Greek stocks ended higher in the Athens Stock Exchange on Friday, pushed by a wave of buying orders which emerged during the last hour of trading on hopes of a positive outcome in negotiations between Greek authorities and the country’s lenders during the weekend. Bank shares were at the focus of buying activity pushing the banking index up 7.50 pct. The composite index rose 2.03 pct to end at 797.52 points, off the day’s highs of 805.67 points. The index ended the week with a net gain of 16 pct, for a loss of 3.38 pct so far in June and 3.47 pct in 2015. The Large Cap index rose 1.62 pct and the Mid Cap index ended 2.69 pct higher.
Turnover was a reduced 64.783 million euros. Alpha Bank (12.98 pct), Eurobank (6.67 pct), PPC (5.84 pct) and Piraeus Bank (5.82 pct) scored the biggest percentage gains of the day, while Athens Water (3.15 pct), Coca Cola HBC (2.34 pct) and OPAP (2.13 pct) were top losers.
Among market sectors, Banks (7.50 pct), Health (6.33 pct) and Financial Services (5.14 pct) were top gainers, while Insurance (7.36 pct), Food (2.34 pct) and Telecoms (1.68 pct) suffered heavy losses.
Broadly, advancers led decliners by 67 to 32 with another 21 issues unchanged. Motodynamic (20.58 pct), NEL (19.44 pct) and AEGEK (19.23 pct) were top gainers, while Teletypos (19.28 pct), Kreka (14.09 pct) and Alpha Astika (12.77 pct) were top losers.
Sector indices ended as follows:
Financial Services: +5.14%
Industrial Products: +0.80%
Real Estate: +3.35%
Personal & Household: +1.19%
Food & Beverages: -2.34%
Raw Materials: +1.57%
Travel & Leisure: -1.30%
The stocks with the highest turnover were National Bank, Piraeus Bank, Alpha Bank, and OTE.
Selected shares from the FTSE/ASE Large Cap index closed in euros as follows:
Alpha Bank: 0.322
Public Power Corp (PPC): 4.71
Coca Cola HBC: 20.01
Hellenic Petroleum (ELPE): 4.68
National Bank of Greece: 1.20
Piraeus Bank: 0.40
Grivalia Properties: 7.36
Aegean Airlines: 6.18
ADEX closing report
The July contract on the FTSE/ASE Large Cap index was trading at a premium of 0.74 pct in the Athens Derivatives Exchange on Friday. Volume on the Big Cap index totaled 5,256 contracts with 23,123 open positions in the market. Volume in futures contracts on equities totaled 38,499 contracts with investment interest focusing on Piraeus Bank’s contracts (10,948), followed by Alpha Bank (6,661), National Bank (9,831), Eurobank (7,108), MIG (608), OTE (543), PPC (983), OPAP (372), Mytilineos (200), Hellenic Petroleum (203), Motor Oil (202), Jumbo (325), Hellenic Exchanges (151) and GEK (99).
Greek bond market closing report
The two-year Greek state bond yield eased to 21.06 pct in the domestic electronic secondary bond market on Friday, from 21.52 pct the previous day. The yield spread between the 10-year Greek and German benchmark bonds widened slightly to 9.89 pct from 9.64 pct on Thursday, with the Greek bond yielding 10.80 pct and the German Bund yielding 0.91 pct. There was no turnover in the market.
In interbank markets, interest rates were largely unchanged. The 12-month rate was 0.162 pct, the nine-month rate was 0.1 pct, the six-month rate rose to 0.050 pct from 0.048 pct, the three-month rate was -0.015 pct and the one-month rate was -0.066 pct.
**** Bank credit to the private sector slowed further in May, with the annual rate slowing at -2.1 pct, from -2.4 pct the previous month, the Bank of Greece said on Friday.
