by Anestis Ntokas

 

 

The Athens stock market is completing its 4th consecutive positive year, with cumulative profits for 2021-2024 reaching an impressive +80.02%, despite international challenges and buying fatigue.

 

At the same time, the increase in capitalization in the 4-year period is estimated at 49 billion euros and more.

 

The General Index is stable in the area of 1,450-1,460 points, which means that the increase in the 12 months amounts to +12.6%, with the banking index standing out again and gaining +20.7.

 

The increase in the FTSE Large Cap is estimated at +13.3%, while the FTSE Mid Cap lags significantly behind, settling for +3.2%.

 

The cumulative capitalization appears "inflated" by at least 15 billion euros, as it stood at 87 billion euros at the end of 2023 and now steadily exceeds 102 billion euros.

 

Meanwhile, there is also an improvement in daily turnover, with successive placements (e.g. Piraeus, NBG) and large business deals (e.g. TENERG) helping the transaction value to strengthen by 25% and reach 139 million euros per day (based on January-November data).

 

The General Index is currently only slightly (-3%) away from the "peak" of 1,502 units, which constitute the highest level not only of 2024 (recorded on May 20), but also of the last 13 years.

 

 

Investment interest in technology

 

Investment interest in technology remains "hot", which is confirmed on the one hand by the satisfactory returns of the majority of listed companies (9/13 with a positive sign), on the other hand by the "inflated" valuations, which of course, for the time being have not reached the unimaginable levels observed abroad.

 

At the same time, the main asset, in addition to the leading role in the ongoing digitalization of the economy and businesses, ensures the maintenance of high growth rates. This, in fact, is the guarantee for the sector to see new great deals in 2025.

 

The "champion" of blue chips 

 

It is fair to say that investors can rightfully consider themselves satisfied with the "golden" returns of 202; however, the anticipation for 2025 is overwhelming. 

 

Titan Cement is emerging as the "champion" of blue chips for 2024, with its stock rallying more than +87% in the last 12 months, reaching an all-time high (40 euros) and valued at more than 3 billion euros.

 

Meanwhile, the listing of the US subsidiary on Wall Street is awaited, which could provide an additional upgrade for the Greek multinational's stock.

 

January Effect

 

Statistics over the last five years have shown that the January Effect has provided positive returns for European stock market indices and the Athens Stock Exchange, which has recorded four consecutive years on an upward trajectory

 

Meanwhile, at least seven business developments are expected in January 2025, concerning share placements, delistings, stock listings abroad, divestments and transfers from the Alternative Market (ENA) to the Main Market of the Stock Exchange, which will enhance investment interest in the coming year.

 

Five of them will attract investors' interest in early 2025. They include the listing of Titan America, a subsidiary of the Titan group, on Wall Street, the agreement between CVC Capital – Hellenic HealthCare Group and the state investment fund Qatar Investment Authority (QIA), the acquisition of Europa Insurance by Europa Holdings, a scheme that resulted from the merger of Kloukinas – Lappas with Intracom Properties, the placement of Attica Group and the transfer of Real Consulting from the Alternative to the Main Market of the ATHEX. The other two concern the share delistings of Terna Energy and VIS Packaging.