The Greek stock exchange was the surprise star performer of 2019

·

The Greek stock market was the best investment in 2019, according to new data.

Deutsche Bank said Thursday that the Athens Exchange delivered the highest total returns of any major asset class in 2019. The stock market returned over 50% to investors when measured in local currency. It was just behind the Moscow stock exchange when returns are measured in dollars.

The performance of Greek equities signals a remarkable turnaround after a difficult decade for the southern European nation. Greece was plunged into crisis in 2012 due to a national debt crunch that it has been struggling to recover from ever since.

“In spite of it leading the way in 2019, Greece’s Athex is still the worst performer of all our different assets over the 2010s, down -49.4% in local currency terms, reflecting the legacy of the country’s debt crisis and severe economic contraction at the start of the decade,” Deutsche Bank’s team of analysts wrote in a note on Thursday.

The bounce back in 2019 reflects in part the severity of the fall in prices earlier in the decade. Socrates Lazaridis, CEO of the Athens Stock Exchange, told Yahoo Finance earlier this year the recovery in prices had been driven by “a wave of reforms and structural changes.”

Other top preforming investments in 2019 included the tech-heavy NASDAQ exchange in New York and oil.

Almost all major asset classes delivered positive returns last year in a marked turnaround from 2018.

“2019 was a great year across different asset classes, as a number of downside risks that investors had feared would materialise were in fact avoided,” Deutsche Bank analysts wrote.

“For the first time since 2007, when we started this dataset, all 38 non-currency assets are up on an annual basis in local currency terms. This figure represents a stark contrast to 2018, when 31/38 actually had a negative performance.”

Sourced via Yahoo Finance.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

80-year-old sole resident of Kinaros island gifted donkey as a companion

The sole resident of Greece's remote Kinaros island - 80-year-old Mrs Rinio - recently received an unexpected gift in the form of a donkey.

Thanasi Kokkinakis upset gives Australia shock Davis Cup win over US

A nail-biting win for Thanasi Kokkinakis has led Australia into the semi-finals of the Davis Cup in Spain.

Capturing legacies: The proika exhibition’s emotional tribute to Greek migrants

On Wednesday, November 20, the proika exhibition opened to a crowd of eager guests at the Thematikos x MBO Tailors creative space.

Golden Era Gala: A reunion with a cause to combat brain and rare cancers

White Pearl Foundation and Cquence Foundation have announced the Golden Era Gala to be held at the Hyatt Regency Sydney on November 30.

Melbourne scientist Steven Petratos offers hope to thousands with multiple sclerosis

The image of Steven Petratos’ grandfather, confined to a chair with trembling hands, left an indelible mark on his childhood.

You May Also Like

Turkey denies UK claim Lord Elgin was allowed to take Parthenon Marbles

Greece has found an ally in the form of Turkey at an UNESCO conference in its campaign for the return of the Parthenon Marbles.

Anthony Albanese to propose $300 reward for those fully vaccinated by December

Labor Leader, Anthony Albanese, has proposed a solution to boost Australia’s vaccination rate - a cash payment to those who are fully jabbed.

New documentary on the Battle of Crete airs tonight on Foxtel’s History Channel

The first episode of a new documentary titled 'WWII: Battle of Crete' will air on Foxtel's History Channel tonight at 7.30pm.