The central bank, in a report, said that the monthly net flow of total credit to the domestic private sector was negative at 253 million euros, against a negative net flow of 542 million in the previous month. In May 2015, the monthly net flow of credit to corporations was positive at 35 million euros, against a negative net flow of 261 million in the previous month and the annual growth rate of credit stood at -1.1 pct, against -2.0 pct in the previous month. In particular, the annual growth rate of credit to non-financial corporations stood at -1.4 pct, from -2.2 pct in April 2015, while the monthly net flow of credit to non-financial corporations was negative at 38 million euros, against a negative net flow of 120 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at 2.8 pct in May 2015, from 1.6 pct in the previous month, while the monthly net flow of credit was positive at 72 million euros, against a negative net flow of 140 million in the previous month.
In May 2015, the monthly net flow of credit to individuals and private non-profit institutions was negative at 291 million euros, against a negative net flow of 282 million in the previous month, while its annual growth rate remained almost unchanged at -3.2 pct, compared with -3.1 pct in the previous month.
**** Deposits by Greek households and enterprises fell to 129.9 billion euros in May, from 133.6 billion in April, the Bank of Greece said on Friday. The central bank, in a report on bank credit, noted however that the outflow of deposits continued strong in June pushing bank deposits even lower.
**** The Greek budget showed a primary surplus of 1.506 billion euros in the January-May period this year, from a surplus of 707 million euros in the corresponding period in 2014 and a budget target for a primary surplus of 556 million euros.
State budget figures, on an amended cash basis, showed a deficit of 1.399 billion euros in the five-month period, from a deficit of 1.990 billion last year and a budget target for a shortfall of 3.481 billion euros.
Net budget revenue totaled 18.626 billion euros in the first five months of 2015, down 2.8 pct from targets, while regular budget net revenue totaled 17.048 billion euros, down 5.4 pct from targets. This development was attributed to a 94.5 pct fall in corporate income tax revenue and a 6.4 pct decline in VAT revenue. On the other hand, property taxes surpassed targets by 18.4 pct and other non-tax revenue were up 22.3 pct in the January-May period. Public Investment Program revenue reached 1.577 billion euros, up 417 million from targets.
In May, state budget net revenue fell short of targets by 24.6 pct, while regular budget net revenue were down 24 pct from monthly targets. This development was attributed partly to the non collection of the first installment of corporate taxes (555 million euros) and the non collection of ANFAs (132 million euros).
State budget spending totaled 20.025 billion euros in the five-month period, down 2.628 billion euros from targets, while regular budget spending totaled 19.053 billion euros, down 1.939 billion from targets. Regular budget spending were down 3.8 pct from the same period last year. Public Investment Program spending reached 971 million euros, down 689 million from targets and down 809 million euros from the same period last year.
In May, state budget spending reached 3.7 billion euros, down 591 million from targets, while regular budget spending totaled 3.55 billion euros, down 311 million from targets.
**** Public Investment Program’s spending fell short of targets by 409 million euros in the January-April period this year, to 821 million euros, Alternate Finance Minister Dimitris Mardas said in a report on Tuesday.
In a report transmitted to Parliament, Mardas attributed this decline to a restructuring of cash spending programming based on prevailing cash conditions in the country, adding he expected spending to return to budget target levels once liquidity returned to normal conditions in the country.
***** Building materials’ prices fell by 1.8 pct in May, reflecting a big decline in oil prices which overshadowed prices increases in electricity rates.
Hellenic Statistical Authority, in a report released on Tuesday, said that diesel prices fell 8.0 pct in May, window prices fell 5.0 pct, steel pipes were down 3.6 pct, safety door prices fell 3.1 pct, interior doors were down 2.5 pct, wooden floor prices fell 2.4 pct and heat pumps fell 2.2 pct. On the other hand, brick prices rose 3.8 pct, electricity prices rose 2.0 pct and cement prices increased by 1.0 pct in May.
The statistics service also announced that the new home building materials’ price index fell 1.8 pct in May, from the same month last year, after a 2.7 pct decline recorded in May 2014. The index was down 0.1 pct in May from April 2015.