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Thursday, July 10, 2014
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Market
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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
¢ 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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