We expect the market to continue its upbeat momentum on the back of selective interest.
In the Spotlight
Greece/PMI: The seasonally adjusted S&P Global Purchasing Managers’ Index (PMI) for the manufacturing sector in Greece stood at 53.2 points in December, up from 50.9 points in November.
The latest S&P Global data indicated the strongest improvement in the strength of the manufacturing sector since July. The overall growth was driven by the third consecutive monthly increase in production at Greek manufacturing plants in December. The growth rate accelerated thanks to stronger consumer demand and faster growth in new sales.
Growth in new orders was broadly stable at the end of 2024, having accelerated at the strongest pace since May. According to the S&P Global survey, stronger demand from key sectors, including construction, combined with increased interest from overseas clients, boosted new activity.
Market Comment
The first session of 2025 was clearly bullish with the main indices (General Index, banks and FTSE-25) trading in a positive sign from the beginning of the session ending at day’s high with interest expanding outside the large caps perimeter, giving indications of the “January effect” albeit soft turnover.
General Index ended at to 1480.98 points (+0.77%), ending the session at a six month high. Turnover came in at €78.9m, of which €2m were block trades. Of the total turnover of €78.9m, €67.7m relate to transactions in FTSE25 shares.
Heavy-weight Banking stocks had a mixed picture with Piraeus Bank gaining +2.34% follower by Eurobank (+1.21%) while Alpha Bank ended flat and NBG lost -0.16%. Other notable movers were Viohalco with an impressive 6%, IPTO +3.7%, Metlen +2.9% and Motor Oil +2.7%. On the flip side HTO lost 1.08% and Titan also retreated 1%. In total 79 shared posted gains, 39 ended the session in red and 43 were stable.
We expect the market to continue its upbeat momentum on the back of selective interest.
Banking Sector: The annual growth rate of total credit extended to the domestic economy increased to 5.0% in November 2024 from 4.5% in the previous month. The annual growth rate of credit to the private sector increased to 10.0% from 9.1% in the previous month. The monthly net flow of credit was positive by €1,931 million, compared with a positive net flow of €1,881 million in the previous month.
- The annual growth rate of total deposits increased to 4.7% in November 2024 from 2.7% in the previous month. Deposits placed by the private sector increased by €2,269 million in November 2024, compared with a decrease of €2,258 million in the previous month.
In other news Bank of Greece Governor Yannis Stournaras reiterated on Thursday that the European Central Bank’s (ECB) key interest rate will fall to 2% in the autumn, from the current 3%.
Austriacard: BoD Chairman Mr. Nikolaos Lycos bought on 30.12.2024 50K shares with average cost of 5.83 eur/share. The company also said that in total, under the Share Buy-Back Program II, the Company bought back 278.064 own shares at a weighted average price of EUR 5,6408 per share.
VIS: HQF stake reached 97.63%. Tender offer ends on Tuesday January 7.
Actor Holdings (ex-Intrakat): Ex-date for SCI is Tuesday January 7. Subscription period is 10 – 24 January and rights expire on January 21st.
The share capital increase of €200 million will finance a broad investment plan of €772 million for 2025, mainly in real estate and renewable energy project development. HCMC approved the company’s prospectus, which provides for the issuance of 43,478,478 new shares, with an offering price of €4.60 for each. New shares to start trading on February 4, 2025.
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