Market Comment
General Index
tested the waters above the benchmark’s 1,000-point mark on Wednesday
and after some mild profit taking stayed below the psychologically key level
with marginal losses for most indices, albeit with a satisfactory trading
volume. General index ended at 993.73 points, shedding 0.14 percent from
Tuesday’s closing of 995.10 points. Investors affected from various reports
regarding Greek banks capital needs and speculation ahead of EBA announcement
on Sunday.
Blue chips
presented a mixed picture, with National Bank adding 5.05 percent on the
prospect of a 20 percent share sale in Finansbank, while Metka gave up 4.09
percent and Jumbo lost 4.05 percent. Turnover amounted to 120.7 million
euros, down from Tuesday’s 158.7 million.
Domestic market may
keep a waiting stance ahead of stress test results today following the trend
of major European markets.
¢ In the Spotlight
Greece: A meeting between
Prime Minister Antonis Samaras and Deputy Premier Evangelos Venizelos on
Wednesday resulted in the coalition leaders agreeing that Greece should try
to build up to an agreement with its lenders by the December 8 Eurogroup to
exit its bailout.
Cyprus: Cyprus’s
economy to see modest growth next year, outlook remains difficult with banks
vulnerable to rising non-performing loans, IMF staff say in report on country
published yesterday; GDP to fall 3.2% this yr, less than -4.2% forecast in last
report in July; grow 0.4% in 2015, unchanged from July forecast; Bank system
NPLs stood at 57% of total at end-July; Corporate NPLs at 50%, construction
sector NPLs 73%, NPLs on primary-residence mortgages ~40%
Greece/Tax Debts: Tax
debts owed by Greek households to the Greek state reached a new high in
September, amounting to 70.16 billion euros up 1,3%. Recall that total tax
debt in August was 69.24 billion.
Greece/Travel Receipts: Greek
January-August 2014 travel receipts posted an increase of 11.1% y-o-y to
EUR9.7bn. Recall that Jan-Aug 2014 arrivals to Greece rose 22.1% y-o-y to
15.3m. In specific, US, France and UK travel traffic up 24.8%, 20.7% and
15.6% y-o-y to 386k, 1m and 1.4m, respectively.
Greece/Building materials: September
2014 building materials' prices fell 2.9% y-o-y (down 1.8% in Sep 2014),
reflecting Greece’s building activity drop.
NBG: Finansbank plans to
sell as many as 715 million shares in a secondary public offering. The
pricing of the offer will be decided later, according to a public filing from
NBG. The stock closed yesterday at 3 lira, indicating the sale could raise
about 2 billion lira (~€700 million). NBG
reiterated its plan to cut its holding in Finansbank to a maximum 60 percent
by the end of 2015 in a separate filing yesterday. The capital increase will
raise Finansbank’s free float to 20.3 percent and lower NBG’s
stake to 79.7 percent, increase liquidity hence institutional interest in the
stock.
NBG/Pangea: Pangea acquired 93%
of MIG Real Estate through cash public offer. Ath this point Pangea will not
proceed with a squeeze out.
PPC: Following the
announcement dated July 23rd, 2014, PPC S.A. informs that, after the relevant
application of its 100% subsidiary PPC Renewables S.A. (PPCR), the Regulatory
Authority Energy for Energy (RAE) granted to PPCR electricity generation
licenses for two Wind Parks of total capacity of 106MW and with a total
budget of € 127,200,000 million, in Rodopi.
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