New bank rally and Mytilene's second day of reaction

By Manos Hachladakis

As state-by-state buyers dominated the second session, the Athens market promptly recovered most of last week's losses and regained touch with recent 13-year highs led by banks and explosive Mytileneos.

In particular, the general index stabilized at the beginning of trading and maintained an upward trend until the end, closing at 1,417.75 points with 1.17% gains, yesterday's high (+1, 28% with 1,419.26 points).

Among the positive aspects of the day, the turnover improved significantly to 122 million today, but basically only on 5.5 million packages, while the volume of transactions formed 32.38 million pieces.

The bank index added a fresh 3.18% advance to 1,234 points, the FTSE rose 1.69% to 3,431.92 points, while the FTSEM mid-cap managed a marginal gain of 0.39% to 2,338.71 points.

From the start, buyers were willing to continue the upward reaction, especially for the third day, if you take into account DG's pullback towards 1,360 points on Friday, which was even more so today. A solid session given the increased trading activity.

Moreover, today's rise came against the international climate, with Athens Avenue indifferent to the downward trends shown by indices in Frankfurt and Paris since the morning and low flights in the US futures market, which reinforces the situation of the last week. The “mini” amendment had positive aspects.

There is nothing to discount the short-term trend, especially since the two-day jump may have received support from covering short positions, but on the other hand it will certainly boost investor confidence.

Moves on the board

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During the session, the “steam engine” of banking sector AX continued with a strong performance, providing most of the impetus for DG, with Mytileneos next to it today, with 5 titles accounting for more than half of the day's gains. (77, 3 million euros in total).

Eurobank (+1.69%) which was slightly behind yesterday gained 5.41% to 1.908 euros (revenue 16.6 million euros) while Alfa Bank +2.1% to 1.654 euros (with 11.3 million euros) finished 48th nationally. (17.45 million euros) and Piraeus 3.93 euros +2.53% with turnover (19 .2 million) returned after a short break yesterday, on the back of strong demand for its new exits to the markets.

Mytileneos, up 4.08% to 35.74 euros, continued yesterday's 1.3% rise, while generating the day's fourth-biggest gain of 12.77 million.

From there, Jumbo with 4.3 million gained 1.15% to 26.3 euros and OPAP strengthened to 16.19 euros, +0.5% on 4.49 million transactions.

Stasinopoulos Group shares continued their strong performance for a second day, with Biohalco at 5.42 euros (+1.69%) and ELVALHALCOR at 1.968 euros (+1.55%) and Lambda recording a 1.51% gain at 6.74 euros. Increasing further with +0.58%.

Among the limited sellers' options on the FTSE, Motor Oil fell -1.1% to 26.6 euros, on turnover of 3.1 million and Titans fell -0.76% to 26.2 euros, while they moved slightly lower Sarantis, Terna Energy Elektor and Autohellas.

PPC jumped 4.7% yesterday to 12.02 euros (+1.09%) in the morning, before closing at 11.91 euros +0.17% after a delay.

In mid-caps, Intracom's strong rally of 6.57% from 3.65 euros turnover to 925 thousand euros, profile +2.8%, while Intralot fell by 0.88%.

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Elsewhere, Optima continues to explode today with a new jump of 4.67% and a turnover of 9.63 euros and 2.2 million euros (the 11th highest of the day), while within a tough March market, its overall performance stands at +16.87%.

Conversely, L. Venizelos fell to 8.4 euros with -0.94% (1.1 million)

In the lower tiers, Kegropass had the best performance of the day with a jump of 17.22% and a turnover of 147 thousand euros, and Glukinas Lappas with a turnover of 291 thousand euros at +9.19%.

A clear lead by buyers was reflected in the overall picture across the board, with 72 stocks moving up against 52.

Film internationally

In the US, the market tried to move higher yesterday, but ran out of strength, with all three indexes ending essentially unchanged (variations +/-0.04%), reassessing its strength ahead of the country's announcement of new inflation measures tomorrow.

+0.32% Nasdaq and +0.07% S&P 500, the Dow Jones retreated slightly 0.11%.

In Europe, the sellers' lead gradually widened, with Germany's DAX -0.9%, France's CAC 40 -0.75% and the pan-European Stoxx 50 -0.7%, while Britain's FTSE 100 edged up 0.06%.

The 10-year was at 4.373% and the 2-year at 4.747%, while the Greek 10-year saw its yield fall to 3.272%.

Oil showed stabilizing trends with Brent at $90.3 a barrel and WTI at $86.2. Finally, Bitcoin is at $70,200, down 2.3%.

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