Market Comment
Upbeat momentum was strong for one more session taking the benchmark to a new 13.5-year high at the end of the fifth consecutive week of growth for AthEx. Optimism over the oversubscription of the Alter Ego Media and the general trend for growth in European stock prices assisted the local bourse secure more gains that were spread across most large caps.
General index closed at 1,544.13 points, adding 0.95% to Thursday’s 1,529.57 points. On a weekly basis it improved 1.28%. The large-cap FTSE-25 index expanded 1.18%, ending at 3,762.45 points, and the banks index fetched 1.85%, as Piraeus grabbed 2.60%, National obtained 2.04%, Alpha collected 1.63% and Eurobank earned 1.46%. Metlen fetched 2.31% and Aegean rose 2.30%. In total 67 stocks registered gains, 34 suffered losses and 23 remained unchanged. Turnover amounted to €123.7m, down from Thursday’s €326.6m.
Foreign markets are set to start lower taking a weak lead in from Wall Street indices. Profit taking may also increase offering pressure yet positive indications from upcoming results may limit downside.
¢ In the Spotlight
Greece/Economy: The Foundation for Economic and Industrial Research (IOBE) estimated in its quarterly report an annual growth of +2.4% in 2025, at the same levels as last year. A more moderate strengthening of employment is expected this year, due to the upward trend in consumption, investments and individual sectors of industry and services.
- The unemployment rate for 2024, according to IOBE estimates, is expected to be close to 10.1% and around 9.3% in 2025. The rate of change of the CPI stood at 2.7% in 2024 (3.0% for the HICP), from a rise of 3.5% (4.2% for the HICP) a year earlier.
The strengthening of prices is mainly due to the positive effect of domestic demand, as well as the persistent inflationary pressure on basic necessities, such as food. IOBE estimated that prices will remain on a milder upward trajectory in 2025, close to 2.4%, mainly due to consumer demand. However, recent developments in the global environment, both political and geopolitical, are causing strong uncertainty.
Greece/Economy: Greece’s disposable income of households and non-profit institutions increased by 3 billion euros in the third quarter compared to the corresponding quarter of the previous year, according to data published by the Hellenic Statistical Authority (ELSTAT).
- This corresponds to an increase of 7.3% as the disposable income of households and non-profit institutions rose to 43.46 billion euros from 40.50 billion euros. At the same time, final consumer spending increased by 5.9%, from 40.7 billion euros to 43.1 billion euros, while the saving ratio, defined as gross saving to gross disposable income, was 0.8% in the third quarter of 2024, compared to -0.5% in the third quarter of 2023.
Private investment (gross fixed capital formation) of the non-financial corporations sector amounted to 4.4 billion euros. The sector’s investment ratio, defined as gross fixed capital formation to gross value added, was 20.2% compared to 20.6% in the third quarter of 2023.
- In the third quarter of 2024, a surplus of 3.61 billion euros was recorded in the external balance of goods and service, compared to a surplus of 4.30 billion euros recorded in the third quarter of 2023.
In addition, a deficit was recorded in the external balance of primary incomes, current and capital transfers of 1.50 billion euros, compared to a deficit of 1.31 billion euros recorded in the corresponding quarter of 2023.
- The General Government sector presented net lending of 3.3 billion euros, compared to 1.4 billion euros in the third quarter of 2023. As a result of the above, the total economy presented net lending of 2.11 billion euros, while in the third quarter of 2023 net lending amounted to 2.99 billion euros.
Greece/GDP: The Bank of Greece (BoG) projects the country’s economy will expand at a higher rate this year over the next 3-year period in a report. The BoG believes the GDP acceleration in 20205 will be buttressed by more rating upgrades from international credit agencies.
- In more detail, the central bank sees the economy growing by 2.5% in the current year, marking a 0.2-point rise compared to 2.3% in 2024. Projections for subsequent years indicate a slowdown, with growth rates forecasted at 2.3% in 2026 and 2% in 2027.
Alter Ego: As of today, the 56,996,000 (CR) shares of the company are admitted to trading on the Main Market of ATHEX, under the “Media” sector. The OASIS Code is “AEM”, the ISIN Code is GRS541003000 and the start price of trading is set at €4.00. There is no floor /ceiling trading limit for the first three days of trading. 65% IPO allocation to retail and 35% to special and institutional investors. IPO proceeds €56.996mn.
Aktor Holdings: Reportedly, €200mn rights issue was oversubscribed.
Terna Energy: Masdar stake at 88.42% from 87.91%. Prospectus for Masdar tender offer published and approved by HCMC. Tender offer at €20/share to run between January 27 to February 24. Masdar will squeeze out remaining shareholders should it exceed the 90% stake.
Attica Bank (financial calendar): FY:24 results out on March 10 after market close. Q1:25 results on June 5. H1:25 results on September 11. 9M:25 results on November 13.
Petropoulos: On January 21 1,830,338 shares (of Mr. K. Petropoulos ownership, 25.88% stake) were transferred from Cypriot company Anabak Trading and Investment LTD to Ecoblu IKE for €14.936mn (€8.16/share). Ecobly IKE is related and managed by company’s CEO Mr. Oikonomakis.
Trastor: New collateralized €92.5mn bond loan issued and fully covered by Piraeus Bank to finance the company’s business plans.
Gek Terna: Through a 35% stake in a JV named Sarisa, Gek took over the exploitation and operation of Kavala port for 40 years.
ThPA: Beltera acquired on January 23 1K shares at €27.6/share. Its stake stands at 72.7% (7,328,643 shares).
Onyx: On January 23, BoD Chariman and CEO Mr. Zisiadis sold 220K shares at €0.9/share for a total consideration of €196.614K.
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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