GREECE The market ended followed up on Thursday’s positive session with another positive session on Friday as the index edged another +0.8% higher. Nevertheless, both sessions were not enough to recover earlier weekly losses, so the index ended up being down 2.2% for the week. Non financials posted relatively better performance with OTE (+2.8%) and OPAP (+1.9%) offering most of the lift to the market index. Trading activity was notably low remaining confined at EUR 60.3mn, well below average levels. Economy // PM stresses importance of political stability In an article on Kathimerini, the PM stressed the importance of political and economic stability accusing the main opposition of seeking to derail the country’s progress in the last few years. On the issue of political stability, the PM highlighted the govt’s intention to safeguard this by seeking the backing of the 180 MPs at the upcoming Presidential elections. The PM also accused the main opposition of undermining Greece’s access to the capital markets and suggested that its insistence on a debt write-off might put fiscal progress at risk. Economy // Q3 GDP +1.4% yoy; full-year growth likely to exceed +0.6% Greece’s statistics agency (EL.STAT.) released on Friday its flash Q3 GDP estimate. In line with our expectations, the new data revealed upward revisions to real GDP growth in the first two quarters of 2014, with Q3 GDP recording seasonally adjusted qoq growth of 0.7% and rising by 1.4% yoy. Overall, real GDP grew by 0.5% in the first three quarters of the year, with the economy exiting recession (in QoQ seasonally adjusted terms) one quarter earlier (i.e., in Q1 2014) than it was believed before the past data revisions. Interestingly, as our economists comment, the breakdown of the revised national accounts data showed that both real private consumption and gross fixed capital formation recorded positive QoQ seasonally adjusted growth in Q2 2014, a trend that is likely to have continued in Q3. Overall, Eurobank economists expect full-year GDP growth to reach between 0.8% and 1.0%, exceeding the official forecast of 0.6%. Politics // Law amendment to the debt installment framework ratified in Parliament The law amendment to the debt installment framework was voted in Parliament on Friday. Out of the 261 MPs that were present for the voting, 147 MPs voted in favor and 112 voted against. Overall, among the govt coalition MPs there were two lawmakers that decided to differentiate their stance (voting “present”). Interestingly, the govt failed to secure the backing of any of the independent MPs, many of whom were absent from the process anyway. Following the voting, New Democracy MP A. Psycharis submitted his resignation (after casting a positive vote) and will be replaced by Mr. A. Moraitakis. Hellenic Exchanges // Q3 Results today after market The Group will report its Q3 results today after the end of today’s trading session. Piraeus Bank // New voluntary exit scheme aiming at EUR 55mn annual savings (press) Reportedly, the Group has communicated internally a new voluntary exit scheme following last years successful one. The Group aims at reducing headcount by 1,000 people thereby saving some EUR55mn per year. The plan includes three options for employees i) immediate exit , ii) 2yr sabbatical leave which leads to exit from the bank and iii) 3yr sabatical which also leads to an exit. The program take up deadline expires on December 1st. Lamda Development // Signing of the contract of the sale of shares of Hellinikon The company announced the signing of the contract for the sale of Hellinikon SA by the 100% subsidiary of SPV Hellinikon Globali SA. Lamda has also signed the contract as a guarantor of the purchaser and has informed that the sale is expected to be completed within two years, after the fulfillment of all requirements needed for the transfer of Hellinikon’s shares so that the EUR8bn investment can unfold. OPAP // Agents’ general meeting taking place today As a reminder, the agents’ general meeting is to take place today. The main item on the agenda is OPAP management’s proposals regarding the VLT scheme, commissions on Stihima/VLTs/online etc.
Posted on: Mon, 17 Nov 2014 07:33:14 +0000
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