We expect a weak opening and volatility to increase in today’s session.
May was a month of considerable gains for most AthEx stocks as index added 7.83% since the end of April, despite the notable decline it posted on Friday. This time the local market appeared to ignore the upward trajectory of other eurozone bourses and continued on the profit-taking course it set on Thursday. MSCI rebalancing sent turnover soaring.
General index closed at 1,831.17 points, shedding 1.50% from Thursday’s 1,859.13 points. On a weekly basis it expanded 1.98%. The large-cap FTSE-25 index contracted 1.79%, ending at 4,577.70 points, and the banks index declined 2.42%, as Alpha parted with 4.07%, Piraeus gave up 3.26%, National fell 1.87% and Eurobank eased 1.35%. OPAP dropped 4%, Sarantis shrank 3.87% and Ellaktor conceded 3.32%. In total 48 stocks made gains, 59 suffered losses and 11 remained unchanged. Turnover amounted to 616.9 million euros, down from Thursday’s €199.5m.
The seasonality of declining June: June starts on a negative note as US/China trade tensions re-escalate while hiking steel and aluminum import tariffs in US burden sentiment. Note also June is a particularly negative month for AthEx with negative average return -2.5% (26-year data). On the flip side AthEx has a remarkable performance of 24.6% ytd marked by historically strong fundamentals and M&A activity driven banking sector. We expect a weak opening and volatility to increase in today’s session.
¢ In the Spotlight
Greece/PDMA: On June 4, 2025 the Hellenic Republic will auction 52 Weeks T-Bills, in book entry form, with maturity June 5, 2026. The amount to be auctioned is 500 million euro. Settlement date is June 6, 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 June 5, 2025.
Greece/Unemployment: Greece’s seasonally adjusted unemployment rate dropped to 8.3% in April 2025, marking a significant improvement from 10.8% in April 2024 and a revised 8.9% in March 2025, according to the latest data released by the Greek Statistical Authority (ELSTAT).
Employment reached a record high, with 4,313,817 people in work—an increase of 24,554 compared to April 2024 (up 0.6%) and 28,144 more than in March 2025 (up 0.7%). The number of unemployed fell sharply to 391,263, a decrease of 128,525 people year-on-year (down 24.7%) and 26,943 fewer than the previous month (down 6.4%).
This marks the lowest unemployment figure in the past five years. In comparison, the number of unemployed in 2020 stood at 795,841. Meanwhile, the number of people under 75 not participating in the labor force—those neither working nor actively seeking work—stood at 3,050,528.
This represents a year-on-year increase of 77,322 (up 2.6%) and a slight monthly decrease of 3,569 (down 0.1%). Unemployment has been steadily declining since 2020, when it peaked at 18.5%. The 8.3% rate reported in April 2025 marks a strong rebound in the country’s labor market.
Breaking down unemployment by gender for Q1 2025, the rate among men was 6.3%, while for women it stood at 10.8%—both the lowest levels recorded in the last five years. In terms of age groups, the unemployment rate for those aged 15–24 was 20.4%, compared to 7.7% for those aged 25–74.
Greece/Economy: Scope ratings kept Greece’s rating unchanged to BBB with stable outlook last Friday.
AthEx: As of today, following the decision of the ATHEX Listings and Market Operation Committee the trading of the shares of the companies Yalco, Vioter, Bitros and Spiroy are temporarily suspended on ATHEX. Additionally, the shares of Proodeftiki and Tria Alfa will be trading on the Main Market of ATHEX. Finally, the common and preferred shares of Levenderis.
NBG: AGM decided on FY:24 gross cash dividend distribution €0.4442/share, net €0.4220/share. Ex-dividend date June 3. Dividend record date June 4. Payment June 10.
Piraeus Bank: Capital return of €0.2986/share ex-date June 3. Record date June 4. Payment June 10.
Mermeren Combinat: AGM cleared FY:24 gross dividend €2.4/share. Ex-date June 12. Record date June 13. Payment June 16.
Intralot (Q1:25 trading update): Intralot‘s 90% revenue growth in Q1:25 came from operations in in Argentina and Turkey. These countries contributed a total of €8.3m in increased revenues to a total Q1:25 revenue increase of €9.3m.
In Turkey, the company had a 61% increase in revenues despite a 14.8% depreciation of the Turkish lira. In Argentina, the revenue growth was helped by the improving course of the economy.
However, exchange rates and increased depreciation and amortization once again cost Intralot’s profitability, which in terms of net profit after tax and minority interests, went back to a loss of €0.6m, compared to a profit of €3.9m in Q1:24. GGR reached at 88.5mn compared to 81.7mn, +8.3%. OpCF at €48.9mn. CAPEX €5.6mn. Net Debt €316.5mn.
|
ΙΝΤRALOT |
2024 |
2025 |
Y-o-Y |
|
EUR thous. |
Q1 |
Q1 |
(%) |
|
Sales |
85,100 |
94,400 |
10.9% |
|
EBITDA |
30,100 |
30,200 |
0.3% |
|
EBITDA Mrg |
35.4% |
32.0% |
-338 bps |
|
Net Income |
3,900 |
-600 |
-115.4% |
|
Net Mrg |
4.6% |
-0.6% |
-522 bps |
Petropoulos: AGM on June 19 to clear FY:24 gross dividend €0.30/share. Ex-date July 11. Record date July 14. Payment July 18.
Fais Holding: Share buyback initiated. The company will buy up to 10% of share capital (4.55mn shares) at a price range €1-€4.7.
Fourlis: AGM on June 20. FY:24 dividend €0.15/share (gross).
Onyx: EGM on June 20 to decide on transfer to main ASE market.
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