Market Comment
Some profit taking might be excused after five days of growth. Yet we don’t see significant downside in today’s session as investors continue their selective buying stance in domestic market.
AthEx continued rising for a fifth day in a row on Tuesday, following the long weekend, with banks showing some recovery to lead blue chips to gains. The benchmark ended the day on the session’s high and turnover showed some healthy growth. Despite uncertainties from abroad rotation keeps market in touch with recent highs.
General index closed at 1,855.73 points, adding 0.70% to Friday’s 1,842.83 points. The large-cap FTSE-25 index expanded 0.64%, ending at 4,640.70 points. The banks index augmented 1% thanks to National jumping 2.84%, Eurobank fetching 0.87% and Alpha rising 0.48%, though Piraeus parted with 0.85% and Optima eased 0.62%.
OPAP earned 3.17% and ElvalHalcor climbed 1.97%, just as OTE telecom gave up 1.26%. In total 75 stocks boasted gains, 42 posted losses and 44 remained unchanged. Turnover amounted to 186.7 million euros, up from last Friday’s €123.6m.
¢ In the Spotlight
Greece/CPI: Inflation in Greece settled at 2.5% in May 2025, marking a substantial 0.5% rise from the previous month, according to ELSTAT. The notable uptick, a second consecutive rise in the consumer price index, has raised concerns as it affected products across the majority of sectors in the economy. The largest increase was registered in clothing and footwear at 6.6%, while food costs were up by 2.6%. Drilling down into specific sections, electricity recorded a notable 18% rise in cost, fruits were up by 13.2%, and natural gas rose by 11.1%. House rents were up by 10.9%. In contrast, olive oil, heating oil, and audio-visual equipment experienced the highest drop, with 34.4%, 12.9%, and 11.2%, respectively. On a year-on-year basis, inflation in Greece was up by 0.1% (2.4% in May 2024) relative to 2023. Food and Non-Alcoholic Beverages were up by 2.6%. Clothing and footwear saw a notable 6.6% price hike. Alcoholic beverages and tobacco increased by 1.7%. Housing was up by 6%, driven by higher prices for rents, home maintenance and repairs, household services, electricity, and natural gas. Health costs increased by 1.8% due to higher costs for pharmaceutical and medical products, medical-dental-paramedical services, and hospital care.
Greece/Private Sector Arrears: Overdue tax debts are growing month by month in Greece, households and businesses accumulating €3 billion in new tax arrears in the first four months of the year alone. The number of debtors in Greece has risen by 470,000 to reach 4,242,507 in April, up from 3,771,707 at the end of December 2024. According to data from Greece’s Independent Authority for Public Revenue (AADE) for the January–April 2025 period, new overdue debts amounted to €3.192 billion, of which €3 billion were unpaid taxes. Total overdue debts to the tax office have now exceeded €110 billion, climbing to €110.8 billion, of which €26.35 billion are deemed uncollectible. This brings the net collectible debt to €84.45 billion. Of the 4,242,507 debtors, 2,231,60 are subject to potential asset and bank account seizures, while 1,594,218 are already facing enforced collection measures.
PPC: As from today PPC officially enters fast internet market with three new speed packages. PPC is offering high-speed internet services with three options, 500Mbps, 1Gbps and 2.5Gbps. The 1Gbps package is priced at €19.9 per month. Note that the 1Gbps Cosmote package is priced €45.09 per month. We expect gradually a margin erosion to profit margins of Cosmote and other fiber operators.
Gek Terna: The listed firm concluded the disposal of a 10% stake in ARR concession to Latsis Family Office for a total consideration of €77.25mn, at a 15% premium vs original Gek Terna’s investment, implying a valuation for the equity stake of the concession at €772.5m vs. initial investment of €670m. We expect GEK to book the one off gain revaluation in H1:25 while Net debt is expected to drop considerably at parent level after the cash consideration of €77.2m and Attica Ring Road dividend of c€60m.
Alpha Trust Andromeda: 31.98% of shareholders’ entitled to scrip dividend option participated in the program resulting into 56,613 new shares issued. New shares alongside with cash dividend payment on Friday June 13.
Kri Kri: AGM on July 1 to clear FY:24 gross dividend €0.40/share.
Technical Olympic: AGM on July 1. No dividend for 2024.
MOH: 1st Hydrogen station inaugurated in the company’s premises in Corinth with 2 more coming soon in Thriasio and Akrata.
¢ Buybacks
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