The Greek stock market reopened on Monday after a prolonged shutdown, and prices generally tumbled as expected. The Athens Composite Index lost about 16.2 percent on the day, with several companies declining by the session maximum of 30 percent.
While the relative declines are significant, the amount of value wiped out on the day was relatively small. The total value of the Athens Composite Index declined by about $2.0 billion. As a point of comparison, Apple’s market cap was reduced by close to $7 billion after the stock slipped 1 percent in morning trading.
In aggregate, the companies that compose the Athens Composite Index have a market capitalization that falls between TripAdvisor (TRIP) and Kohl’s (KSS).
The following table shows the 60 stocks that make up the Athens Composite Index, along with the market capitalization for each and their performance on Monday. Also shown is the market cap as a percentage of Joy Global (JOY), which is currently the smallest company in the S&P 500.
The chart below shows the relative size of each company, along with the performance of each on Monday. (Dark red represents a maximum decline of 30 percent; light red represents no change.)
There are several interesting observations that put the size of the Greek market into perspective:
- The most valuable company on the Athens Stock Exchange is Coca-Cola HBC, which is worth about $1.3 billion. Coca-Cola (KO) has a market cap of about $179 billion, making it about 134x larger.
- Greece’s largest bank, the Bank of Cyprus, is worth about $730 million. Wells Fargo (WF) is worth $298 billion, or 408x the value of BOC.
- Aegean Airlines is worth about $198 million. Southwest (LUV) is worth $24 billion, or 122x the value of AEGN.
- The Athens Stock Exchange (EXAE) is worth about 2 percent of the aggregate value of the market capitalizations of component companies.
Finally, the chart below illustrates the relative size of the 60 companies that make up the Athens Composite Index compared to Apple’s operating cash flow for its most recent quarter:
This article, Greece’s Stock Market By the Numbers, first appeared on Dividend Reference.