Stock Market: Winners and losers after the rebalancing

Two weeks after the September 18 session, the last before the upgrade of the Athens Stock Exchange to developed markets came into effect, the board presents a different picture from that of the day of the major rebalancing.

In that session, the highest turnover in the history of the Stock Exchange was recorded. Turnover reached €4.26 billion, of which approximately €3.74 billion went through the auctions, mainly due to the mandatory adjustments in the portfolios that track the FTSE Russell and STOXX indices.

The FTSE 25 fell from 6,833.85 points on September 18 to 6,757.38 points on October 2, with losses of 1.12%.

Of the 25 stocks in the index, 15 are moving lower and 9 higher, while Bank of Cyprus is exactly at the same levels, at €10.60. The median change is -0.79%.

The divergences, however, are large. Ten stocks are moving within a narrow range of ±1.3%, while the major moves are concentrated in a few securities.

The winners

Three of the six best performances belong to companies of the Viohalco group. Viohalco itself is posting a rise of 16.95%, from €15.10 to €17.66. Cenergy Holdings gains 8.52%, from €22.30 to €24.20, and ElvalHalcor 6.57%.

The rise has a strong recovery character. The group’s stocks had come under significant pressure in the sessions before the rebalancing, so the prices of September 18 constituted a low starting point. For example, Viohalco in the immediately preceding period had recorded seven declining sessions with cumulative losses of almost 15%.

In third place is Metlen, with a rise of 7.31%, from €45.66 to €49. Strong is also the picture of Optima Bank (+6.47%), the only bank in the index with gains, and Helleniq Energy (+4.12%).

Also moving positively are Athens International Airport (+1.87%), GEK TERNA (+1.25%) and Aegean (+0.36%).

The strongest changes from 18/9 to 2/10

Allwyn and PPC on the opposite side, pressure on banks

The biggest loss is recorded by Allwyn, with a drop of 9.92%, from €12.30 to €11.08. The stock came under pressure after the temporary ban on online betting and iGaming in Brazil, a market to which it has exposure through its 36.75% stake in Kaizen Gaming, operator of Betano.

It is followed by PPC, with a drop of 6.12%, from €24.18 to €22.70. Losses of more than 5% are also recorded by Alpha Bank (-5.63%) and Aktor (-5.36%), while declines of more than 3% are seen in National Bank (-3.83%) and Titan (-3.27%).

In the banks, the picture is mostly negative. Five of the seven banks in the index are moving lower: apart from Alpha Bank and National Bank, Eurobank (-1.82%), Piraeus Bank (-1.02%) and CrediaBank (-1.01%) are also declining. Bank of Cyprus remains unchanged and only Optima Bank stands out, with a rise of 6.47%.

The remaining losses are limited. EYDAP loses 1.60%, Lamda Development 1.27% and Jumbo 1.04%, while Coca-Cola HBC (-0.79%), OTE (-0.46%) and Motor Oil (-0.37%) are moving practically at the same levels.

The biggest losses from 18/9 to 2/10