*ΚΥΚΛΟΣ Χρηματιστηριακή Α.Ε.Π.Ε.Υ.* (http://www.cyclos.gr/)
ATHEX reversed earlier gains and headed south on Monday, in line with the European stock markets. In more detail, the General Index slipped by 0.07% at 1,456.31 units (FTSE Large Cap: -0.01%, FTSE Mid Cap: -0.61%, Banks Index: +0.15%) and the traded value was shaped at EUR 80.5m, up from Friday’s EUR 73.0m. We expect another range bound on low volumes session today. We wish you all a happy new year!
Macro Headlines
PPI in Industry down in November (ELSTAT)
According to ELSTAT, Producer Price Index in Industry (PPI) decreased by 1.2% y-o-y in November 2024, driven by the price decrease in energy sub index (-1.5% y-o-y), while higher producer prices were gauged in Durable consumer goods index (+6.3% y-o-y;). In the December 2023-November 2024 period, Producer Price Index in Industry (PPI) decreased by 2.7% in comparison with the corresponding index for the period from December 2022 to November 2023.
Sector Headlines
Greek on-line gaming sector
According to press reports, Allwyn international, OPAP’s major shareholder with 50.18%, acquired a 51% stake in Novibet, an on-line gaming and betting operator for a EUR 217m consideration.
Company Headlines
Ex-date of ELLAKTOR’s EUR 0.85/share capital return
ELLAKTOR announced that the ex-date of the EUR 0.85/share capital return (DY: 39.4%), is set on 24th March 2025, with the payment scheduled for 31st of March. As a reminder, ELLAKTOR will hold an EGM on 30 January 2025 to approve the distribution of the said capital return.
AKTOR Group SCI timetable
AKTOR Group announced the indicative timetable for the up to EUR 200m share capital increase, according to which the final trading date with the preemptive rights for the stock is scheduled for 3 January, the commencement of trading of the preemptive rights and the subscription period is scheduled for 10 January, the trading of the preemptive rights period ends on 21 January, the subscription period and the exercise of the preemptive rights end on 24 January, and the commencement of trading of the new shares is expected on 4 February. As a reminder, the new shares will be offered with a proposed price of EUR 4.60/share and with preemptive rights in favor of the existing shareholders at a ratio of 0,270853462305055 New Shares for each old share of the Company.
Market Comment // The ASE General index edged -0.07% lower on Monday, closing at 1.456 points, broadly in line with the trend in EU markets. Turnover remained subdued, near recent holiday-thinned levels, totaling €80m by session-end (vs the 100-day MA of €143m). Sarantis (-2.2%) and Autohellas (-2.1%) underperformed among laggards, followed by ADMIE Holding, Motor Oil, Kri Kri, and OTE (on >1% losses). On the flipside, Alpha Bank (+2.6%) and Real Consulting (+2.6%) outshone the gainers, followed by PPC, Ellaktor, Motodynamics, and Cenergy (all closing >1% higher). Global futures point to a muted opening ahead of a likely quiet session on the last day of the year. On behalf of the Eurobank Equities team, we wish you a prosperous and joyful 2025.
Terna Energy // Terna Energy announced that, as of 30/12/2024, Masdar Hellas S.A. has acquired a total of 101,288,403 shares, increasing its stake to 85.58% of voting rights.
Economy // According press, in the following days Greece is expected to file for the 5th RRF loan disbursement. Delays in the fulfillment of the pending milestones could push back c€500m from the initially planned €3.6bn tranche, with Greece filing for c€3.1bn. As per the plan, Greece will also seek the 6th and 7th RRF installments within 2025, with one more remaining before the program ends in July 2026.
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