Beta Sec – Daily report 07-07-2023: Market Monitor- Market Comment- In the Spotlight- Buybacks- Events, Announcements and Corporate Actions Calendar

Market Comment

  • The benchmark of the Greek stock market appeared once again on Thursday reluctant to measure itself against the 1,300-point level it had last reached in June 2014, and gave ground on a day of reduced trading volume. International fears of growth fatigue and slowdown are hurting companies in the eurozone and, beyond that, affecting even a promising market such as that of Athinon Avenue – although its rising course is expected to continue at least during the summer in our view. 

The Athens Exchange (ATHEX) general index closed at 1,279.40 points, shedding 1.23% from Wednesday’s 1,295.30 points. The large-cap FTSE-25 index contracted 1.35% to end at 3,083.54 points. FTSE Mid Cap lost 0.25% to end at 2,058.83 points. Banking index slid 0.54%, as National dropped 1.52%, Piraeus fell 0.72% and Alpha eased 0.40%, while Eurobank added 0.29%. Terna Energy sank 2.96%, Coca-Cola HBC conceded 2.69%, Motor Oil parted with 2.40% and OPAP lost 2.17%.

  • In total 49 stocks reported gains, 72 sustained losses and 40 remained unchanged. Turnover amounted to €80.31mn, down from Wednesday’s €85.6mn. 

International woes on further rate hikes may weigh again on investors’ sentiment on today’s session holding back risk appetite for new investments in the Greek equity market. Therefore, we expect a low liquidity session with rotating interest to stocks with good fundamentals. 

¢    In the Spotlight

Greece/Economy: Re-elected Greek Prime Minister Kyriakos Mitsotakis on Thursday unveiled policy statements in Parliament for his second-term government. Among other Mitsotakis stated that his government aims to regain investment grade status by late 2023 and fully repay 1st bailout program loans before expiration. Target is to reduce public debt as a ratio to GDP significantly below 140 percent by 2027. Decrease unemployment to 8 percent within the next four years; Raise exports as a ratio to GDP above 60%, and easing inequalities through permanent support measures and targeted initiatives when necessary. He also announced public sector wage increases, from the beginning of the year, the first in more than 15 years, as well as an emphasis on education, health and social cohesion, along with a “green” and digital transformation of the country. Additionally, Mitsotakis said other priorities are in the justice system, namely, speeding up court decisions and adjudication of litigation, as well as boosting national defense.

Greece/Privatizations: The Greek PM Mitsotakis said among the first draft bills to be tabled in Parliament this summer will be a restoration of full state control of the utilities ie Athens Water and Thessaloniki Water.

PIRAEUS BANK: Total bids for the banks new senior 5-year tenure €400mn callable (after 4 year) MREL bond exceeded €900mn with the bank accepting €500mn at a coupon 7.25% vs €7.375% initially.

MYTILINEOS: Total bids for the new €500mn 7-year retail bond of the company reached €1.007bn with coverage ratio at 2.01x. Coupon set at the lowest part of the indicated range 4-4.5% at 4%. Bonds to commence trading on July 11.

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