Stocks ended the last trading session of a highly volatile week with small gains at the Athens Stock Exchange on Friday. The composite index of the market rose 0.81 pct to end at 1,595.10 points, for a net loss of 3.81 pct in the week. Turnover was a low 113.4 million euros.
The FTSE 20 index rose 1.02 pct, the FTSE 40 index ended 0.59 pct higher and the FTSE 80 index fell 0.44 pct. The Food (2.18 pct) and Banks (1.85 pct) sectors scored the biggest percentage gains of the day, while Insurance (4.53 pct) and Technology (1.88 pct) suffered losses. Broadly, advancers led decliners by 83 to 76 with another 69 issues unchanged. Elgeka (20 pct), Edrasi (14.29 pct) and Compucon (12.5 pct) were top gainers, while Epsilon Net (10 pct), Technical Publications (9.76 pct) and Nakas (8.82 pct) were top losers.
Sector indices ended as follows:
Oil & Gas: +0.15%
Personal & Household: +0.44%
Raw Materials: -0.12%
Travel & Leisure: -1.74%
Food & Beverages: +2.18%
Financial Services: +1.78%
The stocks with the highest turnover were National Bank, OTE and Alpha Bank.
Selected shares from the FTSE/ASE-20 index closed in euros as follows:
Alpha Bank: 4.75
Public Power Corp (PPC): 12.50
HBC Coca Cola: 17.64
Hellenic Petroleum: 6.55
National Bank of Greece: 10.51
EFG Eurobank Ergasias: 4.48
Bank of Piraeus: 4.52
ADEX closing report
The June contract on the Athens Derivatives Exchange was trading at -1.29 pct on Friday, with turnover a low 60.476 million euros. Volume on the Big Cap index totaled 12,807 contracts, worth 48.170 million euros, with 25,356 open positions in the market.
Volume in futures contracts on equities totaled 16,576 contracts worth 12.306 million euros, with investment interest focusing on National Bank’s contracts (8,052), followed by Eurobank (930), MIG (944), OTE (967), Piraeus Bank (1,103), Alpha Bank (735) and Mytilineos (1,800).
Greek bond market closing report
Turnover in the Greek electronic secondary bond market totaled 94 million euros on Friday, of which 59 million euros were sell orders and the remaining 35 million were buy orders. The 10-year benchmark bond was the most heavily traded security with a turnover of 17 million euros, followed by the five-year bond with 13 million euros. The yield spread between the 10-year Greek and German benchmark bonds widened to 523 basis points, with the Greek bond yielding 7.89 pct.
In interbank markets, interest rates were largely unchanged. The 12-month Euribor rate was 1.22 pct, the six-month rate 0.95 pct, the three-month 0.64 pct and the one-month rate 0.40 pct.
Foreign Exchange rates
U.S. dollar 1.259
Pound sterling 0.877
Danish kroner 7.502
Swedish kroner 9.909
Japanese yen 112.98
Swiss franc 1.452
Norwegian kroner 8.208
Canadian dollar 1.351
Australian dollar 1.525
**** Profitability of Greece’s largest manufacturing enterprises (based on sales) fell significantly in 2009, a survey by Stat Bank said on Friday. The survey, based on the balance sheets of 618 large industrial enterprises, said profits dropped 25.5 pct last year, to 1.09 billion euros, down from 1.46 billion euros in 2008, reflecting a reduction in turnover by 16.4 pct to 22.46 billion euros.
The survey did not include Hellenic Petroleum (EL.PE) and Public Power Corp. (PPC) – because of the volatility of both enterprises’ results are related with energy costs. If results by those two enterprises were included, profits were up 131 pct to 2.3 billion euros.
Greece’s largest manufacturing enterprises’ average net profit margin was 4.9 pct in 2009, slightly up from 2008, while equity capital fell 1.6 pct to 16.67 billion euros and foreign capital grew 4.5 pct to 20 billion euros.
From the 618 enterprises in the survey, 73.5 pct reported profits and 26.5 pct losses, with the percentage of loss-making enterprises growing steadily. The 452 profitable manufacturing enterprises of the sample saw their sales decline by 12.4 pct (17.3 billion euros), but profits rose 2.8 pct to 1.6 billion euros.
The 164 loss-making enterprises reported higher losses in 2009 (513.8 million euros), from 98.4 million euros in 2008, for an increase of 422 pct.
The survey concluded that an economic crisis widened the gap between the country’s manufacturing enterprises. The survey also said that turnover of the 720 largest importing and exporting enterprises fell 10.6 pct to 28.6 billion euros last year, from 32 billion euros in 208, with profits also falling by 21 pct to 666 million euros.
**** Greece’s state budget deficit dropped 41.5 pct in the January-April period to 6.313 billion euros, down from 10.791 billion euros in the corresponding period last year, the finance ministry announced on Friday.
In a report, the ministry attributed the fiscal deficit in the first four months of the year to lower spending and higher revenues, despite the fact that figures did not fully reflect additional cost-cutting measures announced in March and May.
Net budget revenues grew 10 pct in the January-April period, down from a budget target for an annual growth rate of 11.7 pct, budget spending fell 7.9 pct (budget target of 4.8 pct), primary spending fell 8.6 pct (budget target of 4.4 pct) and interest spending fell 4.6 pct ( budget target of 5.1 pct). The Public Investments Programme’s spending dropped 39.1 pct, while revenues were down 39.8 pct in the four month period.
**** Apartment prices fell 2.6 pct on average, in nominal terms, in the first quarter of 2010, compared with the corresponding period in 2009, the Bank of Greece announced on Friday.
In a report, based on figures offered by commercial banks, the central bank said apartment prices fell by an annual average rate of 3.6 pct in 2009, after recording an 1.7-pct annual average increase in 2008. The report said prices fell more in the older apartments category (more than five years: -4 pct), while for new apartments the decline was -0.3 pct, following a trend which prevailed in 2009 (-4.5 pct and -2.2 pct, respectively). Apartment prices fell 2.0 pct in Athens, 3.6 pct in Thessaloniki, 3.0 pct in other large cities and 3.1 pct in the remaining parts of the country, down from annual decline rates of 4.6 pct, 5.9 pct, 2.6 pct and 1.7 pct recorded in 2009.
Transactions made through the banking system totaled 22,100 in the January-March period, from 24,000 in the fourth quarter of 2009, but up 38.5 pct compared with the first quarter of 2009. The volume of transactions grew 32.3 pct in the first three months of the year, down from an annual average growth rate of 39.3 pct in 2009. The value of transactions made through the banking system grew 25.3 pct in the first quarter, down from 40.4 pct in 2009.