Market Comment
A handful of contracted the trend toward the end of the week’s first session, containing losses for the benchmark after imported pressure that saw foreign markets dropping from the decline of technology stocks. Talk about US tariffs and Chinese AI applications appeared to affect European markets negatively, but AthEx covered most of the ground lost compared to Friday’s 13.5-year high, with the banks index even closing with minor gains.
General index closed at 1,539.99 points, shedding 0.28% from Friday’s 1,544.13 points. The large-cap FTSE-25 index contracted 0.20%, ending at 3,755.07 points.
- The banks index advanced 0.08%, as Alpha improved 2.47% and Piraeus expanded 0.95%, while National gave up 1.10% and Eurobank conceded 0.62%. Cenergy Holdings eased 2.83% and Metlen lost 1.45%. In total 35 stocks boasted gains, 67 posted losses and 22 remained unchanged. Turnover amounted to €112.9m, down from last Friday’s €123.7m.
Deals and M&A activity assists in to a positive hype in domestic market however, volatility in US Markets may increase cautiousness and most likely set investors to a waiting stance mode. Therefore, we expect consolidation at current levels and focus on developments to foreign markets.
¢ In the Spotlight
Greece/PDMA: Tomorrow, the Hellenic Republic will auction 13 Weeks T-Bills, in book entry form, with maturity May 2, 2025. The amount to be auctioned is 500 million euro. Settlement date is January 31, 2025. During the auction non – competitive bids can be submitted up to 20% of the auction amount. No additional non-competitive bids will be accepted on January 30, 2025.
Greece/Budget Execution: The final budget execution figures for last year, released yesterday, showed a primary surplus of 8.698 billion euros, compared to a target of a primary surplus of €4.635 billion and a primary surplus of €3.92 billion for the same period in 2023.
- A significant part of the difference in relation to the target comes partly from the increased cash revenues from the Public Investments Program, by €612 million, partly from the transfer of expenditure payments for defense expenditure programs to 2025 by €740 million, and partly from the under-execution of transfers to the social security funds by €1.907 billion.
The defense spending and social security transfer shifts do not affect the result in budgetary terms. Excluding the above amounts, the positive difference in the primary surplus compared to the target amounts to €804 million, of which €411 million relates to the excess of tax revenues after refunds.
- According to the state budget execution data, on a modified cash basis for the January-December 2024 period, there is a €369 million surplus in the state budget balance, against a target for a deficit of €3.601 billion included in the introductory report of the 2025 budget, and a deficit of €3.76 billion in the 12 months of 2023.
Greece/Health Sector: Abu Dhabi-based PureHealth, one of the biggest healthcare companies in the Middle East, has reportedly signaled the purchase of a 60% stake in the Hellenic Healthcare Group, and for a reported consideration of 2.3 billion USD. CVC Capital Partners VI holds 90% of Hellenic Healthcare Group, a private hospital and diagnostics operator with a significant presence in Greece and Cyprus.
- The remaining 10% is held by the group’s founders. After the purchase by PureHealth, CVC Capital Partners will retain a 35% stake, while the remaining 5% will be held by the group’s founders. PureHealth is controlled by the Sovereign Wealth Fund ADQ. The development marks a continuing expansion of the group beyond the GCC.
Hellenic Healthcare operates 10 hospitals and 16 diagnostic centers in Greece and Cyprus, with a capacity of 1,600 beds and treating around 1.4 million patients annually, along with more than 6,700 medical and care professionals on its rolls.
- PureHealth had previously completed the buyout of Circle Health Group, the UK’s largest independent operator of hospitals, for approximately 1.2 billion USD. It also acquired a 26.05%-stake in US-based Ardent Health Services for 500 million USD in 2022.
Greece/Tourism: For the first time, Athens is getting a direct air link with the West Coast of the US, as Norwegian low-fare carrier Norse Atlantic Airways has announced the start of a new service linking the Greek capital with Los Angeles.
