RANDOM (100% θυγατρική του Οµίλου DIMAND) : Οµολογιακό έως €13,7 εκατ. µε Attica Bank για την ανακατασκευή κτιρίου γραφείων. Η RANDOM έχει έρθει σε συµφωνία για την εκµίσθωση του ακινήτου στα ΕΛΤΑ, η δε έναρξη λειτουργίας του προγραµµατίζεται εντός του πρώτου τριµήνου του 2025.
Η επιβατική κίνηση του αεροδροµίου της Αθήνας κατά τη διάρκεια του Αυγούστου 2024 ανήλθε σε 3,64 εκατ., αυξηµένη κατά 10,5% σε σύγκριση µε τα επίπεδα του Αυγούστου 2023. Συνολικά, κατά τους πρώτους οκτώ µήνες του έτους, η κίνηση του αεροδροµίου έφθασε τα 21,26 εκατ. επιβάτες, σηµειώνοντας άνοδο της τάξης του 13,9%.
ΕΛΣΤΑΤ: Στο 9,8% η το 2ο τρίµηνο του 2024. Ο αριθµός των ανέργων ανήλθε σε 467.619 άτοµα, παρουσιάζοντας µείωση κατά 18,6% σε σχέση µε το προηγούµενο τρίµηνο και µείωση κατά 12,3%, σε σχέση µε το αντίστοιχο τρίµηνο του προηγούµενου έτους.
ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.75% at 1,446.56 units (FTSE Large Cap: +0.88%, FTSE Mid Cap: +0.43% Banks Index: +0.37%) and the traded value was shaped at EUR 105.8m, up from Wednesday’s EUR 98.5m. We expect the international markets to set the tone in ATHEX today, ahead of 2Q24 GDP announcement and the DBRS rating review.
Macro Headlines
DBRS releases the sovereign debt review for Greece today
DBRS is set to release its sovereign debt review for Greece today after the market close. As a reminder, DBRS assigns a BBB (low) Issuer Rating on Greece, with stable trends.
Sector Headlines
National Bank of Greece and Alpha Bank reduced banking fees
National Bank of Greece and Alpha Bank announced that they reduced their fees on selective transactions, following Eurobank and Piraeus.
Involved parties to meet on Tuesday for the Greek-Cyprus interconnection (press)
According press, representatives from Greece, Cyprus, Nexans and the EU will meet this Tuesday to discuss the developments regarding the Greece-Cyprus interconnection.
Company Headlines
HFSF to convene on 17 September-Press
HFSF will convene on 17 September to decide the exact size of the stake and the timing of the sale of its stake in National Bank of Greece.
Athens Airport releases strong passenger traffic for August
Athens International Airport (AIA) released its passenger traffic data for August 2024, according to which total passenger traffic up by 10.5% y-o-y, driven by international traffic (up by 12.1% YoY), while domestic traffic was also up +6.8% y-o-y. For the 8M24 total passenger traffic was up by +13.9% y-o-y, reaching 21.3m passengers with international passengers up by 16.6% (14.9m passengers) y-o-y and domestic passengers up by 7.8% y-o-y.
ADMIE trades ex-dividend on 9 September
The stock is trading ex-dividend on Monday 9 September (DPS: EUR 0.0582438 per share, DY: 2.6%) and payment will commence on 16 September.
Greek equities ended yesterday’s trading session with 0.7% gains, on a EUR 105.5m turnover, while the banking sector finished flattish +0.3%. Eurobank marked a 1.3% increase, followed by Piraeus +0.4% and NBG down -0.6%. Among market’s top gainers, Jumbo stood out rising 5.6%, following solid August sales, Aegean recorded a 2% advance, while Metlen, PPC and Motor Oil were all up c1.5%. OPAP underperformed slipping -0.5%, whereas Lamda and Fourlis finished flat. DBRS credit rating review announcement is expected today.
MACRO – CORPORATE NEWS
MACRO I
According to ELSTAT, the unemployment rate stood at 9.8% in 2Q24, comparted to 11.2% in 2Q23 and 12.1% in 1Q24.
