Reuters: Η Αθήνα αποπληρώνει πρόωρα δάνεια €7,9 δισ. στις 13/12.
ATHEX headed north yesterday, outperforming the European stock markets. In more detail, the General Index rose by 0.58% at 1,464.96 units (FTSE Large Cap: +0.67%, FTSE Mid Cap: +0.07%, Banks Index: +1.65%) and the traded value was shaped at EUR 141.9m, up from Friday’s EUR 120.6m. We expect some profit taking today after six sessions in the green.
Sector Headlines
Foreign investors had outflows in November
According to Athens Stock Exchange, foreign investors had outflows of EUR 467.8m in November against inflows of EUR 416.6m in October and accounted for 44.1% of total transactions’ value vs. 65.7% in October.
Greek Concessions sector-toll rate increases from 2025 (press)
According to Kathimerini, the government has approved toll rate increases of 5%-5.6% for the Greek Motorways, effective from January 2025.
Company Headlines
HELLENiQ ENERGY acquires full control of Elpedison
HELLENiQ ENERGY announced that it has agreed with Edison International for the acquisition of the remaining 50% of the share capital of Elpedison for EUR 164m plus an amount of up to EUR 31m subject to changes in certain balance sheet items and cash reserves. Therefore, following the completion of the transaction, which is expected in 1H25, the company will assume full control of Elpedison.
METLEN’s Bauxite exploration in Ghana is recognized as a flagship project by Global Gateway
METLEN’s investment in Ghana for bauxite exploration and exploitation received significant support from the EU’s Global Gateway as it is included in the list of flagship projects for 2025. This recognition highlights the strategic importance of the project, confirming METLEN’s role as a catalyst for promoting international partnerships, sustainable investments, and strengthening Europe’s strategic autonomy in critical raw materials.
Aegean Airlines increases its flight schedule
Aegean Airlines will add two new international destinations from Athens and seven new direct domestic flights from regional bases in early 2025. Aegean will connect Athens to Iraq and Azerbaijan with two direct flights per week. On the domestic network the company will expand its flight activity from Heraklion airport to Rhodes, Naxos, Corfu and Kos, while will also connect Chania and Santorini with direct flight to Rhodes.
Competition authority clears the acquisition of ENTELECHEIA by Aktor Group
The Competition authority approved the acquisition by Aktor Group of ENTELECHEIA, a Greek construction company specializing in the construction of network infrastructures. As a reminder, last October, Aktor announced the acquisition of a 50.1% equity share, for a total consideration of up to EUR 30.06m, which will be paid in three equal annual installments.
Alpha Services and Holdings Share Buyback
Alpha announced that during the period 2.12.2024 – 6.12.2024 it purchased 345,304 own shares, with an average purchase price of EUR 1.5490/share and total cost of EUR 534,870.21. Following the above purchases, the company holds a total 29.047.320 of own shares, representing 1.23% of its total shares. Recall that the AGM approved a share buyback programme of up to 3.0% of the paid in share capital or up to 70,000,000 own shares.
Cairo Mezz EGM today
The EGM of the company is taking place today at 10:00 CY/08:00 UK Time. Shareholders will authorize the BoD to execute loan agreements and other financial facilities of up to EUR 2.5m.
Alumil EGM approved the spin-off of the foundry division
During yesterday’s EGM the BoD of the company approved the spin-off of the Foundry division.
The market started the week with 0.5% gains, with banks once again leading the way, while turnover stood at EUR 141.8m. The banking index posted a 1.6% increase, led by NBG up 3.8% and Piraeus +1.1%, whereas Bank of Cyprus and Eurobank closed at +0.6%. Most large cap stocks finished on the green, with Helleniq Energy standing out, rising 3.4%, Lamda gaining c.2.4%, both rebounding from Friday’s losses, followed by Metlen and Motor Oil up 1.8% and 1.3% respectively. Cenergy recorded the biggest drop down 1.8%, OTE lost 0.7%, with Titan and PPA both finishing 0.6% lower.
