The General Index of the Athens Stock Exchange completed the nine-month period at 2,738.35 points, versus 2,120.71 points at the end of 2025, recording a rise of 29.12%.
September closed with gains of 2.28%, the sixth consecutive rising month since April, when the market began to recover from the March plunge that had “turned” the index below the levels of the end of 2025.
Even more impressive was the performance of the blue chips. The FTSE 25 closed at 7,036.45 points with gains of 31.49% since the beginning of the year, while the FTSE Mid 40 was limited to a rise of 10.30%.
At the sector level, the banking index stood out with a rise of 45.83%, followed by the Energy and Utilities index (+41.69%). On the opposite side, the Consumer Products sector declined by 20.23% and the Real Estate sector by 2.81%.
The rise was accompanied by a liquidity record. The average daily trading value in the nine-month period came to 356.6 million euros, up by 63.6% compared with the 2025 average (218 million euros), while in September it surged to 545.6 million euros, the highest level of the year. Foreign investors show net inflows of 254.75 million euros in the January-August eight-month period, while domestic equity mutual funds raised 203.6 million euros in the same period.
At the international level, the Athens Stock Exchange ranks third in Europe, behind Poland (+34.2%) and Hungary (+32.5%) and ahead of Austria (+28.7%) and Romania (+26.1%). For comparison, the Euro Stoxx 50 is gaining 8.1% since the beginning of the year, the S&P 500 12.6% and the Nasdaq 16.4%, while Germany’s DAX is limited to a rise of 2.9% and France’s CAC 40 is in negative territory (-2.3%).
FTSE 25: The refineries at the top
On the blue-chip board, the “gold” of the nine-month period is shared by the two refineries. HELLENiQ ENERGY has more than doubled its value, with a rise of 122.8% (from 8.36 to 18.63 euros), closing September at a 52-week high, after monthly gains of 20.1%. Barely behind follows Motor Oil with gains of 121.8% (from 31.40 to 69.65 euros), of which 15.8% in September alone.
In third place is Optima bank with a rise of 91.7%, which was also the second-best stock of the “25” in September (+21.6%). It is followed by GEK TERNA with gains of 74.7%, despite the 4.8% correction in September, while also above 50% are Cenergy (+61.6%), Piraeus Bank (+61.5%) and EYDAP (+56.7%).
Strong returns were also recorded by Viohalco (+49.7%), Metlen (+46.7%) and the other systemic banks: Eurobank gains 44.2%, Bank of Cyprus 38.4% (at a 52-week high), National Bank 37.3% and Alpha Bank 35.8%. Overall, 17 of the 25 stocks in the index are in positive territory, one remains unchanged (ELVALHALCOR) and seven are recording losses.
Special mention is deserved by DAA, which was the champion of September with a jump of 23.7%, which brought it to 12.96 euros, a 52-week high, and lifted its nine-month gains to 20.7%.
On the opposite side, Allwyn is the big laggard in the “25”, with losses of 40.3% (from 19.10 to 11.40 euros), having declined by 15.6% in September alone. It is followed by CrediaBank (-37.0%) and Aegean (-20.5%), while also in negative territory are Jumbo (-10.9%), Lamda Development (-10.8%), Titan (-6.9%, with a drop of 10.4% in September) and Aktor (-1.3%).
Table 1: The returns of FTSE 25 stocks in the nine-month period
| Stock | Price 30/9 (€) | Price 31/12/25 (€) | 9-month change | Sept. change | Market cap (million €) |
|---|
| 1. HELLENiQ ENERGY | 18,63 | 8,36 | +122,8% | +20,1% | 5.694,0 |
| 2. Motor Oil | 69,65 | 31,40 | +121,8% | +15,8% | 7.716,0 |
| 3. Optima bank | 14,78 | 7,71 | +91,7% | +21,6% | 3.271,1 |
| 4. GEK TERNA | 44,40 | 25,42 | +74,7% | -4,8% | 5.280,8 |
| 5. Cenergy | 24,24 | 15,00 | +61,6% | +5,4% | 5.148,2 |
| 6. Piraeus Bank | 10,97 | 6,794 | +61,5% | +6,7% | 13.558,4 |
| 7. EYDAP | 12,32 | 7,86 | +56,7% | -3,3% | 1.312,1 |
