Foreign markets – It is time to ‘harvest’ in a -paradoxically- positive year
The foreign markets (America and Europe) had a very good year in 2023, taking into account their proportions and sizes, despite the fact that we had the aftermath of rising inflation and interest rate increases in the second and third quarters and of course the new war in the middle east. As many analysts say, we rarely have so many negative parameters and such a good course of the markets. Now the last two months of 2023 will be the ‘harvest of the fruits’, i.e. investors will get the capital gains and dividends created. However, if we have positive news (company results) in December, perhaps there will be the traditional rally at the end of the year and ahead of the new year.
Greek stock market: Decompression and rise towards 1,240-1,250 units. Risk from liquidations abroad
With speed gained from the previous week and relieving the previous pressures, the General Index reached 1,237 points yesterday and is now heading for over 1,240 points. The rise will not be easy with the international climate against. After yesterday’s liquidations in America and Europe, we may have transmission of the pressures in Greece as well. However, in any case, the General Index registers one of the biggest upward movements in Europe, having previously discounted both the investment grade and political stability and economic growth rates. The demand for stockbrokers is to increase daily turnovers again to the levels of the previous months and for stock valuations to remain at the present levels without further decline.
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Banks – Protagonists of stock market developments
Bank stocks (4+2) have every reason to move higher, as was the case yesterday. Great business mobility with first Alpha Bank (sale of 9%), NGE (with a view to placement of 20%) and then Piraeus Bank which has the most difficult mission for the exit of the HFSF but is not so pressured in terms of time. We will probably have at the end of 2023 a 15-year record in the profitability of Greek banks and then a dividend distribution in 2024. At least these discount their shares.
Alpha Bank: They see a sale of the 9% package to Unicredit at the level of 1.6-1.7 euros.
Unicredit wants 9% and can pay a better premium for the share. At least that’s what today’s rise showed. Stock market factors do not rule out a price between 1.6-1.7 euros with a premium of around 18% compared to the current price. There are, of course, expectations for a higher premium, but let’s keep a small basket.
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ETE : Today the 9-month results are announced and they lay the foundations for the placement
Today (November 7th) ETE will announce 9 month results which are expected to be good. These results will form the basis for the placement process to begin in the second half of November, i.e. from November 15 onwards. The fact that international markets have not been particularly stressed helps NBG to claim better prices. If they are also good (strategic) investors even better…
Exchanger: Return with a power of more than 2 euros
With many purchase orders and increased volumes, Ellaktor’s share returned above 2 euros. We do not know if the increase is a move by the main shareholder (Reggenborgh) to strengthen the capitalization of the group or is related to the apparent intention to sell a share of his participation in Alpha Bank.
Aegean: The recent developments and the repayment of the warrants sent the stock soaring
“Aeroplano” became Aegean’s share yesterday after the announcement that it will proceed with the payment of the warrants (i.e. the state’s participation in exchange for shares). The fact that he will sell the shares at a fairly good price (premium) compared to the then price (5.5 euros) brought a big rise in the share.
HEHAE: Event for the 15 years of EN.A
The Athens Stock Exchange, on the occasion of the completion of 15 years of operation of the Alternative Market, is organizing the event “2023 ATHEX EN.A FORUM – Alternative Market of the Athens Stock Exchange: New era, new opportunities”. The event will take place on November 7 at 5:00 p.m. at the Athens Stock Exchange, representatives from the financial sector and the business community are expected to attend. During the event, reference will be made to the 15-year course of the Alternative Market and its role as a source of financing for small and medium-sized enterprises. Also, all the upcoming amendments to the Alternative Market’s operating regulation will be presented, which aim to facilitate new imports, and harmonize it with European standards.
Lampsa: The decisions of the General Assembly for the minority participation in Regency Investments
Unanimously decided and unanimously approved the acquisition of the minority stake in the company Regency Hellenic Investments SA through the combined acquisition by the 100% subsidiary company SELENA ENTERPRISES COMPANY LIMITED of the percentage of shares (33.91%) and the corresponding percentage from the loan (Senior Facility Loan ), owned by the credit institutions ALPHA BANK, EUROBANK and ETHNIKI TRAPEZA in the above company.
Trade Estates: On October 8, the bell rings at the Stock Exchange
Trade Estates share opening ceremony during the Athens Stock Exchange meeting on Wednesday, November 8, 2023. Mr. Vasilios Fourlis, Chairman of the Board of Directors of TRADE ESTATES AEEAP, will announce the start of the meeting by ringing the traditional bell.
ELASTON : The resignation of the internal auditor
ELASTRON SA – STEEL PRODUCTS informed that the company’s Internal Auditor Mr. Ilias Venetis left the company for personal reasons.
The company has taken all the necessary actions for the immediate recruitment of a new internal auditor as soon as possible in accordance with the provisions of the current legislative and regulatory framework and in particular article 15 of Law 4706/2020, which will be announced in a later announcement for the information of investment public.
Hellas Fin : Why it emphasizes Interest Bonds
In an environment with sustainably high interest rates for 2024 as well, and with systemic banks offering interest rates on time deposits that on average do not
exceed 1%, investors should evaluate which investments will be able to reap competitive returns that cover the average
inflation. According to HellasFin, an investment services company, one of the main options for investors is Treasury Bonds with a time horizon of 3 months to 12 months. Their current yields range from 3.5%-3.90% depending on the duration of the issue and with the current data exceeding the Greek inflation which in average levels is at the level of 3%-3.2%.
Corporate Bonds: Decrease in their value worldwide
The value (in gross terms) of new issues of High Credit Rating Corporate Bonds cumulatively from January to October, was 1118 billion dollars against 1130 billion dollars in the corresponding period of 2022 (decrease -1.1%). In contrast, the corresponding Low Credit Ratings, which are more likely to be issued by companies with relatively lower creditworthiness, making them more vulnerable to difficulty in financing from commercial Banks given the tightening of lending criteria that started in Q4:2022 and continues, increased to 146 billion from 99 billion (+46.6%). Note that the margin for this category was 429 basis points on average in 10M:2023 from 436 on average in 10M:2022
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