MACRO – CORPORATE NEWS
MACRO I
Alex Patelis, Chief Economic Advisor to the PM, Kyriakos Mitsotakis, announced his resignation.
MACRO II
Reportedly, the State will proceed to the early debt repayment of EUR 7.9bn from the first bailout program on Friday.
HELLENIQ ENERGY <ELPE GA, OW>
HELLENiQ Energy announced the acquisition of the 50% stake in ELPEDISON for a consideration of EUR 164m, plus an amount of up to EUR 31m accounting for changes in balance sheet items and cash reserves, pending regulatory authority approval. The transaction is expected to be completed in 1H25, with HELLENiQ assuming full control of ELPEDISON as a wholly owned subsidiary.
Market Comment // The ASE Index extended last week’s gains on Monday, advancing by 0.58% to close at 1,464.96 points, after trading in positive territory for most of the session. Trading activity remained robust, with turnover reaching €142mn, slightly above the 100-day moving average of €139mn. Among blue chips, NBG and HelleniQ Energy outperformed, surging by 3.8% and 3.4%, respectively. Strong gains were also recorded by Lamda (+2.4%), Ellaktor (+2.2%), Noval and Viohalco (+2.2%), while additional notable gainers included Metlen (+1.8%), Aegean Airlines (+1.3%), Motor Oil (+1.3%), Motodynamics (+1.1%), Sarantis (+1.1%), and Piraeus Bank (+1.1%). On the downside, Cenergy and CCH led losses shedding 1.9% and 1.8%, respectively, followed by declines in EYDAP (-1.2%), Dimand (-1.1%), ADMIE Holding (-0.8%), and HTO (-0.7%). For today, EU futures indicate a negative opening as investors remain cautious ahead of tomorrow’s key U.S. inflation print, which is expected to shape the Fed’s strategy on interest rate cuts through 2025.
Economy // Alexis Patelis, a pivotal figure in shaping Greece’s economic strategy over recent years, has announced his decision to resign as head of the PM’s Economic Office. During his tenure, Mr. Patelis was instrumental in advancing critical reforms, including Greece’s return to investment-grade credit status and bolstering financial stability. He will reportedly be replaced by Mr. Michalis Argyrou, an academic professor with extensive research work regarding debt sustainability and international trade.
HelleniQ Energy // Announced that it has reached an agreement with Edison on the key commercial terms to acquire the remaining 50% stake in Elpedison, subject to the signing of the SPA. The consideration for the stake is set at €164mn, with the potential to increase to €195mn depending on balance sheet adjustments and cash reserves. The transaction is expected to close in H1’2025, after which HelleniQ Energy will fully own the 4th largest vertically integrated utility company in Greece.
Metlen // The Group’s bauxite exploration and exploitation project in Ghana has been included in the EU’s Global Gateway flagship projects for 2025.
Lamda // According to reports, Lamda will develop a total of c200 apartments in the Little Athens area through its JV with Xeris Ventures, namely Aura Residential. The development of the four towers, three of which will be build-to-rent apartments, is expected to cost c€170m, while the land and infra cost is forecast at c€45m, putting the total project amount to c€215m. The project is scheduled to be ready by the end of 2028.
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ΑΠΟΠΟΙΗΣΗ ΕΥΘΥΝΩΝ: Το περιεχόμενο και οι πληροφορίες της στήλης προσφέρονται αποκλειστικά και μόνο για ενημερωτικούς σκοπούς και σε καμία περίπτωση δεν μπορούν να εκληφθούν ως συμβουλή, πρόταση, προσφορά για αγορά ή πώληση των κινητών αξιών, ούτε ως προτροπή για την πραγματοποίηση οποιασδήποτε μορφής επένδυσης. Κατά συνέπεια δεν υφίσταται ουδεμία ευθύνη για τυχόν επενδυτικές και λοιπές αποφάσεις που θα ληφθούν με βάση τις πληροφορίες αυτές.
