The Greek stock market, not for the first time, failed to follow Europe’s strong performance and ended slightly lower in an especially weak session turnover-wise.

Initial gains on the Athens Stock Exchange on Friday turned negative at the end of the session, as other European markets also ended with losses on the back of negative expectations as reflected in various Purchasing Managers’ Indices.

Greek stocks headed south on Thursday, after three sessions with total gains of 1.88%.

There was a mild upward trend throughout Wednesday's session on the Athens stock market, with turnover, having risen significantly on Tuesday, dropping slightly.

Many sectors of the Greek economy would benefit from an injection of confidence. Confidence in corporate governance and state supervision, that is.

The return of the Greek benchmark 10-year bond yield to below 1 percentage point for the first time in six months, very close to the pre-pandemic all-time low, without doubt constitutes a vote of confidence in Greece from investors and a significant indication about the mid-term prospects of its economy.

Banks were behind the Athens Stock Exchange’s rebound on Tuesday, with the index jumping over 7 percent, but volume remaining disappointingly low.

Greece’s 5-year Treasury bond dropped to a record low 0.234% on Tuesday, confirming Greek bonds’ reputation as a “safe haven” investment, despite the fact they are not rated as investment-grade. 

The Athens Stock Exchange is seeking willing investors.

Russian businessman Roman Abramovich and his partners are selling a 40.06% stake in Russian mid-sized gold producer Highland Gold to a Russian businessman, who will make a cash offer to the remaining shareholders, they said on Friday. 

The Public Debt Management Agency announced on Friday it is planning to auction 13-week treasury bills on Wednesday, August 5, with a maturity date of November 6. 

The Public Debt Management Agency announced on Wednesday it had successfully auctioned 26-week treasury bills and raised 812.5 million euros at a near-zero interest rate. 

Fitch Ratings affirmed Greece’s ‘BB’ credit rating with a stable outlook on Friday, forecasting a 7.9% recession this year as a result of the pandemic, followed by a 5.1% rebound next year.

The road to regaining investment grade appears to be getting even longer for Greece, as the pandemic-driven economic crisis is freezing the credit rating upgrades the country need to emerge from so-called “junk status.”

Lamda Development is issuing a seven-year corporate bond on Wednesday to help finance its mega-project at Elliniko, with the interest expected to range between 3.4% and 3.8%.

The Public Debt Management Agency (PDMA) on Wednesday announced that the 13-week treasury bills it auctioned secured an interest of just 0.01%, with the Greek state raising 812.5 million euros on the market. 

Cyprus raised 1 billion euros from the reopening of its existing 2024 and 2040 bonds via a syndicate of banks, according to a lead manager memo seen by Reuters on Tuesday. 

After the successful auctioning of 26-week treasury bills on Wednesday, settled on Friday with the raising of 812.5 million euros, the Public Debt Management Agency (PDMA) on Friday announced that next week, on July 8, it will also auction 13-week T-bills to raise another €625 million. 

The cost of borrowing for Greek listed companies has plummeted more than 70% since the outbreak of the coronavirus pandemic, as reflected in the yields of their bonds trading on the Athens Exchange and in foreign markets.

Greece raised 812.5 million euros on Wednesday in an auction of 26-week treasury bills, the country’s Public Debt Management Agency (PDMA) said.