¢ Market Comment
Profit taking and the resignation of a minister and four deputy swung the mood in the domestic stock market from positive to negative by Friday’s closing, taking the benchmark off Thursday’s 15-year highs. However, the week has been clearly beneficial for the majority of stocks, which are about to record considerable gains when the month ends on Monday.
General index closed at 1,877.03 points, shedding 0.31% from Thursday’s 1,882.83 points. On a weekly basis it advanced 4.16%. The large-cap FTSE-25 index contracted 0.32%, ending at 4,704.03 points and the banks index conceded 0.52% as Piraeus dropped 1.80% and Bank of Cyprus gave up 1.25%. Sarantis lost 1.79%, while GEK Terna improved 1.62% and Public Power Corporation collected 1.24%. In total 53 stocks registered gains, 45 suffered losses and 45 remained unchanged. Turnover amounted to 164.4 million euros, down from Thursday’s €229.1m.
Optimism over pending trade agreements and growing expectations of Federal Reserve interest rate cuts support positive sentiment in foreign markets. AthEx ends first half with a strong 27.7% mostly fueled by banks and energy sector. July events will be critical for the remainder of the year starting from US/EU trade deal and moving on to banking sector performance in H1:25 which is expected at the end of the month.
¢ In the Spotlight
Greece/Construction Sector: Total Building Activity (Private and Public), as measured by the number of building permits issued across the country, reached 2,206 permits, covering 404,236 square meters of surface area and a total volume of 1,861,803 cubic meters. This represents a sharp year-on-year decline compared to March 2024: 41.3% decrease in the number of permits; 53.7% decrease in surface area; 43.3% decrease in construction volume. On an annual basis, in the period January-March, total construction activity shows a 29.1% decrease in the number of building permits, a 43.2% decrease in surface area and a 33% decrease in volume..
Greece/PDMA: On July 2, 2025 the Hellenic Republic will auction 13 Weeks T-Bills, in book entry form, with maturity October 3, 2025. The amount to be auctioned is 500 million euro. Settlement date is July 4, 2025 (T+2). During the auction non – competitive bids can be submitted up to 20% of the auction amount. No additional non-competitive bids will be accepted on July 3, 2025.
Alpha Bank: As of today, the 2,315,124,036 (CR) shares of the company are admitted to trading on the Main Market of ATHEX, under the “Banks” sector. The start price of trading is set at €2,99 and the daily share price fluctuation limits are set at +30% . The aforementioned shares have resulted from the share capital increase due to the merger by acquisition of the company “ALPHA SERVICES & HOLDINGS S.A.” by the company “ALPHA BANK S.A.”, according to the following share exchange ratio: each shareholder of “ALPHA SERVICES & HOLDINGS S.A.” exchanges each 1 (CR) share held with 1 new (CR) share of “ALPHA BANK S.A.”.
Aegean Air: New €250mn 7 year fixed coupon bond IPO to run between starting as of today to July 2. Coupon range set between 3.70% to 4.05%. The carrier bought another 168 of its outstanding bonds at par value for a consideration of €169.848K and now controls 0.461% of the issue (920bonds).
Titan: The company trades today ex FY:24 gross dividend €3/share.
Eurobank: The bank considers parallel listing of its shares to Cyprus Stock Exchange following the completion of Hellenic Bank acquisition and absorption.
Lamda Development: New share buyback program cleared by AGM of up to 10% of share capital (including existing treasury stock) at a price range €0.30-€14/share for the next 24 months. No dividend for 2024.
Onyx: BoD Chairman and CEO Mr. Zisiadis sold on June 25 30k shares at €1.45/share for a total consideration of €43.5K.
Lazarides: Major shareholders Lazarides family commanding an 89.07% (stake in the company (16,044,013 shares) to launch a tender offer regarding the remaining stake of 10.953% (1,973,459 shares) at €2.18/share. Should the family exceed the 90% threshold it will exercise squeeze out right to delist the company from the ASE. Tender offer prospectus yet to be approved by HCMC.
Avax (Q1:25 results): Backlog at €3bn, Construction EBITDA margin at 13% vs 12% in FY:24. Net Debt at €254.4mn compared to €237.5mn in FY:24 due to working capital and payment of participation in the Thessaloniki flyover PPP. The Construction segment improved profit margins (15.6% gross, 13% EBITDA), while the group’s net profit from continuing operations amounted to €11.9m. Net debt/EBITDA ratio was 2.38x.
Frigoglass: Alpha Bank’s stake reduced to 4.37% from 5.94% previously following the issue of the new shares due to the merger through contribution in kind with World On-Premise España, S.L. and Serlusa Refrigerantes.
OTE: AGM cleared FY:24 gross dividend €0.722/share.
Tzirakian: AGM on July 18.
Bitros: AGM approved no dividend distribution for 2024.
Ellastron: The company launched a share buyback program of up to 10% of its share capital (1.814mn shares) at a price range €1-€4.5/share.
¢ Buybacks
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