European stock markets got off to a solid start in July, with three consecutive sessions of steady gains on the Greek stock market. From 2,444.86 points, Wednesday’s (July 1) intraday low, to 2,543.71 points, the intraday high on Friday (July 3), long positions continued the upward trend seen in June, with indications so far suggesting this trend will continue.
The fact that, during this period, major conglomerates have raised capital (capital increases, bonds) without halting the trend demonstrates the substantial upgrade of Euronext Athens, as it has become one of the most profitable investment destinations for “foreign capital.”
The recent period has served as a “stress test,” as significant capital increases were absorbed, indicative of heightened interest on the part of foreign fund managers. The total market capitalization of listed companies stands at 187.2 billion euros, a historic figure (bearing in mind that in 2007 the number of companies was nearly double), with capital increases serving to deepen the market (rather than having a negative impact, as was typically the case in other periods).
Currently, six listed companies have a market capitalization exceeding 10 billion (Coca-Cola HBC, Eurobank, National Bank of Greece, PPC, Piraeus Bank, Allwyn), and a total of thirty with a market capitalization exceeding one billion, which effectively means that sufficient scale is gradually being established to support a potential upgrade of Euronext Athens.
However, the economy and the business sector have also entered a pre-election period, with all that this could entail for investors. Filippos Pantazis refers to the government’s dual-pronged approach, with the government seeking “a sympathetic ear” in two directions.
Among the major challenges facing the government is inflation, prompting the relevant minister to convene yet another meeting this coming Thursday. The meeting between Development Minister Takis Theodorikakos and representatives of the supply chain aims to establish the framework for implementing price reductions on basic consumer goods starting in early September. As for why September—I don’t think that needs any explanation...
The GD closed at 2,537.23 (1.27%), the DTR at 2,862.50 (1.35%), and the FTSE 25 from 6,441.13 (1.32%), with interest and inflows spread across several stocks, including those in the banking sector, blue chips, and specific mid-caps.
Trading volume on Friday stood at 259.8 million euros, with Wall Street closed for a holiday, resulting in an average daily trading value significantly higher than that of the corresponding period in 2025. Trading volume totaled 26.94 million shares, with 14.09 million shares traded in the banking sector.
Trading via pre-arranged orders totaled 25.66 million euros, reinforcing our assessment that the market is in a phase of position rebalancing rather than distribution. This restructuring, coupled with a steady inflow of “new capital” at 200-month highs, suggests a continuation of the upward trend rather than a decline.
Obviously, the corrections are within a narrow range, but after each “dip,” the subsequent rebound sets new highs at higher levels.
This coming Thursday, the Fed’s minutes will be released; following the announcement of job numbers that fell short of estimates, it is highly unlikely that the Fed will immediately raise interest rates. As a reminder, the Fed’s meeting on July 28–29 will be preceded by the ECB’s meeting on July 22–23, with interest rates remaining a “key” factor in the strategy followed, primarily by traders.
The S&P 500 stands at 7,483.27 points, with futures up 0.47% (once again above 7,500 points). It’s encouraging that the Nasdaq’s losses were offset by the DJIA’s outperformance, which reached new all-time highs. The index stands at 52,900, indicating that money is shifting from the AI and technology sectors to others.
As for Euronext Athens, and specifically the blue chips, the picture is clear for those that are hitting the...gas (GEK TERNA, PPC, ADMIE, Coca-Cola HBC, Motor Oil, AVAX, HelleniQ Energy, etc.) as well as those hitting the brakes (Cenrgy Holdings, ElvalHalcor).
Starting tomorrow, Monday, through Wednesday, the public offering of Seanergy’s corporate bond will take place, with a yield range of 4.90%–5.20%. Also tomorrow, shares of Elton Chemicals (0.065/share) and FAIS Holdings (0.155, with partial reinvestment rights) will be traded ex-dividend, while on Friday it will be Medicon’s turn (0.15).
Notable general meetings are scheduled for Wednesday for AKTOR and Jumbo, and on Thursday for ElvalHalcor, with the main agenda item being the approval of the capital increase (250 million euros).
On Wednesday, Lamda Development will announce its quarterly financial results.