10/7/14

Manos Chatzidakis: FTSE-25 returns since July 3 + In the Spotlight






Thursday, July 10, 2014


Market Monitor

           Market Comment

The slump continued for the majority of stocks on Wednesday as banks kept dragging on the market, as has been the case over the last sessions. The composite index of the market fell 1.70 pct to end at 1,173.01 points, off the day's lows of 1,165.02 points. The index is 6.47 pct down in the last four sessions while turnover rose to €164.61 million up from Tuesday’s €146.95 million. Despite the negative ending the session was more volatile intraday indicating a return of short term traders.
We expect another volatile session, however short term losses could trigger a stronger bounce during the day.

FTSE-25 returns since July 3

FTSE-25
09/07/2014
03/07/2014
Δ(%)
FFGROUP
       32,69    
       32,41    
0,9%
METKA
       12,74    
       12,83    
-0,7%
ATHENS WATER
        9,50     
        9,60    
-1,0%
EUROBANK PROPERTIES
        8,88    
        9,00    
-1,3%
PPC
       10,74    
       11,00    
-2,4%
TERNA ENERGY
        3,85    
        3,98    
-3,3%
MOTOR OIL
        7,80    
        8,10    
-3,7%
COCA COLA
       16,35    
       17,00    
-3,8%
VIOHALCO
        4,27    
        4,48    
-4,7%
HEL. PETROLEUM
       5,680    
        5,99    
-5,2%
JUMBO
       11,17    
       11,83    
-5,6%
OPAP
       12,50    
       13,25    
-5,7%
ΙΝΤRALOT
        1,87    
        1,99    
-6,0%
MYTILINEOS
       6,060    
        6,45    
-6,0%
TITAN
       22,99    
       24,60    
-6,5%
EUROBANK
       0,355    
       0,380    
-6,6%
OLP
       17,36    
       18,64    
-6,9%
ELLACTOR
        3,86    
        4,16    
-7,2%
HTO
       10,48    
       11,30    
-7,3%
HEL. EXCHANGES
        7,73    
        8,38    
-7,8%
GEKTERNA
        3,50    
        3,87    
-9,6%
MIG
        0,44    
        0,49    
-9,7%
NBG
       2,520    
        2,82    
-10,6%
BANK OF PIRAEUS
        1,54    
        1,74    
-11,5%
ALPHA BANK
       0,620    
       0,705    
-12,1%


¢           In the Spotlight

Greece:  Greece hired banks to sell three-year debt, accessing international markets for the second time in three months, after European Central Bank stimulus measures fueled a rally in bonds across the euro area this year. According to press articles the securities may be priced to yield 3.5% to 3.625%.

Greece/Tourism:  SETE (Association of Greek Tourism Enterprises) announced that H1 2014 tourist arrivals in Greece advanced 17.1% y-o-y (+760k visitors). In a greater detail, international arrivals in Athens grew by a sound 32.8% y-o-y (+400k visitors) in H1 2014, while traffic at the airports of Kalamata, Santorini, Chania and Samos rose 58.5%, 26%, 24.1% and 22.1% y-o-y, respectively

Greece/June car registrations: National Statistical Service announced that June car registrations soared 46.3% y-o-y (albeit from a low base) to a total of 10,475 vehicles (new/used ones) against 7,160 a year ago. In the same vein, passenger car registrations jumped 47.7% y-o-y in June. H1 2014 car registrations posted an increase of 28.5% y-o-y to 52,282 vehicles from 40,682 over the same period last year, passenger cars also up by 29.2% y-o-y.

Alpha Bank: The Bank announced that the European Commission approved the bank’s restructuring plan.  It provides for further downsizing of international operations and reinforcement of Greek operations through rationalization of operating expenses, reinforcement of the net interest income, strengthening of the balance sheet and a strict risk control.  In addition, as it is mentioned in the European Commission’s related press release, the Commission requested no downsizing in the Greek lending activities

HTO:  The company announced the conclusion of its bond repurchase program. OTE accepted tenders of €305 mn for the February 2015 note and €195 mn for the May 2016 note at prices of 103.721% and 104.905%, respectively. The tender will be financed via the €700 mn proceeds of the recent 6-year bond issue. Following the conclusion of the tender, the outstanding principal amount of the February 2015 and May 2016 notes stand at €482.75 mn and €700 mn, respectively.

PPC:  Greek lawmakers approved yesterday the breakup of Public Power Corp; 51 lawmakers vote in favor, 46 against.

Sarantis will publish its H1/Q2 2014 group results on July 30, post market close, and host a conference call the following day at 17:00 Athens Time.

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