¢ Market Comment
AthEx and foreign markets last week, lifted by cooler-than-expected consumer and producer inflation data, which reinforced expectations for at least two Federal Reserve rate cuts this year. Risk sentiments were also supported by the temporary easing in US-China trade tensions, as markets priced in the possibility that the worst may be over and recession risks are receding—though a more definitive trade agreement may still be needed to sustain confidence over the coming months.
General index closed at 1,804.06 points, adding 1.02% to Thursday’s 1,785.84 points. On a weekly basis it advanced 3.06%, for a fifth consecutive week of growth. The large-cap FTSE-25 index expanded 1.23%, ending at 4,482.56 points, and the banks index improved 1.08%, as Optima earned 3.06%, Piraeus grew 1.99%, Alpha fetched 1.60%, National climbed 0.44% and Eurobank augmented 0.39%. Coca-Cola HBC rose 2.30% to another all-time high. In total 83 stocks posted gains, 43 ended with losses and 35 remained unchanged. Turnover amounted to €171.5m, up from Thursday’s €163.9m.
The week starts on mixed signals as Moody’s downgrade on US credit rating may put investors in a cautious mode. Still, positive vibes from upcoming earnings announcements this week may moderate offering pressure and offset decline in domestic market.
¢ In the Spotlight
Greece/Economy: Fitch Ratings revised the Outlook on Greece’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable and affirmed the rating at ‘BBB-‘.The driver behind the decision, according to the international credit ratings agency, were a budget surplus of 1.3% of GDP in 2024 and a primary budget surplus of 4.8%. The result exceeded Fitch’s expectation and marked a notable improvement from a 1.4% deficit in 2023. According to Fitch, the over-performance reflected structural fiscal improvements, especially better tax collection from previous measures and a tight control of expenditures. The agency also forecast budget surpluses in 2025 and 2026, albeit below 1%. In April 2025, the government announced a fiscal easing of roughly one billion euros (0.5% of GDP) to boost investment and support pensioners and home renters.
OPAP: Hellenic Gaming Commission announced the key figures for the Greek Gaming market for March 2025. In detail:
§ During the Q1:25 period, GGRs in the Greek Gaming market stood at €71.6m, up 9% y-oy (-3%, y-o-y in March 2025)
§ GGRs for OPAP’s agencies and PLAY Stores (VLTs) stood at €373.3m, up 4%, y-o-y (-3%, y-o-y in March 2025)
§ GGRs for Hellenic Lotteries stood at €28.98mn, up 7%, y-o-y (u-16%, y-o-y in March 2025)
§ During the Q1:25 period, Horseracing reported GGR of €1.5m, down -23%, y-o-y (down 8% y-o-y in March 2025)
§ Online Gaming market continued to advance reporting GGR of €271.1m, up 15.7%, y-o-y (-3%, y-o-y in March 2025)
§ Finally, Casinos reported GGR of €68.8m, up 12%, y-o-y (up 6%, y-o-y in March 2025)
Aegean Air: Ex-dividend 0.80 eur/share tomorrow, payment starts on May 26.
MOH: Q1:25 results on May 26 after market close.
Alpha Trust Andromeda: Shares trade ex FY:24 net dividend €0.3296/share as of today (adjusted for treasury shares).
Bank of Cyprus: 317,817 new shares allocated for free to 20 beneficiaries in the context of the bank’s share reward scheme with a lock up period of 12 months. AGM cleared FY:24 gross dividend distribution €0.48/share.
Performance Technologies: AGM approved FY:24 gross dividend €0.12/share.
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