The 10 biggest gainers from the upgrade

A group of 10 listed companies appear to be the initial beneficiaries of the return of the Greek stock market to the “elite” of Developed Markets. This is reflected not so much in the high trading volumes seen in recent days as in the changes in share prices.

Considering August 21 as the starting point, when FTSE Russell announced the composition of Greece’s new developed-market indices, Monday’s rebalancing was the end point, sending turnover soaring to a record €4.2 billion.

Piraeus Port Authority (PPA) shares gained 22.5% over the period, reaching around €49, their highest level since summer 2025. Optima Bank followed with a 16% gain, hitting a record high of €13.70 and pushing its market capitalisation above the €3 billion threshold. In both cases, inclusion in FTSE Russell’s Small Cap and All-Cap indices was the key driver.

Helleniq Energy and Motor Oil advanced 13.5% and 12.9%, respectively. The inclusion of both shares in benchmark indices tracked by FTSE Russell and Stoxx provided an additional boost to strong refining margins, which have helped fuel buying interest.

PPC also featured among the gainers in valuation terms, rising 8.7% between August 21 and September 18. The stock will now be included in the Stoxx Europe 600 and FTSE Russell’s Mid Cap index.

A special mention should go to Euronext Athens, which jumped 19.1%, climbing to an 18-year high. The share was boosted by expectations of a significant increase in revenue on the back of the exceptionally high trading volumes generated by yesterday’s upgrade.

National Bank of Greece and Alpha Bank, which are included in all the key developed-market indices tracked by FTSE Russell and Stoxx, rose 5.4% and 4.9%, respectively, placing them among the leading contributors to the market’s advance.

Kri Kri also joined the gainers, rising 4% and hitting a series of record highs. The shares of the Serres-based dairy producer have been added to FTSE Russell’s Micro Cap index.

Finally, inclusion in FTSE Russell’s Small Cap and All-Cap indices sent Athens International Airport shares 15.5% higher. The stock also received an additional boost from the change in the strategic plan for investment in the airport.

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