Market Comment
Consolidation continued for a third day in a raw on Friday with non-financials driving index higher at the last hour of the session. This cautious and gradual advance is mostly attributed to rotation picking while at the same time moderate profit taking decelerates momentum. Turnover was rather predictably reduced, at the beginning of a long weekend.
General index closed at 1,842.83 points, adding 0.20% to Thursday’s 1,839.22 points. On a weekly basis it improved 0.64%. The large-cap FTSE-25 index expanded 0.09%, ending at 4,611.06 points, while the banks index contracted 0.30%. Motor Oil grew 2.49% and Athens International Airport fetched 1.50%, as ElvalHalcor lost 2.14% and Alpha Bank eased 1.72%. In total 70 stocks showed gains, 57 suffered losses and 34 remained unchanged. Turnover amounted to €123.6m, down from Thursday’s €225.7 m.
Market on hold ahead of fresh CPI US data this week. Rotation may keep the market afloat as investors are seeking fresh catalysts from abroad in the absence of major domestic news-flow.
¢ In the Spotlight
Greece/GDP: The Greek economy expanded by 2.2% in the first quarter of 2025 in terms of aggregate volume, based on the seasonally adjusted data released by the country’s statistical authority. The change marks a 0.4% rise compared to Q4:24. Based on non-seasonally adjusted data, the GDP posted a 1.4% rise over the same period compared to Q1:24. Consumer spending was up by 1.2% relative to the last quarter of 2024, while goods exports posted a slight 0.8% drop, with services exports also experiencing a 2% drop. Goods and services imports recorded a 0.7% uptick in Q1:25. Separately, goods imports were marginally down by 0.3% over the same period, while services imports increased by 2%. Total final consumer expenditure increase of 1.6% compared to the first quarter of 2024. Gross fixed capital formation decrease of 3.2% compared to the first quarter of 2024. The rise in exports of goods and services was 2.2% compared to the first quarter of 2024. Exports of goods rose by 1.7%, while exports of services declined by 0.2%. The increase of imports of goods and services by 2.4% compared to the first quarter of 2024. Imports of goods rose by 1.7%, and imports of services increased by 3.8%.
AthEx/May Stats: ATHEX announced its market statistics data for May 2025. In detail:
§ Foreign investors during May 2025 had inflows of €110.79m, in the five-month period inflows reached €451.5m.
§ Foreign Investors accounted for 62.1% of total transactions’ value during May 2025 (compared to 55.9% during the previous month).
§ Active accounts reached 27,477 vs. 32,318 in April and 28,830 in May 2024.
§ The allocation of the total Value of Assets Under Custody at the end of May 2025, was set: foreign investors held 68.69% of the total value, while domestic investors held 31.31%. This is the highest reading since December 2019 (68.9%).
§ The countries of tax residency holding the highest Value of Assets Under Custody (individual segregated accounts) were U.S.A. (total value of assets €18.69bn), Cyprus (total value of assets €12.30bn) and the Germany (total value of assets €7.37bn)
AthEx/Corporate Bonds: Reportedly Aegean is aiming to issue a 7 year AthEx listed bond in order to raise €300m. Same press states that Attica Group and Lamda are also in the process to issue corporate bonds of €200m and €250m respectively.
Ideal Holdings: Repeated GM on June 18 to decide on €0.30/share capital return to shareholders. According to press, the CEO Lampros Papakonstantinou stated that the company is looking for new opportunities and acquisitions while the recently announced share capital increase should support an acquisition in excess of €100m potentially by the end of the year
Public offering will take place between June 11 and June 13 via an Electronic Book Building Process, with the issuance of up to 8 million new shares with a nominal value of €2.00. The offering price range has been set at €5.80 – €6.10, with the issuer aiming to raise €46.4m – €48.8m.
Piraeus Bank: Capital return €0.2986/share payment day June 11.
General Commercial: AGM approved FY:24 gross dividend €0.075/share, net €0.07125/share. Ex-dividend date June 17. Dividend record date June 18. Dividend payment June 24.
Thrace Plastics: The company trades today ex FY:24 remaining gross dividend €0.169/share, net €0.16/share.
Mermeren: The company trades ex FY:24 gross dividend €2.4/share (net €1.8/share) as of June 12. Dividend record date June 13. Payment June 18.
Sarantis: Fidelity stake reduced to below the 10% threshold to 9.99%.
Autohellas: 63.5K treasury shares allocated for free to executives in the context of the company’s stock reward program. Remaining treasury at 545,250 shares (1.1213% of share capital).
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