- The long-haul airline will begin these flights on June 3, flying four times per week on Boeing 787-9 Dreamliner aircraft. The service is scheduled to continue up to September 29 at the earliest.
It follows the success of the service linking Athens International Airport with New York’s JFK Airport last year, which ran from May to October. Fares are supposed to start from 259 euros one-way (no meals included) in this 13.5-hour flight, while premium seats are also available.
Athens Airport: FY:24 results to be announced on February 24 before market opening. AGM on April 14. Ex-dividend date April 23. Dividend record date April 24. Dividend payment May 16. Q1:25 results May 12 (after market close). H1:25 results September 9 (after market close). 9M:25 results November 3 (before market open). Note that the the full year of 2024, total passenger traffic reached 31.85m surpassing the 2023 levels by 13.1%.
GEKTERNA: Egnatia Highway closed 2023 with a turnover of €101.2 million, EBITDA of €19.8 million and a loss at the profit level due to one-off provisions. Total revenue from vehicle traffic amounted to €124.45 million (including VAT). Traffic growth, on an annual basis, was in the range of 11%.
- It is recalled that on 29 March 2024, the concession contract was signed between the State, the Hellenic Investment Fund and the consortium GEK TERNA-Egis (“New Egnatia Odos”), which is the preferred investor. Within the first quarter of this year, the transaction for the 35 years concession is expected to be completed.
In other related news the Growth Fund signed an agreement for the sub-concession of Kavala Port’s Cargo Terminal “Phillipos B” to SARISA S.A., a joint venture between GEK TERNA and EFA VENTURES.
- Under the agreement, SARISA S.A. will acquire the right to use and operate the Cargo Terminal “Phillipos B,” a subdivision of Kavala Port, for a period of 40 years, for a total consideration of EUR 34 million.
The agreement also includes mandatory investments in constructing facilities for the Port Authority, Customs, and Navigation Services. Additionally, the joint venture plans to further invest EUR 36 million in the development and heavy maintenance of the terminal’s infrastructure.
Metlen: METLEN Energy & Metals further expands its presence in Italy by securing 67.9 million euros in financing for the construction of 71.5 MW through five large-scale solar parks. These projects will be located in strategically important regions, including Emilia Romagna, Lazio, Campania, and Puglia, with completion expected within 2025.
- These projects are estimated to produce approximately 135 GWh of clean energy annually, meeting the energy needs of over 55,000 Italian households and preventing the emission of 65,000 tons of CO2 per year.
This initiative is part of METLEN’s broader development strategy, which aims to deploy over 1.6 to 1.7 GW of solar energy and 300 MW of battery energy storage systems (BESS) by 2027, positioning the company as one of the largest independent power producers in the region.
- Currently, METLEN is active in various regions across Italy, including Sicily, Sardinia, Calabria, Campania, Veneto, Lazio, Emilia-Romagna, and Abruzzo. The company boasts a portfolio of 180 projects totaling 3.59 GW slated for development over the next four years.
Piraeus Bank: Piraeus is launching “Project Gravity,” a scheme to monetize repossessed properties valued at €280m. The bank plans to transfer the assets to a special purpose vehicle selling a majority stake to third-party investors while retaining a minority stake (around 40%).
- The SPV will raise senior debt to acquire and upgrade the properties, with Dimand as a manager and equity participant (5%-6%). Investor interest is being sought, and the portfolio has been classified as “held for sale” with necessary provisions made.
Partnerships with Resolute and Brooklane are also expected to facilitate further sales of repossessed properties later this year.
MOH: The company will jointly (in an equally 50% JV) with Terna Energy through its subsidiary More in the development of a first offshore wind energy park in Northern Greece (Alexandroupoli area) of 400MWs total capacity.
Aktor Holdings: €200mn rights issue was oversubscribed. Total demand reached €225.5mn.
Trastor: The listed REIT acquired a new RE asset in Athens town center for €8.9mn, which is leased to BSA College.

