¢ Market Comment
ASE continued its journey to go from one record high to another this week, as its benchmark rose to its highest point since April 2010 yesterday. The 2,000-point mark is not a distant dream anymore, but a feasible target for the main index. A number of blue chips contributed to the day’s growth, including banks and the market’s biggest market cap, Coca-Cola HBC. Turnover was also notably high despite the early end of the week for the US markets, which closed early on Thursday and will remain closed on Friday due to Independence Day.
The Athens Exchange (ATHEX) general index closed at 1,915.24 points, adding 1.12% to Wednesday’s 1,893.97 points. The large-cap FTSE-25 index expanded 1.20%, ending at 4,804.88 points. FTSE Mid Cap underperformed gaining 0.4% to end at 2,800.84. The banking index grabbed 2.02%, as Piraeus and Bank of Cyprus earned 2.87%, Eurobank climbed 2.36% and National improved 1.80%. CCHBC advanced 3.57%.
In total 82 stocks made gains, 45 sustained losses and 34 remained unchanged. Turnover amounted to €249.15mn, down from Wednesday’s €302.9mn.
Another positive session expected today amid continuous investment interest on the banking sector, yet on probable lower turnover due to US holiday. M&A in the spotlight, tender offers in place (6 in total with ASE pending approval), positive macros, geopolitical risks subdued and strong tourism period ahead 9expectedt to boost economy figures) settle ideal scenery to test higher levels for the GI. We would not rule out a pose for a breath (consolidation) in today’s session.
¢ In the Spotlight
Greece/Economy: The EU Commission has given the “green light” to the revised Greek Recovery Plan, and Athens is now preparing to submit the request for the disbursement of the 6th tranche, amounting to 3.9 billion euros, in the immediate future.
NBG: The bank announced that it has petitioned the country’s Hellenic Competition Commission (HCC) in order to protect its rights in case Ethniki Asfalistiki, its one-time insurance subsidiary, is sold by CVC to another local lender, Piraeus Bank. The transaction is already under the scrutiny of the independent watchdog commission. National Bank is attempting to protect its insurance-related client list, which number more than one million individuals and business entities in the country. National Bank is reportedly citing unfair competition in case the CVC-Piraeus deal proceeds, as the latter stands to gain the former’s client list. Piraeus Bank’s stated goal is to complete the buyout by the end of this year.
OTE: OTE issued a €60 million bond due October 2025. The yield was set at 2.394% per annum. The new bond was fully subscribed by Deutsche Telekom AG. The proceeds of the new bond will be used to cover the general corporate needs of OTE Group.
Aegean Air: IPO for the company’s new 7-year listed retail bond of €250mn with an initial coupon range rate between 3.7% to 4.05% concluded successfully. IPO was oversubscribed 3.75x with total bids reaching €938.7mn. Coupon set at the lower end of the range provided (3.7% to 4.05%) at 3.7%. 78% of the issue allocated to private investors (195K bonds) and 22% (55K bonds) to special investors. Bonds to commence trading on Monday on the ASE.
Kri Kri: AGM decided on FY:24 gross dividend distribution €0.40/share. Dividend ex-date August 21. Dividend record date August 22. Payment August 27. The company also modified its share buyback program regarding the upper limit of price purchase to €25/share vs €17/share initially approved. Lower limit of €3/share remained intact.
Trastor: The REIT sold a RE asset for €1.5mn, 17.8% higher than BV. Capital gain will be recorded in H1:25 results.
Lavipharm: AGM decided on FY:24 gross dividend €0.02/share, net €0.019/share. Ex-dividend date July 17, dividend record date July 18, payment July 24.
Elinoil: FY:24 gross dividend €0.1366/share, net €0.1297/share. Ex-dividend date July 14. Dividend record date July 15. Payment July 18.
Lazarides: Lazarides family acquired another 35,969 shares of the company (0.20% stake) at €2.18/share rising its stake at 95.77% or 17,254,585 shares in total. Pending tender offer upon approval of prospectus by HCMC at €2.18 share will result in the delisting alongside with the squeeze out right of the company from the ASE.
Mevaco: the company goes today ex – dividend FY:24 gross €0.25/share, net €0.2375/share.
Fais Holding: As of July 4, 2025, the 177,500 new (CR) shares of the company are admitted to trading on the ATHEX, following the recent share capital increase realized as a result of capitalization from the reserve ‘distribution of new bonus shares to the company’s executives’. On July 4, 2025, the total number of the company’s listed shares amounts to 45,680,000 (CR) shares.
Alpha FTSE large Cap ETF: As of today the 23,576 new units of the ETF “ALPHA ETF FTSE Athex Large Cap EQUITY UCITS” resulting from the recent capital return through re-investment with the issue of new units, start trading on the ATHEX. On July 4, 2025, the total number of the ETF’s listed units amounts to 1,025,078 units.
¢ Buybacks
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