Σχόλιο αγοράς
Το Χρηματιστήριο Αξιών Αθηνών κατευθύνθηκε χθες νότια σε χαμηλούς όγκους, υποαποδίδοντας των ευρωπαϊκών χρηματιστηρίων. Αναλυτικότερα, ο Γενικός Δείκτης υποχώρησε κατά 0,37% στις 1.275,34 μονάδες (FTSE Large Cap: –0,67%, FTSE Mid Cap: +0,98%, Δείκτης Τραπεζών: –1,10%) και η αξία συναλλαγών διαμορφώθηκε στα 82,5 εκατ. ευρώ, έναντι 68,4 εκατ. ευρώ την Παρασκευή. Αναμένουμε ότι η αγορά θα προσπαθήσει να κινηθεί υψηλότερα, παρακολουθώντας τις διεθνείς αγορές σήμερα
Today’s Headlines
· Interest rate spread on new loans flat m-o-m in October
· Energy Sector || Greek retail electricity market (EnexGroup) – November 2023
· Athens Airport releases strong passenger traffic for November
· Pay TV providers to submit today their bids for Champions League rights – Press
· HRADF and Latsis to proceed with the placement of HELLENiQ ENERGY stake this Thursday (press)
· HELLENiQ ENERGY’s ELPEDISON to perform a market test for a new FSRU (press)
· Coca Cola HBC Share Buyback program
· Ideal Holdings credit rating at AA
Sector Headlines
Banking System Interest Rates | October 2023
|
New Production |
Aug’23 |
Sep’23 |
Oct’23 |
MoM |
|
Mortgage loans (fixed up to 1 yr) |
4.03% |
4.42% |
5.10% |
0.68% |
|
Consumer loans |
14.77% |
14.79% |
14.90% |
0.11% |
|
Business (fixed maturity floating) |
6.35% |
6.04% |
5.93% |
-0.11% |
|
(a) Average loans |
6.35% |
6.15% |
6.17% |
0.02% |
|
HH deposits (Overnight ) |
0.03% |
0.03% |
0.03% |
0.00% |
|
HH term deposits (up to 1 year) |
1.56% |
1.73% |
1.77% |
0.04% |
|
Corporate term deposits (up to 1 year) |
2.70% |
2.85% |
3.06% |
0.21% |
|
(b) Average deposits |
0.39% |
0.43% |
0.46% |
0.03% |
|
Interest Rate Spread [(a) – (b)] |
5.96% |
5.72% |
5.71% |
-0.01% |
|
Outstanding amounts (Back Book) |
|
|
|
|
|
(a) Loans |
6.28% |
6.35% |
6.39% |
0.04% |
|
(b) Deposits |
0.43% |
0.46% |
0.46% |
0.00% |
|
Interest Rate Spread [(a) – (b)] |
5.85% |
5.89% |
5.93% |
0.04% |
source: Bank of Greece
Facts: Bank of Greece announced that the average interest rate on new production of loans widened by 2bps m-o-m to 6.17% in October 2023 and the average interest rate on new production of deposits widened by 3bps m-o-m to 0.46%. Thus, the interest rate spread for new production squeezed by just 1bps m-o-m to 5.71%. On outstanding amounts, the interest rate spread widened by 4bps m-o-m to 5.93%.
Comment: The slight increase in the average interest rate on new loan production by 2bps m-o-m is attributed to new mortgages (+68bps m-o-m), whilst the interest rate on new business loans squeezed further by 11bps m-o-m. Finally, the increase in the average interest rate on new deposits by 3bps m-o-m is attributed primarily to corporate time deposits (+21bps m-o-m).
Energy Sector || Greek retail electricity market (EnexGroup) – November 2023
Greek retail electricity market: IPPs market share dropped to 47.85% in November 2023 (according to data from Greek Energy Exchange – EnEx). Other key statistics: a) monthly average clearing Price at EUR 105.40/MWh, down by EUR 5.8/MWh m-o-m and sharply lower by EUR 122.4/MWh y-o-y, b) total Electricity demand at 3,911/GWh, down by 4.8% y-o-y. In more detail, GEK-Terna’s Heron ranks first with 12.94%, Mytilineos’ Protergia follows with 7.91% (15.1% combined with the recently acquired Watt & Volt and Volterra), ELPE’s Elpedison with 6.49% and MOH’s NRG with 5.60%. As a result, PPC’s retail market share in November 2023 rose slightly by 0.3% m-o-m to 52.15%. Regarding the Generation mix traded in the Day-Ahead Market, RES ranks first with 40% of total (vs. 33% in October), Natural Gas follows with 25% (vs. 31% in the previous month), Hydro Plants 6% (10%), Lignite and Oil-Powered Plants contributed 10% (9%) and 2% (3%) respectively and finally, Imports 17% (14%).
Athens Airport releases strong passenger traffic for November
Athens International Airport (AIA) released its passenger traffic data for November 2023, according to which total passenger traffic up by 13.9% compared to the corresponding month in 2019 (+18.8% y-o-y), with international traffic up by 11.7% vs. 2019 (+21.1% YoY) and domestic traffic also up 18.9 vs. 2019 (+14.2% y-o-y). For 11M23, total passenger traffic was up by 24.5% y-o-y to 26.3m passengers, standing also 9.9% above 2019 levels, while international traffic was up by 8.7% vs. 2019 and by 26.9% y-o-y to 18.1m passengers.
Pay TV providers to submit today their bids for Champions League rights – Press
Reportedly (mononews), OTE and Nova will submit today their bids for the Champions League rights over 2024-2027.
Company Headlines
HRADF and Latsis to proceed with the placement of HELLENiQ ENERGY stake this Thursday (press)
According to Kathimerini, the books for the up to 12% placement of HELLENiQ ENERGY shares controlled by the HRADF and Latsis’ Paneuropean Oil & industrial Holdings (which hold 35.5% and 47.1% stakes in the company respectively), will open this Thursday.
HELLENiQ ENERGY’s ELPEDISON to perform a market test for a new FSRU (press)
According to Euro2day.gr, ELPEDISON (a 50%/50% JV between EDISON and HELLENiQ ENERGY), will proceed with a non-binding market test for a new FSRU in Thessaloniki, regardless if it will also proceed with the construction of a CCGT plant in the city or not.
Coca Cola HBC Share Buyback program
The company announced that it purchased on 01 December, 82,722 ordinary shares on the London Stock Exchange, BATS Chi-X Europe and Aquis Stock Exchange Limited at an average price of £22.1413/share and now holds 621,919 own shares.
Ideal Holdings credit rating at AA
The company announced that the Credit Rating Agency ICAP CRIF S.A. has carried out an assessment of its creditworthiness and has assigned an AA credit rating, placing the company in a low credit risk category.
Calendar of Events
Macros
06/12/23 | 3Q:23 GDP (provisional data)
08/12/23 | CPI NOV & Industrial Production Index OCT
Results (3Q/9Μ 2023)
07/12/23 | ADMIE Holding
EGM / AGM
13/12/23 | Intracom (EGM)
14/12/23 | PPC (EGM), Aegean Airlines (EGM), Frigoglass (EGM)
20/12/23 | Sarantis (EGM), ADMIE Holding (EGM)
Ex-Dividend
18/12/23 | Motor Oil (interim EUR 0.40)
10/01/24 | HELLENiQ ENERGY (interim EUR 0.30)
Initial Public Offering (IPO) Period
04/12/23-06/12/23 | Orilina Properties REIC
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Research Department Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr |
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