X.A – Beta Sec: Market Monitor- Market Comment- In the Spotlight (21/12)

X.A – Beta Sec: Market Monitor- Market Comment- In the Spotlight 

¢     Market Comment 

Last Friday’s triple-witching session at the Greek bourse took the benchmark above the psychologically significant level of 800 points, also assisted by FTSE’s rebalancing. 800 points threshold is a territory unseen in the pandemic era, with the future looking up for the economy as the government announced the first vaccines would be given to Greeks as early as next weekend. 

The Athens Exchange (ATHEX) general index ended at 800.06 points, the highest since late February, adding 1.17% to Thursday’s 790.77 points. On a weekly basis it advanced 2.70%. The large-cap FTSE 25 index expanded 1.26% to close at 1,915.77 points. FTSE Mid Cap registered gains of 1.58% to 1,093.35. The banks index edged up 0.14%. PPC earned 4.39%, Jumbo increased 3.93%, Lamda Development collected 3.60% and GEK Terna rose 3.11%, as Aegean decreased 4.17% and Fourlis lost 2.05%. 

In total 78 stocks posted gains, 31 sustained losses and 21 remained unchanged. Turnover amounted to €112.68mn, up from Thursday’s €66.4mn. 

Set for a correction today as pandemic resurge in the UK rises concerns. Downside though limited by selective buying interest and expectations for an economic recovery in 2021. Consolidation around current levels though maintaining the 800 threshold will be tested today. 

¢     In the Spotlight 

Greece/Industrial sales: Industrial sales stayed negative in October, as they slipped 14.4% y-o-y on top of a 10.7% drop in September, data from the National Statistics Service of ELSTAT showed. In October 2019, sales were down 7.3%. On a monthly basis, industrial sales declined 5.5%. Sales for the domestic market fell 14.0% while the non-domestic market revenues decreased 15.1%. Manufacturing turnover fell 14.6% while mining and quarrying output decreased 1.3% y-o-y. 

Greece/HORECA Business revenues: Accommodation and food and beverage services businesses were being hit hardest by the impact of the COVID-19 pandemic, with October revenues dropping 50.6% and 27.7% y-o-y, available monthly data from the National Statistics Service of ELSTAT showed. In the third quarter, revenues in accommodation and food and beverage activities plunged 61% and 31% y-o-y respectively. Recall, that Greece has re-introduced a nationwide lockdown in early November. 

NBG: BOD decided last Friday on the Frontier securitization (€6.1bn NPL’s) via Hercules. No decision yet for the sale of its insurance subsidiary ETHIKI ASFALISTIKI. Most likely a new extension till year end. 

PIRAEUS BANK:  Piraeus Bank S.A. announced that it has reached an agreement with Intrum, as part of a consortium that they have formed with the European Bank of Reconstruction and Development, for the sale of a portfolio called IRIS of retail, SB and leasing Non-Performing Exposures (NPEs). The Iris portfolio consists of ca. 53k loans with total legal claim of €1.7bn and a gross book value of €0.7bn as at 28.02.2019. Total consideration corresponds to c.6% of gross book value. The transaction is part of Piraeus Bank’s actions targeted to fulfil its NPE de-risking plan. 

TERNA ENERGY: The company goes ex gross interim dividend €0.17/share (net €0.1615/share) as of today. In other related news, BOD chairman Mr Peristeris sold on December 18 600,000 shares at €12.3/share for a total consideration of €7.38mn. His stake to the company reduced from 21.7068% (23,732,450 shares) to 19.5404% (22,638,504 shares). 

ELLAKTOR: Invesco Finance which already controls a 5.0002% (10,714,000 shares) stake in the company agrees on call option plan to be exercised by January 12 to acquire an additional 18.3346% stake in the company (39,286,000 shares) from Kallitsantis Brothers which has been pledged to Farallon in order for the later to secure financing. 

OTE: OTE’s subsidiary Cosmote said that it pressed ahead with the commercial launch of its 5G network in Athens, Thessaloniki and other Greek cities. “In certain areas, the maximum network speeds exceed 1Gbps. Pioneering once again, COSMOTE evolves the largest mobile network in Greece, to be the first to offer its subscribers 5th generation services, creating new prospects for the country’s digital development,” Cosmote said.

  • Cosmote 5G will soon expand to more areas throughout Greece, while mobile Internet speeds and network latency will gradually improve. The population coverage is expected to exceed 50% by the end of 2021. COSMOTE has already signed agreements with foreign networks to provide its customers with 5G roaming services in selected E.U. countries where the facility is available. 

ATTICA BANK: The bank sold last Friday 2 NPL’s portfolios of €340.8mn and €371.2mn respectively to Astir NPL finance related to corporate and consumer bank’s exposure. 

MYTILINEOS: On December 17, the company bought 11,000 own shares at €11.5661/share for a total consideration of €127.227K. Total treasury at 4.1890% of share capital or 5,985,692 shares. 

EUROPEAN RELIANCE: On December 17, the company bought 3,481 own shares at €4.60/share for a total consideration of €16.014K. Total treasury stock now stands at 785,361 shares or 2.8554% of share capital. 

KRIKRI: On December 17, the company bought 1,940 own shares at €6.4882/share for a total consideration of €12.587K. Total treasury at 20,882 shares or 0.063% of share capital. 

TRASTOR REIT: The company sold an office premises asset for €3.3mn. 

TZIRAKIAN: Rights issue of up to €3.048mn through the issue of 1,524,000 new shares at €2/share in favour of the existing shareholders (1new/1 old). 

NIKAS: As of today, the 13,288,535 new (CR) shares of the company are admitted to trading on the ATHEX following the recent share capital increase through a rights issue. The total number of the company’s listed shares amounts to 53,154,140 (CR) shares.

Kind Regards, 

Manos Chatzidakis

Head of research

29 Alexandras Avenue

11473 Athens,Greece

Tel: +30 210 6478755/754

Fax:+30 210 6410139

Email: [email protected]

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