Greek stocks ended slightly higher in nervous trading conditions in the last session of the week in the Athens Stock Exchange on Friday, with investors remaining on the sidelines ahead of crucial negotiations between Greek authorities and the country’s creditors. The composite index rose 0.50 pct to end at 768.67 points, after rising as much as 1.54 pct early in the session. The index ended the week 3.26 pct higher, but stands 12.70 pct lower so far in March and 6.96 pct down since the beginning of the year. The Large Cap index rose 0.07 pct and the Mid Cap index ended 1.71 pct higher. Turnover was an improved 91.96 million euros.
Piraeus Bank (5.92 pct), PPC(5.19 pct), Aegean Airlines (4.93 pct) and Jumbo (4.31 pct) scored the biggest gains among blue chip stocks, while MIG (11.88 pct), GEK Terna (1.85 pct), OTE (1.81 pct) and Alpha Bank (1.64 pct) suffered heavy losses.
Among market sectors, Personal Products (3.62 pct), Utilities (2.88 pct) and Real Estate (2.35 pct) scored big gains, while Health (3.29 pct), Financial Services (1.98 pct) and Insurance (1.49 pct) suffered losses.
Broadly, advancers narrowly led decliners by 57 to 56, with another 17 issues unchanged. Newsphone (28.76 pct), Pasal (19.70 pct) and Altec (15 pct) were top gainers, while BIS (29.08 pct), Selonda (19.32 pct) and NEL (19.30 pct) were top losers.
Sector indices ended as follows:
Financial Services: -1.98%
Industrial Products: -0.67%
Real Estate: +2.35%
Personal & Household Products: +3.62%
Food & Beverages: -0.47%
Raw Materials: -0.91%
Travel & Leisure: -0.64%
The stocks with the highest turnover were National Bank, Eurobank, Piraeus Bank, Alpha Bank and OTE.
Selected shares from the FTSE/ASE Large Cap index closed in euros as follows:
Alpha Bank: 0.30
Public Power Corp (PPC): 5.68
Coca Cola HBC: 16.47
Hellenic Petroleum (ELPE): 3.63
National Bank of Greece: 1.11
Piraeus Bank: 0.34
Grivalia Properties: 7.57
Aegean Airlines: 7.45
ADEX closing report
The April contract on the FTSE/ASE Large Cap index was trading at a premium of 1.50 pct in the Athens Derivatives Exchange on Friday. Volume on the Big Cap index totalled 7,156 contracts with 40,718 open positions in the market. Volume in futures contracts on equities totalled 61,737 contracts with investment interest focusing on Piraeus Bank’s contractse (26,156), followed by Alpha Bank (5,871), National Bank (9,655), Eurobank (15,377), MIG (1,222), OTE (495), PPC (738), OPAP (724), Hellenic Exchanges (100), Mytilineos (213), Hellenic Petroleum (268), GEK (185), Folli Follie (110) and Jumbo (260).
Greek bond market closing report
Greek state bond prices remained under pressure for one more session in the domestic electronic secondary bond market on Friday, pushing prices lower and yields higher. The three-year bond yield jumped to 20.6 pct from 19.8 pct on Thursday and the five-year bond yield rose to 15.90 pct from 15.5 pct. The yield spread between the 10-year Greek and German benchmark bonds widened to 10.88 pct from 10.49 pct with the Greek bond yielding 11.09 pct and the German Bund yielding 0.21 pct. There was no turnover in the market.
In interbank markets, interest rates moved lower. The 12-month rate fell to 0.19 pct from 0.201 pct, the nine-month rate was 0.138 pct, the six-month rate fell to 0.088 pct from 0.089 pct, the three-month rate was unchanged at 0.021 pct and the one-month rate was -0.012 pct.
Foreign Exchange rates
U.S. dollar 1.0856
Pound sterling 0.7298
Danish kroner 7.4672
Swedish kroner 9.3178
Japanese yen 129.39
Swiss franc 1.0476
Norwegian kroner 8.645
Canadian dollar 1.358
Australian dollar 1.394
**** The number of Greek pensioners fell by 2,865 in February to 2,654,784, official figures showed on Thursday. According to figures released by the “Helios” IT system of the Labor ministry, pension payments totalled 2,346,571,801 euros in March, to a total of 4,541,966 pensions, of which 2,902,477 were basic pensions and 1,639,489 supplementary.
Dimitris Stratoulis, social insurance alternate minister, commenting on the report said that a 44.8 pct of Greek pensioners (1,189,396) received pensions below the level of poverty of 665 euros, while around 60 pct of pensioners received payments up to 800 euros (which, excluding healthcare contributions, fell to below 700 euros).
