Beta Sec – Daily report 13-12-2024- Market Monitor – Market Comment – In the Spotlight

The largely expected European Central Bank rate cut by 25 basis points and the mild rise of European stocks led AthEx to a day of gains on Thursday. Energy blue chips, such as Metlen, led the bourse higher as banks show some fatigue, while mid-caps had a rather weak day.

• General Index closed at 1,464.03 points, adding 0.44% to Wednesday’s 1,457.60 points. The large-cap FTSE-25 index expanded 0.51%, ending at 3,573.13 points, while mid-caps declined by 0.05%. The banks index grew 0.15%, on Piraeus rising 1.53%, National fetching 0.52% and Alpha grabbing 0.43%, while Eurobank parted with 1.38%.

Metlen collected 2.18% and Helleniq Energy grew 1.14%, whereas Autohellas gave up 1.17%. In total 70 stocks obtained gains, 53 sustained losses and 38 remained unchanged. Turnover amounted to €136.4m, down from Wednesday’s €139.2m.

¢     In the Spotlight 

Aegean Air: Competition on the AIA increases for Aegean as Easyjet announced the expansion of its routes from Athens. This marks the airline’s bold move in the Greek tourism market by doubling its offered capacity from Athens by 2025. Thus more than 1.3 million seats available from Athens in 2025—representing a twofold increase in passenger capacity compared to 2023.

Following its expansion in summer 2024 with the introduction of five new routes from Athens to Lyon, Nice, Bordeaux, Malaga, and Mallorca, the airline’s two new routes will be to London Luton and Alicante and they will commence in summer 2025. This addition brings the total number of routes from Athens next summer will to 17.

The airline also revealed that it is considering establishing a base at Athens International Airport, depending on the continuous growth of demand. In 2025, Easyjet will offer a wide range of flights from Athens to major international cities such as London, Paris, Milan, Basel, Geneva, Naples, and Lisbon, alongside popular leisure destinations like Alicante, Mallorca, Malaga, and others.

Nevertheless, this is good news for AIA since it increases its servicing capacity.

Attica Bank (9M:24 results): The bank announced the successful completion of its €220mn Synthetic Securitisation Program (Project Perseus) for performing SME and Large corporations portfolio. The bank thus will reduce its RWA by €150mn and enhance its capital by 50bps. The project involves the direct issuance of CLN (Credit Linked Notes) and the sale of the Mezzanine Tranche to Davidson Kempner Capital Management LP. 

PPC: As of December 13, 2024, the trading of the 12,730,000 own (CR) shares of the company ceases and they are cancelled from the ATHEX. On December 13, 2024, the total number of the company’s listed shares amounts to 369,270,000 (CR) shares.

Crete Plastics: 5,015 treasury shares allocated for free to 4 BOD members for free in the context of the company’s stock reward program. Remaining treasury shares zero.

Alpha Trust Andromeda: NAV as of end November stood at €8.24/share vs an ASE closing price of €6.34/share, discount 23.1%. Top 5 holdings: Titan 6.96%, Quest 5.4%, Metlen 4.96%, OTE 4.23%, Petropoulos 3.71%.

Bank of Cyprus: As of December 13, 2024, the trading of the 353,927 own (CR) shares of the company ceases and they are cancelled from the ATHEX. On December 13, 2024, the total number of the company’s listed shares amounts to 440,502,243 (CR) shares.

Fieratex/MLS: As of December 13, 2024, in accordance with the decision of the Athens Stock Exchange Listings and Market Operation Committee on 15.11.2024, the shares of the company “FIERATEX S.A.” and the shares of the company “MLS INNOVATION INC.” are removed from the trading systems of the ATHEX.

Ble Kedros: EGM approved 700K own shares 9treasury stock) cancelation purchased under the company’s current buyback program between October 2022 to November 2024 at an avg price of €2.8276/share.

Web Sources: Bloomberg, Reuters, Euro2day, Capital, Liberal, Newmoney, Kathimerini, Energypress, Naftermporiki, Athens Macedonian News Agency , Oikonomikos Tahidromos, Mononews, Business Daily, Morning View, Economistas, Power Game, Insider, Bankingnews, Economico, AthEx.