¢ Market Comment
Another round of consolidation for AthEx yesterday as large caps were split with focus primarily to ECB announcements. European Central Bank proceeded with eighth quarter-point cut in a year as bloc reels from impact of Trump’s trade wars. More importantly ECB hinted for a pause in July while consensus anticipates just one more cut in the deposit rate toward the end of the year, possibly in December.
General index closed at 1,839.22 points, adding 0.23% to Wednesday’s 1,834.94 points. The large-cap FTSE-25 index expanded 0.23%, ending at 4,606.92 points. The banks index improved 1.14%, as NBG advanced 2.24%, Piraeus collected 1.55%, Eurobank gained 1.2 and BoC rose 1.0%. On the flip side Alpha lost 0.9%. Other sectors were mixed with Hellenic Exchanges gaining 2.0% Helleniq Petroleum climbing 1.5%, but Lamda giving up 2.01% and CCHBC losing 1.2%. In total 71 stocks obtained gains, 38 took losses and 52 remained unchanged. Turnover declined but remained at satisfactory levels amounting to €229.8m, down from Wednesday’s €298.5m.
As for today we expect market to move sideways ahead of the long weekend. Announcement on Q1:25 GDP (12:00 GR-Time) may also weight on session’s direction.
¢ In the Spotlight
AIA (May traffic stats): During May 2025, the airport’s passenger traffic amounted to 3.1 million, 2.9% higher than May 2024. Domestic passengers presented a reduction of 2.1% compared to 2024 levels, while international passengers continued their positive course surpassing the 2024 levels by 5.0%. Overall, during the first five months of 2025, the airport’s passenger traffic reached 11.62 million, above the 2024 levels by 8.5%. Analytically, domestic and international passengers surpassed the 2024 levels by 2.4% and 11.0%, respectively. Athens International Airport’s number of flights during the first five months of 2025 amounted to 99,185, i.e. 7.4% above the respective 2024 levels. Both domestic flights and international flights were above the 2024 volumes by 0.8% and 11.9%, respectively.
Attica bank: The bank successfully concluded the issue of 2 new bonds. The 1st one, a e100mn AT1 Notes, fixed rate, perpetual, callable after 5.5 years. The 2nd one €150mn Tier 2 Notes, fixed rate, subordinated due after 10 years with a call option after 5 years. AT1 notes were oversubscribed by more than 4x with demand reaching €430mn with a coupon of 9.375% vs 10% initially guided. The T2 offers reached €700mn (5x oversubscription rate) with coupon at 7.375% vs initial guidance of 8%. Foreign investors covered 83% of the Tier 2 issue and 80% of the AT1 proceeds.
Fourlis: As of July 1, 2025 the company will appoint new CEO Mr. J. Vasilakos, who will replace current CEO Mr. Valahis. Mr Vasilakos is former Kotsovolos (domestic electric appliances retail chain) CEO.
Real Consulting: AGM on June 27.
Orilina Properties: The REIT concluded its share buyback program by acquiring in total 1,621,593 shares (1.0536% of its share capital) at an avg acquisition price of €0.8161/share. Moody’s assigned a B2 and Caa1 (hyb) rating respectively.
Acag: Major shareholder Mr. Lykos bought on June 4, 20K shares at €5.280251/share.
Attica Group: The Attica group plans to invest 700 million euros in the further development of its fleet by the end of the decade, focusing on high-speed ferries. The country’s largest coastal shipping group, which is also the largest employer of Greek seafarers worldwide, with approximately 2,500 Greeks permanently on board ships, has a total investment program of 1.2 billion dollars.
Helleniq Energy: Reportedly the group is on the verge of finalizing its first renewable energy investment in Bulgaria, marking its entry into the neighboring country’s green energy market. According to the report, the deal concerns the acquisition of a licensed, ready-to-build solar park with a capacity of around 100 MW. Helleniq Energy also intends to add a behind-the-meter battery storage system to the facility. Once completed, this investment will make Bulgaria the fourth international market where Helleniq Energy is active in renewables. The company already operates green projects in Cyprus, Romania, and North Macedonia. In Cyprus, Helleniq Energy currently runs solar installations totaling 40 MW, with plans to expand the portfolio to 100 MW. In Romania, it has set ambitious targets with two major agreements for up to 800 MW. One of these is a binding deal with Metlen to acquire four projects totaling 211 MW. In North Macedonia, the company has developed a 40 MW photovoltaic project at the OKTA industrial site and is moving forward with a second, larger installation there.
¢ Buybacks
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