Από τα γραφεία των Χρηματιστών (29.12.2023)

ATHEX headed south yesterday, in line with the European stock markets. In more detail, the General Index dropped by 0.58% at 1,285.65 units (FTSE Large Cap: -0.60%, FTSE Mid Cap: -0.31%, Banks Index: -1.81%) and the traded value was shaped at EUR 45.1m, down from Thursday’s EUR 65.4m.

Greece disbursed third tranche of RRF

The European Commission announced the third payment of EUR 3.64b under RRF to Greece (EUR 1.69bn in non-repayable financial support and EUR 1.95bn in loans).

Total building activity increased in September

According to ELSTAT, total building activity (private-public), as this is measured by the number of building permits issued, increased by 6.2% y-o-y in September 2023. In surface and volume terms, building activity increased by 24.9% and by 25.4% y-o-y respectively. In the October 2022- September 2023 period, Greek building activity grew by 9.6% y-o-y in terms of permits, while also increased by 11.4% y-o-y in terms of surface and by 14.7% y-o-y in terms of volume.

ECB Member sanguine on 2024 profitability of Greek banks – Press

The Member of the Supervisory Board of the ECB, Elizabeth McCaul, cited  that regarding dividend distribution, any decision should be taken only when there is a clear picture about 2023 performance as well as it should take into account the relevant three-year business plans as well as the available capital buffers. She also noted that she is sanguine on 2024 profitability on the back of the high interest rate environment and that Greek banks must carry on reducing their NPE stocks.

HELLENiQ ENERGY’s EGM decision

During yesterday’s EGM, HELLENiQ ENERGY amended the HRADF’s right to appoint three members in the Company’s BoD in case its total participation in the share capital of the Company ranges between 25% and 35% (currently holds 31.2%). According to press reports, during the EGM, the management expressed its confidence that it will declare an increased final DPS for 2023e, with the support of the strong company performance.

Holiday season for the ASE with the index falling 58bps on limited turnover of EUR 45.9m. A weak day for the banking sector (-1.8%) on no news flow.

According to data from SETE (Greek Tourism Association), airport arrivals in the 11 months of 2023 reached 23.5m, an increase of 11.6% yoy. The increase in Athens International Airport arrivals stood at 27.6% yoy.

Building permits in the 9M period to Sept increased by 9% yoy. In terms of sqm the growth rate reached 13.7% yoy.

HELLENiQ ENERGY <ELPE GA, OW>

AGM yesterday approved yesterday the amendment of the Articles of Association to allow the Hellenic Republic to appoint three members of the BoD (out of 13) if it holds a stake of between 25% to 35%. We remind that the current stake of the Hellenic Republic post the recent placement stands at 31.18% with Paneuropean (Latsis Group) at 40.41%. News is expected.

MYTILINEOS <MYTIL GA, OW>

The company announced that own shares with a value of EUR 9.4m were awarded as free distribution to 13 members of the top management (excluding the Chairman and CEO). Following this disposal, Mytilineos held in aggregate 4.56m own shares (3.2% of outstanding).

Market Comment // Moving in negative territory for the most part of Thursday’s session, the ASE Index shed 0.58%, settling at 1.286 points. Trading activity remained thin, at €45m (vs. the 100-day MA of €115m). NBG (-2.8%), Entersoft (-2.2%), Ellaktor (-2.2%) and Elvalhalcor (-2%) led laggards, with Autohellas, Hellenic Exchanges, Eurobank, Viohalco, Alpha Bank, Sarantis and Piraeus Bank also posting losses (>1%). On the positive side, Dimand topped the leaderboard posting gains of 2.4%, followed by Jumbo (1.9%) while Quest, GEK Terna, Thrace Plastics, Terna Energy, Fourlis, PPC and Lamda Development also finished with mild gains. EU futures point to a mixed opening ahead of likely quiet trade on the year’s last trading day. On behalf of the Eurobank Equities team, we wish you a year full of prosperity and happiness.

Economy // The European Commission disbursed the 3rd RRF tranche yesterday worth €3.64bn. Of the above amount, c€1.95bn relates to loans while the rest concerns grants. The 3rd RRF tranche increases the total funds released since the start of the RRF scheme to €14.7bn, namely c41% of the available funding.

PPC // The Group’s subsidiary in North Macedonia “EDS” will participate in the public tender to become the Universal Electricity Supplier for LV consumers in the country.

HelleniQ Energy // EGM approved yesterday Hellenic Republic’s representation in the BoD with 3 members (instead of 4 previously), even if its share falls below 30% and down to 25%. However, the Hellenic Republic will maintain the right to appoint four members if its share exceeds 35%. Following the recent placement, the Hellenic Republic now holds a 31.18% stake in HelleniQ Energy.

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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.