, ELLAKTOR, AVAX, Autohellas, Dimand, Quest Holdings, and IDEAL Holdings. As for ADMIE, new shares will be listed on Wednesday; for IDEAL Holdings, subscriptions for the sale of a stake in “Attica Department Stores” and its listing on Euronext Athens will begin on the same day. Alexandra Gitsis is betting on luxury brands following the IPO, with the maximum offering price set at 3.20 euros.