Market Comment
Repetition of Friday’s losses point to a technical short term oversold increasing the potential of a technical bounce in the next session.
Wall Street endured another sharp risk-off session following Trump’s reciprocal tariff announcement, which markets interpreted as being comparable to the worst-case scenario. AthEx was not the exception despite the reaction at the end of Friday’s session.
Volatility with intensity and duration has not been seen in the stock markets for some time (Ukrainian crisis, Feb 2022) and it is reasonable to have been a concern for the investment community as to its potential extent.
Now the fundamentals have taken a back seat, the market’s approach is purely on a short term logic as the information flow on the tariffs front has a high impact indicator, as seen after the Chinese government’s response by imposing 34% tariffs on US products.
General index closed at 1,597.55 points, shedding 4.83% from Thursday’s 1,678.70 points. On a weekly basis it declined 7.96%. The large-cap FTSE-25 index contracted 5.15%, ending at 3,923.66 points and the banks index slumped 7.15%, as Optima sank 8.61%, Eurobank lost 7.77%, Piraeus fell 7.41%, Alpha dropped 6.99% and National gave up 6.43%. In total four stocks registered gains, 117 sustained losses and five remained unchanged. Turnover was the biggest of the last couple of weeks, amounting to €412.2m, up from Thursday’s €219.4m.
Following last week’s two-day sell-off in stocks post-tariffs, investors are particularly nervous going into Monday’s opening of trading. Escalation of trade-war points to another session of extreme volatility and sharp decline at the opening. Repetition of Friday’s losses point to a technical short term oversold increasing the potential of a technical bounce in the next session.
¢ In the Spotlight
Titan: AGM on May 8 to approve FY:24 dividend distribution (gross) €1/share and extra gorss divi distribution €2/share.
OPAP: AGM on April 29 to decide upon a remaining FY:24 gross dividend distribution €0.8/share.
Evropi Holdings: FY:24 results on April 11. AGM on June 5. No dividend for FY:24. H1:25 results on September 17.
Ellaktor: Reggeborgh announced its intention to exercise the 3rd leg of its call option for Ellaktor by April 18, ie a 1.49% call option for Ellaktor to acquire an additional 5.2mn shares from MOH concluding its agreement with MOH to repurchase a total 7.4671% stake at €1.75/share.
Recall that the first part of the call option exercise took place in July 2024 when Reggeborgh acquired 2.9868% stake (10,400,000 shares) at €1.75/share.
The 2nd leg involving another 2.9868% stake (10.4mn shares again) was executed in January 2025 at €1.25/share as Ellaktor had already distributed €0.5/share as capital return remuneration to its shareholders.
Reggeborgh will thus rise its stake to Ellaktor to 52.635% (183,272,350 shares) from 51.142% currently (178,072,350 shares).
Metlen: Fairfax covered a convertible bond equal to 1,875,000 shares of the company (1.31% stake) which, when exercised, will increase its stake to Metlen to 6% (8,578,284 shares) from 4.69% currently (6,703,284 shares)
Hellenic Exchanges: FTSE Russell verdict on ASE market status tomorrow April 8. It is likely that FTSE will provide a date for the domestic market upgrade to developed from emerging.
Performance (CC highlights): The company held on Friday its FY:24 results conference call. Main points are:
According to management, Performance Technologies will seek to increase its footprint over the next three years by expanding its cooperation with existing customers, attracting new customers and expanding into new sectors and markets.
In particular, it was mentioned that while in the past the banking and telecommunications sectors accounted for the largest share of turnover, in recent years other sectors such as energy, trade and industry have also increased their participation, and the company has also started to become active in public sector projects.
In addition, the listed company will seek to enrich its product portfolio offered through two or three acquisitions or equity partnerships. Performance aims to increase its recurring revenue share through the combination of new offerings with ongoing services.
Performance Technologies increased its turnover in FY:24 from €57.7m to €74.2m, EBITDA from €7.15m to €9.3m and net profitability from €4.7m to €5.05m. Total dividend of €1.511m (€0.108 per share).
Trade Estates: Trade Estates REIC estimated that it will have a real estate portfolio with a Gross Asset Value of 720-760 million euros by 2028 (compared to 541.5 million at the end of 2024) as it is planning investments of 172.2 million euros. The president of REIC and Fourlis Holdings, Mr. V. Fourlis, said at the presentation of the results of the previous fiscal year, that the goal is the creation of a portfolio worth 1 billion euros in 2030-2031.
The real estate categories in which it operates (retail park and logistics) do not change, however, it is likely to expand to Romania, the real estate market of which is closely monitored by the management (in addition to Greece, Trade has properties in Cyprus and Bulgaria).
Fourlis noted that Trade has a clear strategy in the real estate it chooses and now has a real dispersion in its share, 30.72%, following the disposal through private placement of 16% of its share capital.
Trade’s investments include the creation of the Inter IKEA International Distribution Center in Aspropyrgos (investment 47.4 million) to be completed by the end of the year and the new logistics center in Elefsina that will be leased to Kotsovolos (46.3 million) and expected to completed by the end of 2026 early 2027.
Regarding the investment in a retail park in Elliniko (75 million), the management of REIC stated that its operation is planned for the end of 2028, following Lamda’s notification of a 12-month delay in the implementation of the infrastructure. Regarding the property in Spata, opposite Smart Park, Trade has signed a preliminary agreement to sell its share to its co-owner, Ten Brinke (one of the largest developers in the country).
According to sources, Ten Brinke has agreed with the Data In Scale consortium (45% PPC and 55% Damac from the United Arab Emirates) to build a data center on this property. The purchase and sale is estimated to be completed in 2025.
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