Market Comment
ATHEX headed north on Friday for a 2nd session in a row, outperforming the European stock markets. In more detail, the General Index advanced by 0.86% at 1,557.83 units (FTSE Large Cap: +0.98%, FTSE Mid Cap: +0.12%, Banks Index: +0.88%) and the traded value was shaped at EUR 130.7m, down from Thursday’s EUR 148.4m. On a weekly basis, the General Index rose by 0.55% w-o-w (FTSE Large Cap: +0.60%, FTSE Mid Cap: -0.52%, Banks index: -0.39%). Week Ahead: MSCI Index Review tomorrow, Coca Cola HBC 2024 results on Thursday. We expect the intensifying global trade war to weigh on ATHEX today, with Viohalco, ElvalHalcor and Cenergy Holdings in focus.
Today’s Headlines
· USA to impose 25% tariffs on all Aluminum and steel imports (press)
· Fairfax Financial Holdings holds 32.89% of Eurobank Holdings
· S&P Global upgraded credit rating of Bank of Cyprus
· Ideal Holdings to trade ex-capital return on 07 March 2025
Sector Headlines
USA to impose 25% tariffs on all Aluminum and steel imports (press)
According to Euro2day.gr, the US president pre-announced yesterday his intention to impose 25% tariffs on all aluminum and steel imports to the country, with no further details on the timing.
Comment: we see limited exposure for the Greek listed companies. In more detail, ElvalHalcor’s aluminum segment had a c5% of group sales exposure to the America continent as a whole, North and South (including the USA) in FY23 and Cenergy had a 2.5% exposure of Group sales to America (North and South) through its steel pipes segment in 1H24. Cenergy’s management has also said that it can redirect its US sales to other countries in the region in case of heavy tariffs on its products.
Company Headlines
Fairfax Financial Holdings holds 32.89% of Eurobank Holdings
Eurobank Holdings announced that following the sale of 80.0m common shares of Eurobank, Fairfax Financial Holdings Limited now holds 1,209,223,895 shares, representing 32.89% of Eurobank’s total share capital and voting rights.
S & P Global upgraded credit rating of Bank of Cyprus
S&P Global Ratings raised on Friday Bank of Cyprus long- and short-term issuer credit ratings to ‘BBB-/A-3’ from ‘BB+/B’, with stable outlook.
Ideal Holdings to trade ex-capital return on 07 March 2025
The company announced that the stock is scheduled to trade ex-capital return (EUR 0.10/share, Yield: 1.7%) on Friday 07 March 2025 and payment will commence on Friday 14 March.
Calendar of Events
Macros
10/02/25 | Industrial Production Index DEC (ELSTAT)
14/02/25 | CPI & Harmonized CPI JAN (ELSTAT) & Import Price Index in Industry 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)
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