Greek stocks ended higher in the Athens Stock Exchange on Friday, with the composite index of the market gaining 0.96 pct to end at 2,838.13 points. Turnover was a lower 200.2 million euros, of which 10.9 million euros were block trades.
Most sectors moved upwards, with the Health (2.71 pct), Banks (1.69 pct) and Travel-Recreation (1.15 pct) posting the biggest percentage gains of the day, with Commerce (1.90 pct) and Constructions (1.46 pct) posting losses.
The FTSE 20 index gained 1.12 pct, the FTSE 40 index ended 0.32 pct higher and the FTSE 80 index dropped 1.19 pct. Broadly, decliners led advancers by 117 to 95 with another 52 issues unchanged.
Sector indices ended as follows:
Oil & Gas: -1.16%
Personal & Household: -1.19%
Raw Materials: -0.05%
Travel & Leisure: +1.15%
Food & Beverages: +0.68%
Financial Services: +0.36%
The stocks with the highest turnover were National Bank, OPAP, Eurobank and Alpha Bank.
Selected shares from the FTSE/ASE-20 index closed in euros as follows:
Alpha Bank: 14.20
Public Power Corp (PPC): 14.70
HBC Coca Cola: 18.40
Hellenic Petroleum: 8.42
National Bank of Greece: 26.42
EFG Eurobank Ergasias: 12.00
Bank of Piraeus: 12.72
ADEX closing report
The December contract on the FTSE 20 index was trading at a discount 1.03 pct in the Athens Derivatives Exchange on Friday, with turnover easing to 58.910 million euros. Volume on the Big Cap index was 6,412 contracts worth 48.259 million euros, with 25,411 open positions in the market.
Volume in futures contracts on equities totaled 7,794 contracts worth 10.651 million euros, with investment interest focusing on National Bank’s contracts (1,152), followed by Eurobank (1,052), Alpha Bank (823), OTE (695), Mitylinaios (537), MIG (511) and Marfin Popular Bank (451).
Greek bond market
Turnover in the Greek electronic secondary bond market was 2.263 billion euros on Friday, of which 1.278 billion euros were buy orders and the remaining 985 billion euros were sell orders. The 10-year benchmark bond (July 19, 2019) was the most heavily traded security with a turnover of 1.733 billion euros. The yield spread between the 10-year Greek and German benchmark bonds was 135 basis points with the Greek bond yielding 4.68 pct and the German Bund 3.33 pct.
In interbank markets, interest rates were largely unchanged. The 12-month Euribor rate was 1.25 pct, the six-month rate 1.02 pct, the three-month rate 0.73 pct and the one-month rate 0.43 pct.
Foreign Exchange rates
U.S. dollar 1.514
Pound sterling 0.924
Danish kroner 7.503
Swedish kroner 10.315
Japanese yen 139.07
Swiss franc 1.525
Norwegian kroner 8.394
Canadian dollar 1.593
Australian dollar 1.636
**** The General Accounting Office on Friday announced that the state budget’s deficit for the Jan-Aug period reached 20.877 billion euros, substantially higher than the 12.691 billion figure projected in the updated Stability Pact.
**** Greece’s fiscal deficit was 7.7 pct of GDP and its public debt at 99.2 pct of GDP in 2008, Eurostat announced on Thursday, sharply up from 3.7 pct and 95.6 pct, respectively, in 2007.
The EU executive’s statistics agency, in its second estimates over fiscal data of the EU’s 27 member-states, noted that “Eurostat expressed reservations over the data submitted by Greece because of significant uncertainties regarding the data compiled by Greek statistical authorities”.
Under Article 15 of Council regulation 479/2009, the term reservation refers to the case when Eurostat expresses doubts over the quality of submitted financial data.
Eurostat also said the EU-27 member states’ fiscal deficit jumped from 0.8 pct of GDP in 2007 to 2.3 pct in 2008, while Eurozone’s deficit rose from 0.6 pct to 2.0 pct over the same period. Greece (7.7 pct), Ireland (7.2 pct), Romania (5.5 pct) and UK (5.0 pct) recorded the highest fiscal deficits.
The EU 27 member-states’ public debt also jumped from 58.7 pct in 2007 to 61.5 pct in 2008, while in the Eurozone from 66.0 pct to 69.3 pct over the same period. Italy (105.8 pct), Greece (99.2 pct), Belgium (89.8 pct), Hungary (72.9 pct), France (67.4 pct), Portugal (66.3 pct), Germany (65.9 pct), Malta (63.8 pct) and Austria (62.8 pct) recorded the biggest public debts.
****Mediterranean Shipping Co. on Thursday denounced a contract with the Piraeus Port Organisation for the exclusive transport of containers at the S. Ikonio cargo terminal in the port of Piraeus.
The move by the Italian-Swiss shipping company, based on a contract signed in 2002, caused concern both with the Piraeus Port authority and Chinese multinational Cosco, with the latter expecting revenue losses, since MSC’s container volume totaled 400,000 containers in the period 2008-2009, bringing profits totaling 17.5 million euros to the port of Piraeus in the period 2007-2009.
**** Government spokesman Giorgos Petalotis blamed the previous government’s “corrupt practices”, as he charged, for the problem faced by the current government vis-à-vis the STAGE issue concerning the abolished vocational training programmes for young adults in the public sector.
Petalotis stated that the government’s “election campaign pledges to put an end to the unacceptable ‘hostage state’ experienced by our young citizens and the commercialisation of hope still stand.”
As regards the “safety valves” that will prevent the private sector from experiencing the same situation, he stated that the preconditions include limited duration and age limits as well as, mainly European Union funding.
Petalotis also stated that the STAGE issue is complex and clearly concerns the interior ministry, adding that the labor and social insurances ministry will be monitoring the and Manpower Employment Organisation (OAED) will also be involved.
Called to comment on the Fitch Ratings decision to downgrade Greece’s sovereign ratings, he stated that “there is a huge deficit in terms of credibility, for which the former government of New Democracy is responsible and with which we are being faced today.”
In a later reaction, New Democracy spokesman George Koumoutsakos referred to “workplace revanchist dark ages”, charging that the new PASOK government is firing thousands of employees due to its adherance to a petty political party mentality, “something that demonstrates that the deep partisan PASOK has not changed over the years, no matter how many leaderships have passed”.
**** Environment, Energy and Climate Change deputy minister Yiannis Maniatis announced on Friday the abolition of institutional obstacles and distortions in the institutional framework governing the issue of permits for the construction of electricity production units powered by Renewable Energy Sources (RES), as well as initiatives to convince the local societies to become “allies, rather than opponents” to such investments.
Addressing a conference on the theme “Institutional framework, investment opportunities and innovation in the sector of electrical energy” organised by the Public Power Corporation (PPC) in Athens, Maniatis noted that the government’s target was to increase the RES participation in the country’s energy balance to at least 20 percent by the year 2020.
In addition to aeolic, photovoltaic and hydroelectric power units, the plan also includes offshore aeolic parks and geothermal units, Maniatis said, stressing that the country’s energy mix will not include coal or nuclear units.