Stock market: Reduced closing losses and saved 850 points

The de-escalation of pressures on energy companies significantly improved the market picture in a sharply declining session, and the General Index finally managed to maintain above 850 points, receiving support from OPAP against Coca Cola, OTE and banks.

In particular, the DG completed the trading at 854.88 points with losses of 1.46% and low turnover for another meeting at 65 million euros, of which 16.8 million were in OPAP and 4.5 million. packages.

The FTSE 25 moved to -1.33% and 2,065 points, while the banking fell 1.84% closing at 612 points.

Stock market: Reduced closing losses and saved 850 points

The war in Ukraine is clearly dictating the direction of markets internationally, as last week’s signs of convergence led to a global stock market rally, while the current stagnation is bringing downward trends.

In this climate, the General Index opened higher with movement up to 873.34 points (+ 0.67%) but immediately lost its momentum and in line with the international climate saw the pressures expand when Europe went into a “deeper red”.

The picture on the board was burdened early by the downward movement of Coca Cola’s index weight, at a time when OPAP was trying to support the trades in the wake of the strong results announced yesterday, with a steady movement of more than 3% and monopolizing transactions in value .

Bank shares then turned negative, energy companies’ securities came under significant pressure after the government announced its intention to legislate an extraordinary levy on their profits, and so the market image was synthesized.

However, as market participants clarified in the course, the announcements do not concern the Renewable Energy Sources, which cannot have super-profits as they are paid with guaranteed prices, something that led to a significant de-escalation of the pressures.

It is worth noting, however, that the low turnover for another day indicates hesitation, a waiting attitude of investors but also signs of composure.

The reflexes that kept the DG away from the day lows (848.27 points with -2.22%) are still positively evaluated, with buyers appearing in the last hour of the session.

Internationally, the landscape was further aggravated by the new jump in energy prices, with oil rising again to $ 120, while Putin’s intention to demand payments in rubles led to an 18% jump in European gas prices, at a time when Britain saw its inflation reach a new 30-year high.

In Europe, at the close of the ATHEX the DAX was at -1.46%, the CAC 40 at -1.35% and the Eurostoxx 50 at -1.62%, while on the other side of the Atlantic the Dow Jones at -0, 7%, the S&P 500 at -0.4% and the Nasdaq at -0.2%.

On the board

As mentioned above, due to gravity, Coca Cola with -3.77 and OTE with -2.9% exerted the greatest pressure on the DG, with the banking sector following.

Specifically, Alpha closed at -2.37%, the NBG at -2.2%, Eurobank at -1.55% and Piraeus at -0.7%.

Significant losses were Lambda with -4% and ELVALHALCOR with -3.5%, Titanas who corrected with -2.8% and Viohalco moved to -2.5%.

The shares of energy recovered from the intra-conference lows, with TERNA Energeiaki limiting the losses to -1.18% (from -6.58%), PPC to -1.87% (from -3.61%), Motor Oil at -1.03% (from -2.73%) Mytilineos at -1.04% (from -2.85%) while ELPE closed unchanged.

On the contrary, OPAP moved to + 3.43% with a turnover of 16.8 million euros (in total 65 million) after the increase of 26.4% in its net profits and the double dividend that it announced yesterday, while with it in a positive Only EYDAP closed the ground on March 25 with + 1.46% and PPA with + 0.71%.

In the medium capitalization, Olympic Technique strengthened by 2.98%, Intracat by 1.9% and Epsilon by 0.71%, while the biggest losses were in Reds with -3.75%, Iktino with -3.13% and Intracom with -2.57%.

In the whole market, 22 shares closed up, 78 down and 54 remained unchanged.

M. Chachladakis

Source: Capital

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