**** Greek banks’ deposits fell significantly in February to 140.5 billion euros from 148 billion a month earlier, the Bank of Greece said on Thursday.
The central bank, in a monthly report, said that total outflow of deposits reached 24 billion euros in the period from the end of November to the end of February, putting strong pressure on Greek banks’ liquidity, which is partly covered by the Emergency Liquidity Assistance mechanism. The European Central Bank has raised the ceiling of draining liquidity from ELA to 71 billion euros.
Bank credit to the private sector remained negative in February, although at a slower rate compared with the previous month, the Bank of Greece said on Thursday. The central bank, in a monthly report, said that the annual growth rate of total credit extended to the domestic private sector stood at -2.5 pct from -2.9 pct in January. The monthly net flow of total credit to the domestic private sector was positive, at 74 million euros (February 2014: negative net flow of 773 million).
***** The Greek budget recorded a deficit of 194 million euros in the first two months of 2015, from a surplus of 487 million euros in the corresponding period last year and a budget target for a deficit of 70 million euros.
The government announced that the primary surplus in January and February this year was 1.238 billion euros, down from 2.063 billion euros in the same two months last year and short of a budget target for a surplus of 1.411 billion euros.
According to final figures on the execution of the budget over the two months, there was a significant shortfall in target revenues, amounting to 967 million euros.
Net budget revenue totaled 7.790 billion euros in the two-month period, down 11.0 pct from a budget target for the period, while net regular budget revenue totaled 7.293 billion euros, down 1.173 billion euros or 13.9 pct from budget targets.
Tax revenue totaled 6.536 billion euros, 13.0 pct or 972 million euros lower than targets. The shortfall was mainly due to a 19.0 pct drop in direct taxes, which at 2.751 billion euros were 643 million euros lower than target revenues.
Tax returns totaled 608 million euros, sharply up from a budget target of 463 million. Public Investment Programme revenue totaled 496 million euros, up by 206 million euros from budget targets.
State budget spending totaled 7.984 billion euros, down from a budget target by 843 million euros in the two-month period. Regular budget spending totaled 7.746 billion euros, down 731 million euros from targets due to a reduction in primary spending by 591 million euros and outflows for arms procurements programmes by 70 million euros, despite 29 million euros spent on elections and 27 million euros on farming subsidies. Public Investment Programme spending totaled 238 million euros, down 112 million from budget targets and 369 million euros compared with the same period in 2014.
The highest drop was in tax revenues from direct taxes from past tax years, which was 349 million euros or 46.8 pct lower than targets, while income tax revenues fell short by 221 million euros or 17.2 pct. Revenues on property tax were 10.3 pct or 78 million euros lower than targets.
**** Public Power Corporation (PPC) on Friday said its 2014 EBITDA rose 15.9 pct while its EBITDA margin jumped to 17.4 pct last year from 14.8 pct in 2013.
The country’s electricity utility said that its fixed assets (based on fair value evaluation) grew by 848 million euros in 2014, while parent assets rose by 818.6 millin euros.
Turnover fell by 1.8 pct to 5.864 billion euros last year, from 5.971 billion in 2013, while revenue from the sale of electricity energy fell by 1.9 pct to 5.655 billion euros in 2014 from 5.766 billion in 2013. Demand for electricity energy fell by 5.1 pct to 57,032 GWh. PPC said its market share fell slightly to 97.9 pct last year from 98.3 pct in 2013.
Production and import of electricity energy covered 66.9 pct of total demand, slightly up from 66 pct in 2013. Electricity energy from lignite production fell 2.2 pct, while natural gas production was unchanged and hydroelectric production dropped 30.7 pct last year.
Operating spending -pre-amortization- fell 4.9 pct to 4.841 billion euros, while spending on fuel, natural gas, lignite, CO2 and electricity power purchases fell by 5.0 pct last year.
Total payroll spending fell by 4.3 pct to 1,005 billion euros in 2014 from 1,050 billion in the previous year.
Bad debt provisions totaled 431.1 million euros, up 20.3 pct from 2013.
Amortizations totaled 606 million euros last year, down from 626.4 million in 2013. Net financial spending eased slightly to 213.8 million euros, pre-tax profits jumped to 137.6 million euros from 34.9 million in 2013, while investments fell to 628 million euros in 2014 from 718.1 million in 2013.
Net debt was 4.992 billion euros, up from 4.524 billion euros in 2013.
**** The 2015 deadline for filing 2014 individual income tax returns is June 30 and taxpayers will have to pay their taxes in three installments by the end of July, September and November respectively, according to a circular issued on Thursday by General Secretary for Public Revenues Katerina Savvaidou.
The circular clarified, among others, that individuals at the age of 18, who have no real or estimated income do not have the obligation to file income tax return.