By Nicos Bornozis
The Greek stock market rose this week, with the ASE gaining 2.23% closing at 1750.97. Daily average turnover value was formed at € 103.67. The FTSE/ASE 20 Index closed higher 2.18% than last week, at 868.53. The FTSE/ASE 40 Index also rose 3.57% closing at 185.76. The FTSE/ASE 80 Index gained 6.99%, closing at 490.45.
The ATHEX’s General Index will change as of June 1, 2003 with 9 shares replacing 6. Specifically: 1)Motor Oil, 2)Pantechniki, 3)Forthnet, 4)Elval, 5)Marfin Classic, 6)Allatini, 7)Hermes, 8)Elmec Sport and 9)Phoenix Insurance will replace 1)Petrola, 2)Alte, 3)Hellenic Fabrics, 4)Minoan Lines, 5)Mouzakis and 6)InfoQuest. Similar changes will take place in the Parallel Market index as well. The ATHEX also reported that active trading accounts are currently 4x increased since end-2002. This is an indication of increased interest about the ATHEX mainly involving retail investors.
The National Statistics Service reported a GDP growth of 4.3% y-o-y during 1Q03, recording a slight slow-down compared to the 4.5% GDP growth of the same period last year. Industrial production fell 2.3% in March and construction activity grew 18.8% (new building licenses). The strong Euro hurt exports to non-EU countries. In April inflation fell to 3.4% from 4.1% in March and EU-harmonized CPI fell to 3.3% in April from 3.9% in March 2003. The drop is attributed to lower oil prices and lower fruit and vegetable prices.
The state expects to raise some €1.3bn in 2003 from the sale of equity stakes in state-owned companies through the ATHEX starting with OPAP and PPC. The sale of a stake in OPAP is expected to take place in June 2003 and in PPC in September 2003. Excess supply of shares should have a negative impact on the ATHEX. However, improved investors’ sentiment could lead to increased demand for equities.
Silver & Baryte Ores Mining
Silver & Baryte Ores Mining Co. S.A. announced this week the final consolidated financial results for the fiscal year ending on December 31, 2002. Although sales remained at last year’s levels, profitability increased on all levels. Net consolidated profits increased by 12.7%, reaching €16.25 million compared to €14.42 million in 2001, while profits before taxes increased by 9.4%. This significantly higher rise in net profit is largely due to the actions the Company undertook last year to consolidate and streamline its organizational structure, leading to a decrease in its tax burden on a global scale. The Company’s consolidated turnover reached €291.3 million compared to €291.9 million in the previous year.
Micromedia Britania S.A. announces that it proceeded with the acquisition of four (4) stores (retail points) from the company Club Electric S.A., located in: a) Chalkida, b) Nea Ionia, c) Acharnon and d) Athens at Dragatsaniou Str. With this acquisition, the company aims to the enhancement of its sales network by covering areas in which the company did not have any presence.
The termination of contract between Radio Korassidis S.A. and Sanyo Hellas S.A. and Sanyo Hellas Electric Appliances & Other Equipment was signed this week. According to the contract’s terms, the company was to participate in the share capital of the company Club Electronic S.A. The aforementioned contract failed to be realized since the two parties preferred to choose other means of co-operation, taking under consideration the conditions of the specific retail market.
ELLINIKI TECHNODOMIKI TEV S.A.
The transfer of Hellenic Parnitha Casino SA shares to Athens Resort Casino SA was completed this week, representing 44.01% of the share capital. Furthermore, Hellenic Parnitha Casino SA is proceeding with share capital increase, allowing Athens Resort Casino SA to undertake the full amount of the share capital increase.
Fifteen Romanian reporters visited the premises of Intracom this week, as well as the Athens Information Technology (ΑΙΤ). The group was shown around the plants and Research & Development Laboratories. The Romanian Journalists represented the whole spectrum of Romanian Mass Media: Television, Radio, daily and financial Press. Intracom has realized substantial investments in Romania, where it maintains a robust production activity, contributing to the country’s growth.
EFG Eurobank Ergasias
EFG Eurobank Ergasias announced an important initiative in favor of Education: a program of sponsorships aimed at providing support and encouragement to the young generation’s efforts to realize its high goals. The new program of sponsorships “The Great Moment for Education”, will be launched this year. The new program embraces the whole of Greece and concerns more than 230,000 pupils who attend the final year of Senior High School. Every year Eurobank will award a prize to the pupil who obtains the highest marks in the general Greek examinations in each one of the approximately 1,300 Senior High Schools in Greece, public and private, morning and evening schools.
OneWorld, member of Delta Singular Group, continuing the growth of the popular reference site for Greek Tourism, Aegean Web Server (www.agn.gr), proceeded with the creation of the online and real-time reservation system, Aegean Reservations System. At the same time, the company radically renewed the look and feel of the site, creating a modern touristic portal. Aegean Reservations System gives the opportunity to every hotel unit presented on the Internet (wherever it is hosted), to provide the rooms that it desires, with predefined prices for each period and to accept online reservations in real-time, reducing the communication cost with its clients, as well as the time needed for the completion of the reservation applications.
Naoussa Spinning Mills S.A., basic member of the Klonatex Group, in the Yarns Division, enhanced an existing multilevel agreement with the Benetton Group. The agreement includes the exclusive supply of fancy yarns as well as the potential of development and establishment of new products for all of the Benetton Group companies.