Market Comment - In the Spotlight (Manos Chatzidakis)

Daily report 17-07-2014

Thursday, July 17, 2014

Market Monitor

¢           Market Comment General Index continued moving higher for the fourth successive session approaching closer to the 1,200-point level. The index rose 0.77 pct to end at 1,190.06 points, after falling as much as 1.19 pct during the session. The index is up 3.35 pct in the last four sessions, while turnover remained low to 85.44 million euros. However the balance was mixed as 65 stocks posted gains and 60 suffered losses. Despite seasonal low volumes positive momentum is gradually improving in domestic market while offer in banking sector seems to be easily absorbed at current levels. ¢           In the Spotlight Piraeus Bank/Aegean Airlines: Piraeus Bank plans to sell up to 3.3m shares (4.7% stake) of Aegean Airlines in accelerated bookbuilding at EUR6.23 to EU6.70. Placement is expected to be completed today, according to market sources. Forthnet: According to press articles Vodafone and Wind Hellas appear to have countered rival OTE’s offer for the pay-TV operations of Forthnet (Nova). According to the same source this new bid amounts to 500 million euros, including the borrowing debts of Forthnet, which add up to 330 million euros. PPC:  According to press articles PPC will commence negotiations with medium voltage customers in September regarding their tariffs as both MV and HV tariffs have been liberalized. Lamda Development:   Lamda Development announced that won a court case in Belgrade for 200m investment. Commercial appeals court in Belgrade ruled to allow Lamda Development to take possession of one third of construction land it bought in 2007. Intralot: The company signed a contract amendment with Lotteries Commission of Western Australia (Lotterywest) for three extra years (plus option for two one-year additional extensions). This means Intralot will continue to provide technology and related services to Lotterywest up until 2019. Motor oil/Cyclon:  Motor Oil announced that it holds 87.31% of Cyclon’s share capital. ΗΤΟ: HTO announced that it will release 1H/2Q:14 earnings results on August 7 before the opening of the market. A conference call will follow on the same day at 17:00 (GR time) Piraeus Bank: The bank will release 1H/2Q:14 earnings results on Friday 29 August after the closing of the ATHEX trading session (instead of Thursday 28 August). The respective conference call will take place at 7pm (GR Time). OLP:  As of today the shares of the latter are traded on the ATHEX ex- dividend of €0.12 per share - through a cash payment - to the shareholders of the company.