Market Comment
AthEx climbed to the 2,400-point level moving consistently in positive territory, the General Index recorded three consecutive advancing sessions and closed at new 194-month highs, highest level since on 2/12/2009. The Banking Index also reached new 123-month highs at 2,860 points.
General index closed at 2,407.07 points, adding 1,56% to Tuesday’s 2,370.13 points. The large-cap FTSE-25 index expanded 1.61%, ending at 6,153.73 points. The banks index improved 1.32%, as Optima jumped 5.30%, Eurobank earned 2.15%, Piraeus grabbed 2.05% and Alpha augmented 1.36%. Among the other blue chips, Lamda Development soared 6.29%, ElvalHalcor collected 4.91%, Coca-Cola HBC climbed 3.61% and Helleniq Energy rose 2.57%, while Titan Cement gave up 3.87%. In total 58 stocks obtained gains, 41 showed losses and 28 remained unchanged. Turnover amounted to €396.6 million, down from Tuesday’s €434.8mn.
AthEx appears technically overbought in the short term, while foreign investor sentiment is turning more cautious. As a result, we expect a volatile trading session, with profit-taking likely to temper momentum. Trading volumes will be a key indicator in assessing the depth and sustainability of any corrective move.
¢ In the Spotlight
Banks: The European Central Bank is expected to hold interest rates steady on its monetary meeting today, marking the fifth consecutive meeting without a cut since the central bank lowered rates by 0.25 percentage points in June 2025. Decisions of the Governing Council on the ECB’s interest rates and other instruments will be published at 14:15 CET. The President will provide an in-depth explanation of the reasons behind the latest monetary policy decisions at 15:00 CET.
WEB Link: https://www.ecb.europa.eu/press/press_conference/html/index.en.html
Greece/CPI: Inflation in Greece eased slightly to 2.8% in January 2026, according to Eurostat’s harmonized CPI, down from 2.9% in December 2025. Across the eurozone, annual inflation is expected to settle at 1.7% in January, down from 2.0% in December. Looking at the main components of eurozone inflation, services are projected to post the highest annual increase in January at 3.2%, slightly below December’s 3.4%. They are followed by food, alcoholic beverages, and tobacco at 2.7% (up from 2.5%), non-energy industrial goods at 0.4% (up from 0.3%), and energy, which continues to see deflation at -4.1%, compared with -1.9% in December. Within the EU, Slovakia recorded the highest inflation at 4.2%, followed by Croatia at 3.6%, with Greece and Ireland both at 2.6%, placing Greece among the top three member states with the fastest price growth. Finland reported the lowest inflation at an estimated 1%.
Lamda Development: Lamda Development is moving forward with a new residential complex of five buildings in the area of The Elinikon – Agios Kosmas, in the Little Athens neighborhood. The project has been subject to standard environmental commitments and concerns the construction of a total of 128 apartments. The complex will be developed on a plot of approximately 13K m2 and will include four five-story residential buildings and another five-story mixed-use building, with commercial stores and dining areas on the ground floor. Underground parking spaces with 240 spaces are planned, as well as 23 outdoor parking spaces, bringing the total to 263. The maximum permitted coverage of the plot is 5,166 sq.m. and the maximum building area is 17,395 sq.m., while the project also includes 16 swimming pools. The main designer of the project is the architectural firm AUDO. The five buildings are located around the perimeter of the building block, forming a single uncovered space inside, which will function as a shared inner courtyard for the residents. Of the 128 apartments, with one to four bedrooms, 30 residences have a surface area of over 150 sq m. The mixed-use building is planned to operate 11 shops on the ground floor, with a surface area of 48 to 163 sq m, while the residences will be developed on the upper floors. To date, 315 beachfront homes have been put on the market in The Elliniko, which have been sold in their entirety, as well as 671 homes in the Little Athens neighborhood, with an average price of 9,400 euros per sq m. Of these, 84% have been sold, according to the company’s latest presentation (January 2026). These homes are divided into six complexes, with Sunset Groves being the most recent to be put on the market. The total value of residential and land contracts in The Elliniko amounts to 1.9 billion euros, of which 1.1 billion euros were collected by end November 2025.
Alpha Bank: FY:25 results out on February 27 before market open. The bank also announced that it priced on 03.02.2026 the issuance of €750mn fixed rate reset Senior Preferred notes due on 10 February 2033 (the so-called New Notes). The New Notes are callable in six (6) years and were issued with a coupon of 3.5%. Demand for the New Notes reached Euro 3.5 billion. The issuance of the New Notes attracted the interest of more than 127 investors and was covered 86% by fund managers, banks and wealth management firms. It is worth noting that the 80% of the issue was placed outside Greece, confirming the interest of foreign investors in the prospects of the group and the country. In parallel, the bank extended a tender offer for its €450mn fixed rate reset Senior Preferred notes due 2027, issued on 16 December 2022. The Offer was made on a voluntary basis, in the context of Alpha Bank’s active management of its liability structure, allowing investors to transfer their positions to the New Notes.
Metlen: The company entered into a new agreement with Schroders Greencoat for the sale of 7 RES parks, currently under operation or under construction, totaling 283MW in the UK. The seven projects, located across England and Scotland, have been developed, constructed and commercially structured by METLEN. Of the 283MW 143 MW are in operation while 140MW are under construction with expected commisioning withing Q2:26. It is the second transaction between Metlen and Schroders Greencoat following a similar 110Mw portfolio sold to Schroders by Metlen in 2024. No further financial details were disclosed but it is a step forward for Metlen to release liquidity to exploit in other profitable similar projects development.
Jumbo: EGM greenlighted interim gross FY:25 dividend €0.5/share. Ex-dividend date March 23. Dividend record date March 24. Dividend payment March 30.
Hellenic Exchanges: The company increased its stake in the Greek Energy Exchange SA to 41% (from 21% previously) by paying €7.3mn for the 20% additional stake. Meanwhile Bright Group is preparing its listing on the Stock Exchange, aiming to strengthen its growth and exploit the potential of the capital market.
Galaxy Cosmos Mezz Plc (financial calendar): FY:25 results on April 30. AGM on June 8. H1:25 results on September 30.
Capital Partners: Reportedly, CPLP is proceeding with the issue of a new retail bond of up to that will refinance previous €150mn listed retail bond expiring in October 2026 and also finance fleet expansion.
NBG (financial calendar): FY:25 results on February 27. AGM on April 30. Q1:26 results on May 8. H1:26 results on July 30. 9M:26 results on November 5.
¢ Buybacks
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