¢ Market Comment
AthEx completed eight consecutive months of growth – a first for this century at least – with the first half of the year up 27.1%. The banks index fared even better, rising just over 50% since the start of the year. All this was despite trade and economic uncertainty from geopolitics. AthEx is demonstrating a remarkable first half performance driven by fiscal discipline, corporate earnings, and M&A action providing investors with optimism.
General index closed at 1,868.02 points, shedding 0.48% from Friday’s 1,877.03 points. On a monthly basis it advanced 2.01%. The large-cap FTSE-25 index contracted 0.51%, ending at 4,680.14 points, while mid-caps advanced 0.36%. The banks index conceded 0.32%, as National fell 1.41% and Bank of Cyprus eased 0.63%, whereas Eurobank advanced 0.55%. Titan Cement dropped 6.34% and ElvalHalcor climbed 1.02%. In total 54 stocks boasted gains, 62 posted losses and 45 remained unchanged. Turnover amounted to €215.2m, up from last Friday’s €164.4m.
Fresh updates on US/EU trade deal may ease concerns as we reach the deadline of July 9. Investors may keep their selective stance focusing on upcoming results announcements and accordingly adjusting their strategy for H2:25.
¢ In the Spotlight
Greece/PDMA: On July 2, 2025 the Hellenic Republic will auction 13 Weeks T-Bills, in book entry form, with maturity October 3, 2025. The amount to be auctioned is 500 million euro. Settlement date is July 4, 2025 (T+2). 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 July 3, 2025.
Banking Sector: According to the monthly bulletin of Bank of Greece, the annual growth rate of credit to the private sector increased to 11.3% from 10.9% in the previous month. The monthly net flow of credit was positive by €518 million, compared with a negative net flow of €98 million in the previous month.
The monthly net flow of credit to corporations was positive by €471 million, compared with a negative net flow of €94 million in the previous month; the annual growth rate increased to 17.5% from 17.0% in the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFCs) increased to 17.4% from 17.2% in the previous month; the monthly net flow was positive by €204 million, compared with a negative net flow of €92 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries increased to 18.2% from 15.5% in the previous month; the monthly net flow was positive by €267 million, compared with a negative net flow of €2 million in the previous month.
The annual growth rate of total deposits increased to 5.0% in May 2025 from 4.4% in the previous month. Deposits placed by the private sector increased by €1,222 million in May 2025, compared with a decrease of €795 million in the previous month. Corporate deposits increased by €867 million, compared with a decrease of €1,145 million in the previous month; the annual growth rate increased to 9.8% from 9.3% in the previous month. In particular, deposits from NFCs increased by €666 million, against a decrease of €1,161 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by €200 million, compared with an increase of €16 million in the previous month.
Greece/ Retail trade: According to ELSTAT, the Overall Turnover Index in Retail Trade in April 2025 increased by 7.6% compared with the corresponding index of April 2024, while compared with the corresponding index of March 2025 increased by 3.9%. The Overall Volume Index in Retail Trade (i.e. turnover in retail trade at constant prices) in April 2025, increased by 7.5%, compared with the corresponding index of April 2024, while, compared with the corresponding index of March 2025, increased by 4.1%. The seasonally adjusted Overall Turnover Index in April 2025, compared with the corresponding index of March 2025, increased by 0.5%. Lastly, the seasonally adjusted Overall Volume Index in April 2025, compared with the corresponding index of March 2025, increased by 1.0%.
Kri Kri: The company granted on June 27 43,969 treasury shares for free to 97 beneficiaries in the context of its share reward scheme. Remaining treasury at 59,179 shares or 0.179% of the share capital.
Viokarpet: The company will trade ex FY:24 net capital return €0.02/share as of August 25. Dividend record date August 26. Payment August 29.
Austriacard Holdings: On June 24, the company concluded its 3rd share buyback program having acquired 86,497 own shares at €6.0125/share for a total consideration of €519.412K. Total treasury stands at 448,799 shares or 1.2345% of its share capital. The company trades today ex FY:24 gross dividend €0.11/share.
Aegean Air: The carrier bought another 107 of its outstanding bonds at par value for a consideration of €108.188K and now controls 0.515% of the issue (1027 bonds).
Interlife: The company goes ex FY:24 gross dividend €0.20/share, net €0.1909/share as of July 2. Dividend record date July 3. Payment July 8.
Mouzakis: Convertible bond loan of €4.7mn translated to 6,714,286 new shares in favor of existing shareholders with 1 bond for every 4.7939 old shares held.
Eurobank: Total bids for the bank’s new 3 year duration senior preferred €500mn bond callable after 2 years reached €4.5bn with coupon shaping at 3.34% (mid swaps + 125bps) vs initial guidance of 2.9%
Thessaloniki Water: The company goes today ex FY:24 gross dividend €0.0550/share, net €0.05225/share.
Flexopack: Today the company trades ex FY:24 gross dividend €0.165/share, net €0.15675/share.
Profile: The company goes today ex FY:24 gross dividend €0.064728/share, net €0.061492/share.
Alpha ETF FTSE Large Cap index: As of today, the units of the ETF “ALPHA ETF FTSE Athex Large Cap EQUITY UCITS” start trading on the ATHEX excluding the right to participate in the capital return through re-investment with the issue of new units.
Euroconsultants: Share buyback initiated at a price range €0.5-€3/share up to 10% of share capital.
Real Consulting: AGM cleared FY:24 gross dividend €0.05/share. Ex-dividend date August 19. Dividend record date August 20. Payment August 26.
Alter Ego Media: Scrip dividend price set at €4.2/share calculated as VWAP price June 25 to June 27 with 3% discount applied.
Coca Cola HBC: The Group announced that BlackRock informed the company on June 27th, 2025, that its participation in Coca Cola HBC increased to 5% as of June 26th, 2025. More specifically, on that date BlackRock was the owner of 16,498,989 voting rights of Coca Cola HBC or 4.54% of the share capital, along with an additional 0.38% through CfDs, and 0.08% though other financial instruments, resulting in a total stake of 5.00%.
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