MACRO II
GDP for 2Q24 is due to be announced today. We remind that in 1Q24 GDP growth stood at 2.1%, with EU forecasts calling for 2.2% growth for the full year and Bloomberg consensus standing at 1.9%.
BANKS
NBG and Alpha announced the reduction from Sept 20 on various fee categories in the retail segment (in intrant payments, FX transactions, fees on prepaid cards etc).
ENERGY SECTOR
Reportedly, the commercial unit of the FSRU in Alexandroupoli is due to commence on October 1st, strengthening the security of the sustainability of Greece’s energy network.
ATHENS INTERNATIONAL AIRPORT <AIA GA, EW>
The company released its monthly passenger traffic update for August, showing that both domestic and international traffic increased 10.5% yoy at 3.6m passengers, with international traffic up 12% yoy vs domestic at 6.8% . In the period of January-August, total traffic has recorded a 13.9% yoy gain at 21.2m passengers, led by a 16.6% and 7.8% increase in international and domestic activity, respectively.
EUROBANK <EUROB GA, OW>
Eurobank announced the issuance of 12.3m new shares (c.0.35% of outstanding) resulting from the 5-year stock option plan to 221 employees.
Market Comment // After two consecutive losing sessions, the Greek market rebounded on Thursday, with the ASE index rising by 0.75% to close at 1,446.6 points. Trading activity increased, with turnover reaching €106mn, c4% higher than the 50-day moving average of €102mn. Profile and Jumbo led the gainers, both climbing 5.7%, followed by Motodynamics (+2.3%), Aegean Airlines (+2.0%), Quest Holdings (+1.7%), Metlen (+1.5%), PPC (+1.5%), Eurobank (+1.3%), and Motor Oil (+1.3%). Conversely, BriQ fell 1.0%, with Ellaktor (-0.7%), NBG (-0.7%), OPAP (-0.6%), Noval (-0.6%), Dimand (-0.5%) and Kri-Kri (-0.4%) also posting losses. Today, EU futures indicate a negative opening as investor sentiment remains fragile ahead of the US jobs data, which will influence the future trajectory of rate cuts.
Economy // DBRS set to provide its rating review on Greece this evening. The agency rates Greece at BBB (low), while attaching a stable outlook. Moody’s will follow with its own update on 13th September.
Titan Cement // According to Bloomberg, the Group has appointed banks and advisors for its planned US IPO, scheduled for early 2025. The same source reports that Titan Cement is targeting a valuation exceeding $2bn through the listing of a minority stake in Titan America on the New York Stock Exchange, aiming to raise over $500mn.
National Bank // According to Kathimerini, the Greek government has granted approval for the HFSF to sell between 10% and 13% of its 18.39% stake in NBG. The exact percentage to be sold will be determined by September 17.
AIA // 8-month traffic stats for the Athens International Airport (AIA) showed continuing 2-digit growth, with overall traffic +14% in the period and August running +10.5% yoy (vs +9% in July). International passengers were up 16.6% in the 8-mths (+12% in August), while domestic pax increased +7.8% yoy (+6.8% in August). Load factors in international flights seem to have declined slightly for a third month, testament of the competitive environment.
Quest // In a confident conference call yesterday mgt reiterated the FY24 guidance for mild growth in both the top and bottom line and echoed a positive message on its healthy financial position, key for its investment plans. Quest mgt sees positive growth in Q3 trading, with commercial activities running better than Q1 (not as strong as Q2 though), demand for IT services continuing unfettered and e-commerce growing slowly, with ACS gaining market share.
ADMIE Holding // A high-level meeting is scheduled for Tuesday, 10th September, aiming to finalize a solution for the Greece-Cyprus interconnection. Initially, Cyprus was expected to convene today to approve Monday’s agreement, but recent developments suggest the situation has shifted.
ADMIE Holding // Share will trade ex-div on Monday, gross DPS €0.058 (2.6% yield). Payment commences on 16th September.
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