With the stock market at a 200-month high following the latest upward trend, blue-chip stocks are showing significant performance divergence, both on a year-to-date and monthly basis.
GEK TERNA remains the standout performer, with a return of 81.8% since the start of the year. Over the past 30 days, the stock rose by 7.84%, as the market anticipated and then reacted very positively to the private placement and the capital increase. The company ultimately raised approximately 659 million euros, with bids reaching 3 billion euros, securing strong financing for its new investment program and significantly expanding the free float—a development that also boosts its chances of inclusion in the MSCI Developed Markets Index.
The picture is similar at PPC. The stock rose 10% over the past month, bringing its year-to-date return to 30.2% and driving the price to 23.70 euros, a new all-time high. The main catalyst was the highly successful capital increase, which attracted strong demand from international portfolios and raised expectations regarding the financing of the group’s investment plan.
ADMIE also showed strong momentum, rising 12.21% over the past 30 days, bringing its year-to-date return to 48%. Following the capital increase, the market continues to view the major investment program in power interconnections and the steady growth in regulated revenues positively.
At Coca-Cola HBC, the 19.1% rise over the past month brought the year-to-date total return to 33.1%. The stock continued to attract capital following positive reports from foreign brokerage firms and the resilience shown by its financial metrics.
ABAX rose 11.5% over the past month, bringing year-to-date gains to 30.6%, while the stock is now trading at all-time highs. Investors continue to anticipate strong profitability, based on the high backlog of projects.
Motor Oil has gained 3.64% over the past month, bringing its year-to-date return to 31.8%, while the stock is also trading at all-time highs. Interest has intensified following positive analyst reports on earnings prospects and higher price targets published for the sector, as well as the pending deal with the Aktor Group.
Helleniq Energy also maintains a positive outlook, with last month’s 6.89% gain bringing its year-to-date return to 31.7%, as does OTE, which, with a 7.61% gain over the last 30 days, has reached 15.7% since the start of the year. Metlen gained 4.1%, limiting its losses for the year, while Aegean, up 6.93%, is attempting to recoup some of its lost ground (-9.1% for the year).
Hitting the brakes
Conversely, some of the year’s major performers appear to be entering a phase of profit-taking.
The most notable example is Cenergy. Although it continues to post an impressive 54% return since the start of the year, the stock has fallen 7.45% over the past month. The correction came after a successful placement, which increased the stock’s float and brought in new institutional investors.
The picture is similar for ELVALHALCOR. Despite an overall gain of 32.3% since the start of the year, the stock has fallen by 3.86% over the past month. Next week, the General Meeting will be held to approve the upcoming capital increase.