Market Comment
AthEx posted fresh gains on Friday, at the end of yet another week of price growth, the seventh in a row, to see its benchmark climb to levels unseen in almost 14 years – i.e. since March 2011.
General index closed at 1,557.83 points, adding 0.86% to Thursday’s 1,544.49 points. On a weekly basis it advanced 0.55%. The large-cap FTSE-25 index expanded 0.98%, ending at 3,806.31 points and the banks index fetched 0.88%, as Eurobank climbed 1.69%, Alpha grabbed 0.83%, National augmented 0.70%, Optima earned 0.30% and Piraeus obtained 0.25%. Crucially, Coca-Cola HBC rose 2.42%. In total 72 stocks reported gains, 48 sustained losses and 41 remained unchanged. Turnover amounted to €130.4m, up from Thursday’s €148.1m.
We expect a volatile session on the back of expected official announcement of US tariffs to Europe. Selective interest to limit downside while investors will measure the impact to specific sectors and companies.
¢ In the Spotlight
Cenergy/Elvalhalcor: President Donald Trump, speaking to reporters on Sunday, said he planned on announcing a 25% tariff on all steel and aluminum imports into the United States Monday. Trump also said he planned to hold a separate news conference Tuesday or Wednesday to announce massive new reciprocal tariffs, which could match other countries’ tariffs on US goods dollar-for-dollar.
According to the last available data ElvalHalcor 5% of Copper turnover and 10% of Aluminum turnover are related to America Sales (not defined if it is 100% US Sales). So the estimated size is €63m out of the €522m total sales. Cenergy makes 4% of Cables and 26% of steel pipes in US market which corresponds to 11.8% or €170m per annum.
Greece/Trade Account Balance: The Greek trade deficit soared to 34.6 billion euros in 2024 from 32.07 billion euros in 2023, according to data released on Friday, February 2025 by the Hellenic Statistical Authority (ELSTAT). The figures published have raised concerns as imports increased, while exports followed the opposite trend.
The Greek trade deficit expanded significantly in 2024, reaching 34.6 billion euros, up from 32.07 billion euros in 2023, marking a 7.9% increase, according to the released figures. The total value of imports for the January-December 2024 period stood at 84.52 billion euros, compared to 83.09 billion euros in the same period of 2023, reflecting a 1.7% rise.
Excluding petroleum products, imports surged by 2.24 billion euros , a 3.6% uptick, while the increase excluding both petroleum and ships amounted to 2.23 billion euros reflecting a 3.6% rise.
Conversely, numbers indicate that exports declined, totaling to 49.90 billion euros in 2024, down from 51.02 billion euros in 2023 marking a 2.2% decrease. However, exports excluding petroleum products rose by 819.8 million euros a 2.3% uptick, and those excluding both petroleum and ships saw an 839-million-euro or a 2.4% increase.
As a result, the country’s deficit widened to 34.61 billion euros in 2024. Excluding petroleum, the deficit increased by 1.42 billion euros dropping by 5.4%, while the figure without petroleum and ships rose by 1.39 billion euros reflecting a 5.3% rise. The growing gap between imports and exports raises concerns about Greece’s trade balance, highlighting the need for policies to boost export performance.
Greece/MSCI: MSCI rebalancing to take place tomorrow. Potential new entry in the Greek index is Titan.
Trade Estates: Latsco Family Office stake increased to 8.11% from 3.11% previously due to the acquisition of 6.025mn shares (an additional 5% stake) in the recent 16% placement of the REIT by Fourlis Group at €1.5/share.
CCHBC: FY:24 results on Thursday February 13 before market opening. Consensus stands for FY:24 sales of €10.7bn (+55) and net profit at €815.7mn (+6.75) with expectations for Fy:24 div at €1/share vs €0.93/share in FY:23.
Sarantis: The company expands in the USA market through the placement of its Carroten series of products in USA retailer Target. Total exports for 2024 to exceed while FY 24 projection call for sales of €592.2mn, EBITDA €80.2mn (EBITDA margin 13.55) and EBIT €61mn (EBIT margin 10.3%).
Hellenic Exchanges: New stock market operating framework to be revealed within the week.
Eurobank: Fairfax stake dropped to 32.89% (1,209,223,895 shares) following the recent placement of 80mn shares.
Bank of Cyprus: FY:24 results out on February 18. AGM on May 16. Q1:25 results on May 12. H1:25 results on August 5. 9M:25 results on November 11.
Premia: FY:24 results on February 28. AGM on June 6. Ex-dividend date June 12. Dividend record date June 13. Dividend payment Jun 19. Q1:25 results May 23. H1:25 results September 26. 9M:25 results November 21.
AS Company: FY:24 results on April 15. AGM on June 19. Q1:25 results May 22. H1:25 results September 25. 9M:25 results November 27.
Lamda Development: FY:24 results on March 26. AGM on June 26.
Ideal Holdings: ex €0.10/share capital return date March 7. Capital return record date March 10. Capital return payment March 14.
Evrofarma: New €9.95mn bond loan by NBG to refinance existing debt obligations and new e4mn bond loan from Alpha Bank to be used for WC requirements.
Web Sources: Bloomberg, Reuters, Euro2day, Capital, Liberal, Newmoney, Kathimerini, Energypress, Naftermporiki, Athens Macedonian News Agency , Oikonomikos Tahidromos, Mononews, Business Daily, Morning View, Economistas, Power Game, Insider, Bankingnews, Economico, Worldenergynews, AthEx.
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