Stocks ended slightly lower on Friday in what was seen as a ‘end-of-week’ correction after the general index rose for seven consecutive sessions to gain 25.49 percent, buoyed by the outcome the June 17 elections and the formation of the coalition government. Despite the dip, the general index remained above 600 points throughout the day’s trading.
The composite index of the market fell 0.92 pct to end at 608.41 points, swinging between profits of 1.35 pct and losses of 2.18 pct during the day. The index ended the week with a net gain of 8.59 pct, cutting its losses from the start of the year to 10.58 pct. Turnover was a low 45.503 million euros.
The Big Cap index fell 1.71 pct, the Mid Cap index ended 0.52 pct higher, with Technology (3.82 pct), Personal & Household (1.33 pct) and Foods (0.43 pct) scoring the biggest percentage gains of the day. On the other hand, Telecoms (-4.11 pct), Construction (-3.64 pct) and Utilities (-3.41 pct) suffered the greatest losses.
Ellaktor (4.42 pct), Piraeus Bank (3.04 pct), Motor Oil (2.51 pct) and Jumbo (2.33 pct) were top gainers among blue chip stocks, while PPC (-6.10 pct), Eurobank (-5.84 pct), Titan (-5.45 pct), Viohalco (-4.66 pct) and OTE (-4.11 pct) suffered losses.
Broadly, advancers led decliners by 69 to 55 with another 25 issues unchanged. Kyriakidis H. F.H.L (23.08 pct), NEL+ (20.00 pct) and Neorio (19.79 pct) were top gainers, while Epilektos (-18.67 pct), Attica Holdings (-17.24 pct) and ATTI-KAT (16.67 pct) were top losers.
Sector indices ended as follows:
Oil & Gas: +0.37%
Personal & Household: +1.33%
Raw Materials: -1.01%
Travel & Leisure: -2.52%
Food & Beverages: +0.43%
Financial Services: -1.61%
The stocks with the highest turnover were National Bank, OTE, OPAP and Jumbo.
Selected shares from the FTSE/ASE-20 index closed in euros as follows:
Alpha Bank: 1.25
Public Power Corp (PPC): 2.00
HBC Coca Cola: 13.66
Hellenic Petroleum: 4.59
National Bank of Greece: 1.47
EFG Eurobank Ergasias: 0.69
Bank of Piraeus: 0.27
ADEX closing report
The September contract on the FTSE 20 index was trading near its fair price in the Athens Derivatives Exchange on Friday, with turnover falling to10.319 million euros. Volume on the Big Cap index totaled 4,175 contracts worth 4.771 million euros, with 22,533 open positions in the market.
Volume in futures contracts on equities totaled 51,257 worth 5.548 million euros, with investment interest focusing on National Bank’s contracts (16,609), followed by Alpha Bank (13,421), Cyprus Popular Bank (9,156), Bank of Cyprus (3,449), OTE (2,147), PPC (1,572), Piraeus Bank (1,528), and OPAP (1,076).
Greek bond market closing report
The yield spread between the 10-year Greek and German benchmark bonds widened to 25.23 pct in the domestic electronic secondary bond market on Friday, from 24.76 pct on Thursday, with the Greek bond yielding 26.80 pct and the German Bund 1.57 pct.
In interbank markets, interest rates remained mainly unchanged. The 12-month rate stood at 1.21 pct, the six-month rate was 0.92 pct, the three-month rate 0.65 pct and the one-month rate 0.37 pct.
Foreign Exchange rates
U.S. dollar 1.272
Pound sterling 0.816
Danish kroner 7.545
Swedish kroner 8.932
Japanese yen 102.19
Swiss franc 1.218
Norwegian kroner 7.598
Canadian dollar 1.308
Australian dollar 1.267
**** Greece on Tuesday successfully auctioned a three-month Treasury bills issue raising 1.3 billion euros from the market at a slightly lower cost. The Public Debt Management Organization, in a statement, said the interest rate of the issue was set at 4.31 pct, slightly down from 4.34 pct of the previous auction of same T-bills.
*** Caretaker Agricultural Development & Foods Minister Napoleon Maravegias on Monday stressed in the EU Agriculture Ministers Council in Luxembourg that agricultural development funds will have to be dissociated from the member states’ success in meeting their macroeconomic fiscal targets to avoid results other than integration and cohesion. The council meeting focused on the reform of the Common Agricultural Policy (CAP).
Maravegias stated that “the 2014-2020 CAP is translated into funds of roughly 18 billion euros for the next seven years that will have to be utilized in the best possible way to benefit the Greek farm sector in this crucial period.”
**** Athens Chamber of Self-Employed Professionals Yiannis Reklitis said in a statement on Friday “the new government has as a matter of fact no ground, and neither excuses, for delays and second thoughts in taking important decisions that will bring ‘tangible hope’ to businesses and the professionals for which the prime minister has committed himself since his first statements.”
The Chamber’s demands to the new government include the providing of liquidity by banks to businesses, the decrease in VAT, cracking down on illicit trade and a decrease in tax burdens.
**** Combating unemployment, especially among youth, and undeclared labour are the priorities set out by new Labour and Social Security minister Yannis Vroutsis during the handover ceremony on Friday in which he took over the helm of the ministry from caretaker minister Antonis Roupakiotis.
He said the assumption of drastic measures to deal with rising unemployment is a national need, and pledged that there will be no further across the board cuts in salaries and pensions
The ministry’s planning, he added, includes a “national pact for the employment of youth, with urgent and multi-dimensional interventions”.
**** The Eurogroup on Thursday gave the green light for the disbursement of one billion euros to Greece from the previous tranche of the EU/IMF bailout loan to Greece by the end of June, while International Monetary Fund (IMF) chief Christine Lagarde said that eurozone negotiations with Greece for updating the Memorandum will proceed “step by step”.
During a press conference after the meeting, and replying to whether more time will be given to Greece, the IMF managing director Christine Lagarde said that the ‘Troika’ (European Commission, European Central Bank and INF) chiefs will arrive in Athens on Monday, June 25, to assess the economic situation and progress in the implementation of the adjustment programme.
European Commission for economic and monetary affairs Olli Rehn said in turn that the Eurogroup did not discuss in detail the revision of the programme which, he added, will depend on the Troika’s review “and then we’ll see”.
Eurogroup president Jean-Claude Juncker in turn stressed that the situation is urgent and that the process must be hastened, referring to the Troika’s visit to Athens for assessment of the situation and the disbursement of the next tranche of the loan.
According to diplomatic sources caretaker finance minister George Zannias briefed the eurozone ministers on the overall state of the Greek economy and implementation of the adjustment programme, noting that most of the targets have more or less been met except in the sector of structural reforms, where delays have been recorded. The Greek side briefed the Eurogroup on the recession in the country, which is much larger than the initial predictions and has cumulatively reached 20 percent, and also on the skyrocketing of unemployment to over 22 percent, and to more than 50 percent among young people, noting that the programme requires improvement and developmental initiatives.
**** The outflow of bank deposits from Greece has halted, and a gradual return of those deposits to the domestic banking system has been recorded in the last three months, according to banking officials.
They said that the substantial outflow of deposits of the last two weeks before the elections, through withdrawals from the bank branches and the ATMS and transfers of capital to subsidiaries of Greek banks abroad, as well as deposit of cash in safe deposit boxes and to homes has been halted.
The overall sum of outflows in the past weeks or the inflows of the past three days — since the repeat general elections, is not known, since the relevant reports and figures are given in regularly scheduled reports by the country’s central Bank of Greece (BoG) and other commercial banks.