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Monday, 07 Decemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange
Market Comment
The Greek market ended 0.70% higher on Friday, following a fresh hit intraday
due to negative bank reports and fears of further contraction in the euro zone’s
economy. Bank shares ended up 1.32%, while spreads between Greek 10-year
bonds and benchmark German bunds widened by as much as 20 basis points from
the previous day. ETE (+1.90%), EUROB (+2.63%), Hellenic Postbank (+5.45%),
OPAP (+2.27%), BoC (+2.91%) while PPC (-3.95%), HTO (-1.04%) and Alpha
Bank (-1.96%). European markets are seen opening from higher levels, following
gains in the US market.
Greek Macro
- Greek provisionnel Q3 GDP contracts 1.7% y/y
The Greek economy contracted at an annual rate of 1.7 percent in the third quarter
after shrinking 1.2 percent in the previous quarter, the country's statistics service
(NSS) said on Friday, based on provisional estimates.
The data was revised from a previous flash estimate published in October, which
saw the economy shrinking by 1.6 percent year-on-year and 0.3 percent quarteron-
quarter.
KEY FIGURES (in pct) Q3 2009 Q2 2009 Q1 2009
GDP growth (y/y) -1.7 -1.2 -0.5
GDP growth (q/q) -0.4 -0.1 -0.5
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BREAKDOWN OF GDP Y/Y (in pct) Q3 2009 Q2 2009
Final consumption +1.1 +0.9
Investment -18.6 -19.5
Exports -21.7 -22.1
Imports -16.5 -15.5
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- Greek Nov inflation, to be announced this morning, is seen rising to 1.6-pct y/y
mainly due to unfavorable base effects in energy prices
Corporate
EEEK / The company announced that on December 8th, 2009, a total of 131,227
new ordinary shares will commence trading on the Athens Exchange. The new
shares have been issued as a result of an increase in the share capital of Coca-Cola
Hellenic amounting to €65,613.50following the exercise of stock options by
employees of Coca-Cola Hellenic and of its affiliated companies, as well as by
former employees.
World Economy
United States
Nonfarm Payrolls fell by 11K better than estimates for a 111K drop and vs. a 190K
drop previously
Average Hourly Earnings (MoM) (Nov) increased by 0.1% vs. estimates for a
0.2% increase (September: 0.3%)
Unemployment Rate (Nov) increased by 10% lower than estimates for a 10.2%
increase (September: 10.2%)
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