¢ Market Comment
AthEx continued its upward course amid lower pace staying in touch with year highs. Despite the geopolitical uncertainties, investors appear willing to position themselves for the coming year, aligning their choices with the recently updated corporate outlooks. Rotation was evident, this time it was energy stocks that attracted strong investor interest.
General index closed 2,107.88 points, adding 0.41% to Monday’s 2,099.35 points. The large-cap FTSE-25 index expanded 0.35%, ending at 5,331.04 points, and mid-caps advanced 1.08%. The banks index grew a moderate 0.32%, as Eurobank earned 1.30% and National rose 0.66%, while Bank of Cyprus dropped 1.72% and Alpha fell 0.37%. Viohalco jumped 5.66%, ElvalHalcor grabbed 2.72% and Public Power Corporation improved 2.48%. In total 67 stocks secured gains, 38 endured losses and 17 remained unchanged. Turnover amounted to €221.9m, up from Monday’s €159.7m.
A similar picture to yesterday’s session is expected today, as the rally of international presentations by Greek listed companies continues, sparking selective investor interest. Approaching this year’s highs is anticipated to provide incentives for increased activity in mid/smaller-caps stocks as well.
¢ In the Spotlight
Greece/PDMA: The Public Debt Management Agency (PDMA) will auction 52-week treasury bills today, in book entry form, to the amount of €500mn, it announced last Friday. The issue, matures on December 4, 2026, and the settlement date is upcoming Friday December 5.
Greece/Economy: The European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF) are paving the way for a new early repayment of debt by Greece through their decisions. The new decision, announced on Tuesday afternoon, concerns the waiver of Greece’s obligation to make a proportional early repayment of its ESM/EFSF loans in relation to the early repayment of loans to the lenders of the Greek Loan Facility (GLF). This waiver allows Greece, in the coming days, to proceed with a third early repayment of GLF loans (from the first support program of 2010), amounting to a total of €5.29bn, using money from a special cash buffer account created at the end of the adjustment program. Thanks to the waiver, Greece is not required to make a proportional early repayment to the ESM and the EFSF, something that would normally be mandatory under the loan agreements. Essentially, the decision enables Greece to further reduce its debt to the GLF (of which €31.6 billion remains outstanding out of the €52.9 billion received under the First Memorandum of 2010) without being forced to simultaneously burden itself with repayment to the ESM/EFSF.
Greece/Unemployment: The seasonally adjusted unemployment rate in October 2025 amounted to 8.6% compared to 9.7% in October 2024, and the upwards revised 8.7% in September 2025, the Hellenic Statistical Authority (ELSTAT) announced. The number of employed persons amounted to 4,347,352 persons, increased by 44,904 persons as compared with October 2024 (1.0%) and increased by 20,586 persons compared with September 2025 (0.5%).The number of unemployed persons amounted to 411,369 persons, decreased by 50,326 persons as compared with October 2024 (-10.9%) and increased by 1,000 persons compared with September 2025 (0.2%).The number of persons outside the labour force, i.e., persons under the age of 75, that neither work nor look for a job, amounted to 2,982,942, decreased by 22,830 persons as compared with October 2024 (-0.8%) and decreased by 24,180 persons compared with September 2025 (-0.8%).
Greece/CPI: The inflation rate in Greece jumped to 2.9% in November up from 1.6% in October and 1.8% in September, according to preliminary data released this week by Eurostat. The increase was driven largely by the services sector, where prices rose at an annual rate of 4.7%, compared with 2.8% a month earlier. The inflation rate in Greece was also higher compared to the same month last year, when it stood at 3%.According to Eurostat’s flash estimate, euro area annual inflation is set to reach 2.2% in November 2025, up from 2.1% a month earlier. The euro area’s services segment is expected to post the highest annual rate in November at 3.5%, up from 3.4% in October, followed by food, alcohol and tobacco (2.5%, stable compared with October), non-energy industrial goods (0.6%, stable compared with October), and energy (-0.5%, compared with -0.9% in October).
Aegean Air: On December 1, Aegean bought 1 bond of its 2026 retail bond listed on the ASE at €1,008.2, now commanding 203 bonds of the total issue (0.103%).
Austriacard: Reportedly, the group won a €1.5 million tender issued by the Ministry of Infrastructure and Transport. The tender concerns the selection of a contractor for the “production of smart tachograph cards,” with a budgeted cost of €1,54m, for a period of three years, with an option to extend for an additional year
Alpha Trust Andromeda: NAV as of November 28 stood at €9.76/share, implying a 18.7% discount on closing price the same day (€7.94).
Dimand: On November 28, Deputy CEO Mr. N. Dimtsas bought 650 stocks at €9.74/share.
OTE/Lamda Development: LAMDA Development, through its subsidiary HELLINIKON S.A., has signed a memorandum of understanding (MoU) with COSMOTE TELEKOM to strengthen the technological ecosystem of “The Ellinikon project.” The partnership will support the development of the project as Europe’s first fully planned and built-from-scratch smart city, incorporating innovative digital infrastructure and advanced connectivity services. Under the agreement, the two companies will develop and operate a state-of-the-art fiber-optic network designed to meet future needs. The network will cover the entire area of The Ellinikon, offering ultra-high speeds and top-tier connectivity for residents, businesses, and visitors. It will also be available to all telecommunications providers, ensuring broad access and high-quality services. The companies will also launch joint retail services, offering fixed and mobile telecom plans, as well as pay-TV, exclusively for residents and businesses at The Ellinikon. In addition, they will jointly provide ICT solutions for enterprises operating in the development, creating a comprehensive digital services ecosystem.
¢ Buybacks
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