By Nicolas Bornozis
The Greek stock market increased this week by 2.49 % closing at 2170.05 points, up 2.31% for the month of November. During this week, numerous companies announced their nine month results, and most of them were positive which helped the market. The FTSE/ASE 20 Index increased by 2.97% closing at 1098.39 while the FTSE/ASE 40 rose 2.39 %, ending the week at 232.50 points. The FTSEASE small cap 80 Index increased this week by 1.14% closing on Friday at 586.06 points.
The Governor of Bank of Greece, Mr. Garganas, made an effort to ease the fears that the Greek economy will face a downturn after the Olympic Games. He stated that growth will continue if economic policy continues prudently, explaining that Greece will not experience a fall in European Union investment subsidy inflows before the end of the decade. Such inflows, will continue after 2006, which is the expiry of the 3rd Community Support Framework, via the follow-up plan (CFFIV). Also according to Mr Garganas, EUR 4.8 billion of hidden public expenses affect government debt by 3.1 %. Bank of Greece estimates that FY03 public debt will stand at 101.7 % including the hidden expenses and should stand at 98.6 % with their possible elimination from debt calculation.
The State will soon file for approval the updated “Stability Plan” for the domestic economy to the EU Commission. It refers to targets for the time period 2003-2006. For 2006 the state budget is expected to balance for the first time without any deficit and public debt is expected to drop significantly reaching 90.5 % of GDP in the same year.
The European Commission considers implementing penalties to seven EU member states regarding the telecom sector. Greece is among the seven countries urging them to lift barriers for the potential entry of new players in the market. The National Telecommunication and Post Committee (NTPC) is expected to decide this week regarding Hellenic Telecom’s tariff policy. Such a decision is expected to have some impact on the telecom market.
OECD estimates continuing growth in Greece, the eurozone’s fastest growing economy, with real GDP growth at 4.1 % next year on the back of domestic demand and increased exports, reflecting the 2004 Olympic Games and global recovery. Consumption is set to be boosted by a benefits package, with investment aided by low interest rates and the continuing inflow of EU funds. Inflation is seen remaining above the eurozone level at 3.6 %, versus Greece’s targets at 3.0 %.
COCA COLA HBC SA
Coca-Cola Hellenic Bottling Company S.A. (Coca-Cola HBC, CCHBC) announced that in an intragroup transaction it acquired yesterday direct ownership of 100% of the share capital of Coca-Cola Bottlers (Ulster) Limited from its wholly-owned subsidiary, CC Beverages Holdings II B.V. Coca-Cola HBC is one of the world’s largest bottlers of products of The Coca-Cola Company and has operations in 26 countries serving a population of more than 500 million people.
M.J. Maillis Group during 2003 retained its top line figures and profitability ratios within a difficult International environment, with substantial downturn in the European and global economy. The international recession was affecting the M.J. Maillis Group, which is impressively active in the Global markets. The true picture is that there is a significant increase in sales of 6%, which is not obvious due to the extensive devaluation of the US Dollar, UK pound and the Eastern European Countries currencies. Growth in Sales in a declining market clearly suggests increase in the Group market shares. During this difficult year, M.J. Maillis Group continued aggressively with major industrial investments, mainly in Italy (SIAT), establishing highly cost effective infrastructure and implementing determined restructuring programs.
BANK OF CYPRUS
The Bank of Cyprus Group informs the investing public that on Tuesday, 2 December 2003, 91.576 Bank of Cyprus shares will be introduced for trading simultaneously on the Cyprus Stock Exchange and the Athens Stock Exchange. These 91.576 shares were the result of the conversion of 6,75% Subordinated Convertible Bonds due 2003. After the aforementioned introduction, the total number of Bank of Cyprus shares will amount to 437.625.707.
Revenues for the 6month period increased by 17.5% to 726.1 million euro compared to 618.2 million euro in the previous comparative period. The rise was primarily due to increases in the customer base and usage, which offset the tariff reductions in both outgoing and incoming calls. Gross blended ARPU(2) for the period under review was 30.98 euro, broadly stable versus the previous comparative period, despite the significant tariff reductions and the further penetration in the prepaid segment. Postpay customers Moreover, postpay usage increased 22.3% compared to the previous comparative period reaching the record level of 274 minutes.
NAOUSSA SPINNING MILLS S.A
The construction of the “Christos Lanaras” sports center at the Koukos region in
Naousa is completed. The center, is a property of Naoussa’s municipality and covers an area of approximately 4 acres. This center will contribute to the upgrading of the former labor residencies area.