Investors and shareholders reaped significant returns in 2024, with the Athens Stock Exchange completing another positive year, leaving behind the difficult days of the previous 10 years.
With the market capitalization having surpassed 100 billion euros, the General Index has offered an average performance of 12.3% in the last 12 months, which is added to the consecutive profits of the 3-year period 2021-2023. Somehow, the hard times of the pandemic now seem like a distant memory, with the main index standing at +58% compared to pre-Covid levels (December 2019).
Predictability at the economic and political sectors, the consistently high growth rate (forecast for GDP growth of over +2%), sustainable corporate profitability, generous dividends and the large number of business deals constitute the “recipe” for the positive sign of the market, which maintained its upward momentum this year, despite a reasonable slowdown compared to the record performance of 2023, when the General Index strengthened by +39%.
Changes in the main indices of the ATHEX in 2024
• General Index +12.3%
• FTSE Large Cap +13.2%
• Banks +21.9%
• FTSE Mid Cap +2.4%
• Total Capitalization +17%*
*Reflects an increase of 15 billion euros
At the “top” of banking returns is Eurobank, which has recorded a rally of +39.7% at 2.25 euros, in the last 12 months, i.e. at the highest levels of the last nine years, with its valuation exceeding 8.2 billion euros, securing the No. 2 position among the most valuable companies on the Stock Exchange. The share of National Bank shows a return of +24.6%, having stabilized at levels that exceed the price of the autumn placement (7.55 euros). The share of Piraeus Bank, although it is still “fighting” to recover the 4 euros (i.e. the transfer price of 27% of the share capital), has recorded an increase of 21.5% in 2024, approaching 5 billion euros in terms of capitalization. Alpha Bank has been strengthened by +2.6%, resulting in a valuation of 3.7 billion euros.
Regarding non-financial blue chips, Titan Cement’s stock has had a dream year, as the 2024 return has exceeded +84.6%, leading the listed company to its highest levels of all time (3 billion euros valuation or >39 euros/share). GEK TERNA’s stock follows with a return of +38.3%, as the sale of the stake in Terna Energy, combined with the large portfolio in Construction and Concessions, has led the company to its highest levels in the last 24 years (>18 euros).
TENERG’s stock has recorded a rally of +25.9% since the beginning of the year, while the acquisition by Masdar and the mandatory public offer by the Arabs has raised the valuation of the company to 2.4 billion euros (20 euros/share). Cenergy’s share has increased +27.3%, which temporarily reached a record of 10 euros. The return on the Sarantis share is equally high (+28.1%), while the Coca-Cola share, although it has corrected slightly from the high of 34.4 euros, has registered profits of +22.7% in 2024.
