Greek Market Watch: Industrial production, Banks (Spiti mou II program), NBG/ Ethniki Insurance, Metlen, HELLENiQ ENERGY, Fourlis

Market Comment

ATHEX headed south yesterday, underperforming the European stock markets. In more detail, the General Index dropped by 0.38% at 1,551.90 units (FTSE Large Cap: -0.50%, FTSE Mid Cap: +0.72%, Banks Index: -1.17%) and the traded value was shaped at EUR 115.1m, down from Friday’s EUR 130.7m. We expect ATHEX to move higher today, ahead of the MSCI Greece announcement after the market close.  

Today’s Headlines

·         Industrial production up in December (ELSTAT)

·         Spiti mou II housing program applications exceed 100k-Press

·         National Bank of Greece to sell its 9.99% stake in Ethniki Insurance-Press

·         Fairfax extends its participation in Metlen’s share capital by 1.75% (expected)

·         Placement of HELLENiQ ENERGY shares this April or May (press)

·         Fourlis commencement of trading of new shares derived from the stock option plan 

Macro Headlines 

Industrial production up in December (ELSTAT)

According to ELSTAT, the Industrial Production Index (IPI) increased by 5.8% y-o-y in December 2024, due to the increase by 16.4% YoY in Electricity supply index and by 5.7% in Water supply index. In January-December 2024, Greek industrial production rose by 5.2% y-o-y. 

Sector Headlines 

Spiti mou II housing program applications exceed 100k-Press

Reportedly (powergame), 120k applications have been submitted for the Spiti mou II housing program. The news is positive as it will accelerate housing loans disbursements in 2025. Recall that housing loans amounted to EUR 26.5bn (-2.6% y-o-y) in 2024. 

Company Headlines 

National Bank of Greece to sell its 9.99% stake in Ethniki Insurance-Press

Press reports (newmoney) indicate that according to the SPA between National Bank of Greece and CVC Capital Partners, in the case of disposal by CVC, National Bank of Greece should sell its 9.99% stake at the same price.

Fairfax extends its participation in Metlen’s share capital by 1.75% (expected)

Fairfax, in the context of the SPA agreement with Metlen from 13th December 2022, acquired on 7/02/2025 2.5m of MYTILINEOS’ treasury shares at a price of EUR 20/share (1.75% of its total voting rights), hence effectively extending its participation in the company’s share capital to 6.43% from 4.68% previously.

Comment: The news was expected; additionally, Metlen will record a gain from the transaction, as the shares disposed were acquired at a lower average purchase price.  

Placement of HELLENiQ ENERGY shares this April or May (press)

According to press reports, the major shareholders of HELLENiQ ENERGY will proceed with the combined placement of up to 20% of their stakes in the company this April or May (currently Latsis’ Paneuropean and the HRADF in HELLENiQ ENERGY control 40.4% and 31.2% respectively), aiming to lower their combined participation close to 51%. 

Fourlis commencement of trading of new shares derived from the stock option plan

The company announced that 64 executives exercised 843,300 rights at a price of EUR 1.00/share and as a result the share capital of the company increased by EUR 843,300. Following the above increase the new share capital now amounts to EUR 53,360,277 with a nominal value of EUR 1.00/share.   

Calendar of Events

Macros

14/02/25 | CPI & Harmonized CPI JAN (ELSTAT) & Import Price Index in Industry DEC (ELSTAT)

19/02/25 | Evolution of Turnover of Enterprises DEC (ELSTAT)

Market

11/02/25 | MSCI Index Review announcement (Effective date: March 03, 2025)

4Q/FY24 Results Release

13/02/25 | Coca-Cola HBC (7:00 am GMT)

18/02/25 | Bank of Cyprus (Bef-mkt)

20/02/25 | METLEN (Bef-mkt)

24/02/25 | Piraeus Financial Holdings (Bef-mkt), Athens International Airport (Bef-mkt)

26/02/25 | OTE (Bef-mkt)

27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings, IDEAL Holdings (Bef-mkt)

28/02/25 | Alpha Services & Holdings (08:00 GR time)

04/03/25 | ElvalHalcor (Aft-mkt)

10/03/25 | Attica Bank (Aft-mkt)

12/03/25 | Sarantis (Aft-mkt)

19/03/25 | OPAP (Aft-mkt)

26/03/25 | PPC (Aft-mkt), LAMDA Development (Aft-mkt)

27/03/25 | Titan Cement International

31/03/25 | Hellenic Exchanges (Aft-mkt)

28/04/25 | Alumil

30/04/25 | Motodynamics

EGM / AGM

26/02/25 | Attica Bank (EGM)

Ex-Capital Return

07/03/25 | IDEAL Holdings (EUR 0.10/share)

24/03/25 | ELLAKTOR (EUR 0.85/share)