Mixed trends in European markets, with buyers holding the upper hand on the Greek stock market.
Despite the shift in trend in the New York futures market, in Frankfurt and Paris, sellers and buyers are taking turns in a session that is more procedural in nature.
S&P 500 futures are up 0.68%, at 7,404 points, after dipping to 7,382.75 points at the start of the session in Frankfurt. The Brent futures price is hovering at $73.14, while the VIX/CBOE is steadily declining to 18.31 points.
The DAX is at 24,689 (0.04%), the CAC 40 at 8,359 (-0.34%), and the EuroStoxx Banks index at 290.11 with marginal losses.
The picture was different on Euronext Athens from the start of the session until earlier today, as the DTR index remained stable in the 2,752–2,792-point range, with a noticeable resurgence of buying interest in the shares of systemic groups.
A bullish trend had emerged during the pre-market session, with orders being placed at higher prices for all four stocks in the systemic group. Brokers attribute the buying interest to the rational assessment of the costs associated with the Katseli law, with Moody’s characterizing it as manageable. What matters to the agency is that the banks’ ratings regarding their credit profile, solvency, and profitability trends remain unchanged. The latter appears to be making the difference today, as management’s dividend policy depends on profitability.
As we noted in our previous commentary, today—after several days—the majority of orders for the shares of the four systemic banks are coming from buyers who are re-entering the market.
According to one analyst, this could be attributed to an effort to improve half-year performance—a form of “window dressing”—as companies “close their books” for the first half of 2026. It could also be related to the fact that the sector underperformed in June compared to blue chips, with the lower prices seen as potential re-entry points.
After all, as we noted in Sunday’s commentary, July is expected to be a month of banking news (dividends, earnings, etc.), a prospect that justifies early positioning.
National Bank shares closed at 15.40 (2.67%), Eurobank at 4.19 (2.47%), Piraeus Bank at 9.068 (2.08%), and Alpha Bank at 3.962 (1.62%).
Turnover stood at 95.2 million (*), with 11.95 million shares traded, of which 7.28 million were in the banking sector. Turnover was moderate, and trading volume was commensurate, without indicating a broader return of buyers or new inflows. The picture for market participants will likely become clearer tomorrow, with the “close” of the first half of the year, and the day after tomorrow, with the “opening” of the second half.
At the same time, the limited losses in shares of PPC (23), ADMIE (4.77), and HelleniQ Energy (10.93) suggest more of a measured profit-taking move, and possibly a shift in strategy among some investors. The fact that the “energy” sector outperformed the “banking” sector in June may be leading some to adjust their investment strategies.
Coca-Cola HBC shares are at 57 (1.42%), Allwyn shares at 14.075 (1.48%), Motor Oil at 38.32 (0.47%), OTE at 19.67 (0.32%), and Metlen at 41 (0.29%), with buyers dominating the market.
The trend was moderate among mid-caps as well, with ELLAKTOR (1.404), Iatriko (1.865), and Trastor (0.968) standing out.
( * ) shortly before 3:00 p.m.