Beta Securities: Daily report- Market Monitor- In the Spotlight
¢ Market Comment
With bourse session lasting just over an hour and a half due to technical issues yesterday’s session ended lower failing to follow foreign dentiment. The bulk of the day’s action concerned two Eurobank’s block trades.
General index closed at 901.15 points, shedding 0.43% from Friday’s 905.05 points. The large-cap FTSE 25 index contracted 0.67% to end at 2,177.63 points. The banks index also declined 0.67%, with Alpha parting with 1.41% and Eurobank giving up 0.59%. National and Piraeus stayed put. Gaming company OPAP shrank 3.03% and Public Power Corporation was down 2%, as Titan Cement advanced 1.06% and ADMIE Holdings earned 0.97%. n total 42 stocks enjoyed gains, 52 suffered losses and 67 remained unchanged. Turnover amounted to 57.4 million euros, down from last Friday’s €60.5 million.
Market on consolidation near 900 levels, investors will focus on Mytilineos 9M results.
¢ In the Spotlight
Greece/PDMA: Greece seeks to raise €625mn through the offering of 26-week Treasury-bills today, October 26, the debt office said. The auction will be conducted via primary dealers and the government may accept non-competitive bids of up to 30% of the initially offered amount during the auction and another 30% by Wednesday, Oct. 27. Settlement will take place Friday, Oct.29.
Greece/Budget Execution: Greece revised slightly its January-September budget execution figures from the preliminary data which were released on October 15. On a modified cash basis, state budget posted a primary deficit €6bn in the first nine months of the year compared to a target of €7bn in deficit, projected in the 2022-25 Mid-term Fiscal Strategy. The budget deficit stood at €10.1bn, below the updated target. The better-than-expected September tax revenues, which were largely related with a rebound in tourism activity, were cited. Preliminary data on a modified cash basis showed that 9-month state net revenues outperformed the target by 3.6%, amounting to €39.5bn. January-September ordinary revenues, which exclude receipts from social security organizations and local governments, exceeded the target by €1.15bn, amounting to €42.8bn. Tax revenues reached €33.7bn, €895mn above the budget target. In September alone, tax revenues stood at €5bn, exceeding the monthly target by €1.1bn. Public Investment Budget revenues fell short of the target by €297mn, to €3.5bn. State spending amounted to €49.6bn, €1.5bn below the target.
Greece/Economy: The Athens-based Foundation for Economic & Industrial Research (IOBE) released the most ambitious forecast for Greek economic growth so far, saying annual GDP this year will grow by 8 to 8.5 percent. Nevertheless, the research group is more guarded in its forecast for 2022, predicting economic growth at 4 percent. At the same time, the quarterly IOBE report includes a gloomier scenario, warning that if the public health crisis worsens or if obstacles for the economy’s normal financing arise, then growth will be limited to a lackluster post-pandemic figure of 2.5 percent. According to IOBE, continued high growth rates exceeding 3 percent per annum over a decade can be achieved only with an increase in productivity and the further attraction of productive factors, a development that necessitates substantive reforms in markets and the public sector – a catchphrase associated with the Greek economy for the past few decades. Recall that the Greek government has listed a forecast of 6.1 percent in GDP growth in 2022, in a recently tabled draft budget for the coming year.
Mytilineos (9M:21 trading update): Mytilineos will announce 9M trading update tomorrow before the opening of the session. We expect a satisfactory quarter in line with company’s FY:21 guidance. Specifically, we expect turnover of €1.72bn (+28% y-o-y) EBITDA of 239m (1.9%) and net earnings of €112m (+10% y-o-y).
In other news on October 22, the company bought 14K shares at €15.5614/share for a total consideration of €217.86K. Total treasury at 7,481,451 shares or 5.2358% of share capital
PIRAEUS BANK: Piraeus Bank has reportedly mandated five international banks to roadshow a €500mn senior preferred green bond.
HELLENIC EXCHANGES: CEO Mr Lazarides to step down. Will remain in place till succession plan is completed.
PAPOUTSANIS: The company trades ex FY:21 gross interim dividend €0.02/share (net €0.019/share) as of October 27. Record date October 29. Dividend payment November 3.
SPACE HELLAS: On October 25m, the company bought 1,243 shares at €9.86/share for a total consideration of €12.253K.
PPA: Extraordinary GM for new BOD members on November 16.
SARANTIS: CEO Mr K.Sarantis bought 41,009 shares (October 21 and October 22) at €8.7679/share.
B&F: On October 22, the company bought 11 bonds at €1,000/bond for a total consideration of €11K. The company controls 205 bonds or 1.02% of the issue.
ALPHA TRUST MFMC: Extraordinary GM greenlighted listing on ASE main market, stock option plan and share buyback.
FOURLIS: On October 22, the company bought 30,468 shares at €4.0094/share for a total consideration of €122.157K. Total treasury reached 826,503 shares or 1.5866% of share capital.
PROFILE: On October 21 and October 22, the company bought 1,300 shares for a total consideration of €7.322K (€5.63/share).