Market Comment
The figures on new jobs in the US last month appeared to weigh on European stocks on Friday, leading the Greek bourse to a decline toward the end of the week’s last session – though not on a scale that would have offset the week’s growth for the benchmark. This was the third consecutive week of gains, with Greece so far appearing as a light of stability among world’s geopolitical tempest.
- The Athens Exchange (ATHEX) general index closed at 1,503.73 points, shedding 0.48% from Thursday’s 1,510.93 points. On a weekly basis, it advanced 1.14%. The large-cap FTSE-25 index contracted 0.50%, ending at 3,662.62 points while midcaps underperformed losing 1.14% to end at 2,421.05.
- The banks index declined 0.22%, with Eurobank giving up 0.59%, Alpha falling 0.29% and Piraeus easing 0.12%, while Optima earned 0.31% and National edged up 0.02%. ElvalHalcor shrank 3.80% and Lamda Development parted with 2.04%.
In total 38 stocks obtained gains, 65 sustained losses and 22 remained unchanged. Turnover amounted to €126.82mn, down from Thursday’s €144.6 million.
General Index runs a streak of 3 positive weeks, with banks continuing being on the spotlight. For the kick off the week we expect volatility to prevail and GI hovering around the 1,500 level. ThPA tender offer to attract investors’ interest.
¢ In the Spotlight
Hellenic Exchanges (market statistics): During December 2024, 1,288 new Accounts (individual and omnibus segregated accounts) were created, compared to 1,236 new accounts in November, while the Omnibus Segregated Accounts in total (Omnibus Accounts & Collateral Accounts) had a Value of Assets Under Custody of €2.72bn. (2.92% of the total Value of Assets Under Custody).
- Market capitalization of the Athens Stock Exchange at the end of December reached €93.22bn., an increase of 5.70%, compared to capitalization at the end of the previous month, which was €88.20bn.
Transactions Value in December 2024 reached €2,707.23 mil., decreased by 34.76% since the previous month when transactions value reached €4,149.92 mil., while compared to the same month of the previous year when transactions value was €1,899.19mn there was an increase of 42.55%.
- Foreign investors during December 2024 had outflows of €176.40 mil., while domestic investors had inflows of €176.40mn. The allocation of the total Value of Assets Under Custody at the end of December 2024, was set: foreign investors held 65.37% of the total value, while domestic investors held 34.63%.
The countries of tax residency holding the highest Value of Assets Under Custody (individual segregated accounts) were U.S.A. (total value of assets €13.66bn, Cyrpus (total value of assets €9.09bn) and the Germany (total value of assets €5.93bn).
- Foreign Investors accounted for 57.9% of total transactions’ value during December 2024 (compared to 44.1% during the previous month), while Domestic Investors accounted for 42.1% (compared to 55.9% during the previous month).
Greece/Tourism Sector: As 2024 concludes, Greece’s tourism sector celebrates record-breaking achievements while navigating pressing challenges. With official data from the Bank of Greece still pending, a PwC study presented at the SETE conference forecasts arrivals reaching 41.6 million—a 22.4% rise from 2023. In 2023, arrivals surpassed 36 million, marking significant growth from 30 million in 2022, including cruise visitors.
Greece/Telecom Market: The market shares of the three telecommunications providers – OTE, Vodafone and Nova – have remained unchanged, although consumer mobility (phone number portability) is increasing.
- According to the Market Overview Report for 2023 released by the Hellenic Telecommunications and Post Commission (EETT), OTE’s share in fixed telephony (based on retail revenues from the provision of telephony and internet services) stood at 62.1% compared to 62.2% in 2022, Vodafone’s between 15%-20% (unchanged) and Nova’s between 20%-25% compared to 5%-10% (Wind and Forthnet-Nova merger took place).
At the same time, portability requests increased by 18.1% (377,176) and the numbers transferred by 10.7% (346,130). Transfers were completed for approximately 92% of the initial portability requests. In mobile telephony, based on retail revenues, the market shares as presented by EETT have remained unchanged over the last 10 years with OTE between 45%-55%, Vodafone 25%-35% and Nova 15%-25%.
- Terna Energy: Masdar stake at 87.91% from 87.17% previously.
- Piraeus Bank: FY ‘24 results on February 24 after the bell.
- MOH: On January 9, the company sold 34K treasury shares for €21.16/share with a total consideration of €719.532K.
- Quest Holdings (financial calendar): FY ‘24 results on April 9 after market close.
Sarantis: The company through a filing on the ASE denied press reports regarding potential placement of the company’s treasury stock.
- Elton: New €5mn bond loan from Alpha Bank to finance Lekos Chemicals acquisition announced in October 2024.
ThPA: Last Friday, “LEONIDSPORT B.V.” submitted a voluntary tender offer to the minority shareholders of ThPA regarding the acquisition of up to 2,116,800 shares (21%) of the listed entity at €27/share implying a premium of 13% over Friday’s close (€23.9/share).
- “LEONIDSPORT B.V.” was incorporated in late December in Netherlans and major shareholder is Dreyfus Family. Tender offer to initiate following HCMC prospectus approval. ThPA cash position as of Q3:24 stood at €52.643mn.
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