| 8. Viohalco | 17,82 | 11,90 | +49,7% | +3,6% | 4.618,8 |
| 9. Metlen | 49,16 | 33,52 | +46,7% | -0,8% | 7.050,8 |
| 10. Eurobank | 4,94 | 3,425 | +44,2% | +7,7% | 17.833,2 |
| 11. Bank of Cyprus | 10,99 | 7,94 | +38,4% | +2,7% | 4.791,2 |
| 12. National Bank | 17,85 | 13,00 | +37,3% | +5,7% | 16.120,9 |
| 13. Alpha Βank | 4,86 | 3,58 | +35,8% | +6,3% | 10.965,3 |
| 14. PPC | 23,22 | 18,20 | +27,6% | -3,2% | 13.871,6 |
| 15. DAA | 12,96 | 10,74 | +20,7% | +23,7% | 4.123,8 |
| 16. OTE | 19,58 | 16,86 | +16,1% | -1,1% | 7.715,6 |
| 17. Coca-Cola HBC | 51,40 | 44,72 | +14,9% | -4,3% | 19.184,5 |
| 18. ELVALHALCOR | 3,76 | 3,76 | 0,0% | +1,1% | 1.634,7 |
| 19. Aktor | 9,67 | 9,80 | -1,3% | -5,9% | 2.531,4 |
| 20. Titan | 48,88 | 52,50 | -6,9% | -10,4% | 3.828,5 |
| 21. Lamda Development | 6,35 | 7,12 | -10,8% | -0,3% | 1.122,3 |
| 22. Jumbo | 24,86 | 27,90 | -10,9% | -4,4% | 3.340,3 |
| 23. Aegean | 11,33 | 14,26 | -20,5% | -7,1% | 1.021,6 |
| 24. CrediaBank | 1,01 | 1,604 | -37,0% | -1,2% | 2.015,6 |
| 25. Allwyn | 11,40 | 19,10 | -40,3% | -15,6% | 9.197,3 |
Source: Beta AXEPEY
The rest of the board: Few winners, many losers
The picture outside the FTSE 25 is very different. Of the 123 mid- and small-cap stocks included in the data, only 51 are moving upward since the beginning of the year, five remain unchanged and 67 are recording losses. The market’s rise, in other words, was concentrated in the “heavy papers,” which account for about 173 billion euros out of the 200 billion euros of the total market capitalization of the stocks in the sample.
The highest return on the rest of the board, and of the entire market, is recorded by Spyrou, with a rise of 153.6%; however, this is a stock with a market capitalization of just 10 million euros, which declined by 6.9% in September.
More “substantial” champions are Hellenic Exchanges, which are gaining 77.2% in the nine-month period, with a jump of 33.7% in September alone, as well as Kri-Kri, which with gains of 68.9% has exceeded 1 billion euros in market capitalization. They are followed by Lavipharm (+62.3%), Austriacard (+60.8%), Sidma (+59.9%) and Vidavo (+59.1%), while also above 40% are Real Consulting (+50.3%) and ADMIE (+45.4%).
Gains of more than 30% are recorded by ELVE (+35.2%), Haidemenos (+34.2%, with a jump of 42.9% in September), Profile (+34.0%), Safe Bulkers (+32.5%), Moda Bagno (+32.4%) and Ekter (+32.2%). Also noteworthy was the rise of OLP in September (+15.5%), which lifted its nine-month gains to 19.4%.
Among the worst performances on the rest of the board, Softweb has lost 53.0% since the beginning of the year, with the largest part of the decline (-47.2%) recorded in September. It is followed by Proodeftiki (-50.7%), Prodea (-47.1%) and Cairo Mezz (-38.7%) and Galaxy Mezz (-38.4%).
Table 2: The top 15 returns outside the FTSE 25 in the nine-month period
| Stock | Price 30/9 (€) | Price 31/12/25 (€) | 9-month change | Sept. change | Market cap (million €) |
|---|
| 1. Spyrou | 0,35 | 0,138 | +153,6% | -6,9% | 10,0 |
| 2. Hellenic Exchanges | 11,20 | 6,32 | +77,2% | +33,7% | 675,9 |
| 3. Kri-Kri | 32,10 | 19,00 | +68,9% | +1,3% | 1.061,4 |
| 4. Lavipharm | 1,574 | 0,97 | +62,3% | -4,5% | 268,8 |
| 5. Austriacard | 9,84 | 6,12 | +60,8% | -0,6% | 357,7 |
| 6. SIDMA | 2,71 | 1,695 | +59,9% | -2,2% | 36,8 |
| 7. Vidavo | 10,50 | 6,60 | +59,1% | +1,0% | 11,0 |
| 8. Real Consulting | 8,72 | 5,80 | +50,3% | +5,3% | 267,7 |
| 9. ADMIE | 4,42 | 3,04 | +45,4% | -1,9% | 1.603,9 |
| 10. ELVE | 7,10 | 5,25 | +35,2% | +1,4% | 23,5 |
| 11. Haidemenos | 1,00 | 0,745 | +34,2% | +42,9% | 8,3 |
| 12. Profile | 10,76 | 8,03 | +34,0% | +8,7% | 267,1 |
| 13. Safe Bulkers | 7,55 | 5,70 | +32,5% | +1,7% | 859,4 |
| 14. Moda Bagno | 7,15 | 5,40 | +32,4% | +2,1% | 134,5 |
| 15. Ekter | 4,97 | 3,76 | +32,2% | -4,1% | 137,8 |
Source: Beta AXEPEY