Her Eleftherias Kourtali
Société Générale sees the addition of the National Bank and Mytilineos to the key indicators of MSCI as well as the possible import of Greek Petroleum, with a parallel deletion of Jumbo, in the forthcoming restructuring on 12 May.
According to the French bank, the ratios of size / capitalization as well as weight of Greek shares in the indices (size-segment) will lead to these changes in terms of MSCI Greece and the presence of Greece in the MSCI Emerging Markets index.
Specifically for Jumbo he mentions the capitalization (size) as a reason for deletion, for the NBG he mentions as an excuse the increase of the weight of Greek shares but also the capitalization, while for Mytilineos and ELPE the increase of the weight.
These changes are based on the calculations of the Société Générale on 25 April.
It is worth noting that the market is widely awaiting the addition of the EIB, while considering the introduction of Mytilineos possible, given that its capitalization after the rally of the previous period exceeded 2.5 billion euros, while it received a significant vote of confidence from Fitch. The house confirmed a few days ago the BB credit rating, with stable outlook, which, as it stressed, reflects the forecasts for a strong increase in EBITDA in 2022-2023 combined with the possibilities of reducing borrowing and strong liquidity.
According to SocGen estimates, potential inflows for the National Bank are set at $ 118.74 million, for Mytilineos at $ 96.37 million and for Hellenic Petroleum $ 24.04 million, while the possible outflows of Jumbo at $ 87.87 million.
Today the MSCI Greece Standard Index includes six stocks: OTE, OPAP, PPC, Alpha Bank, Eurobank Holdings and Jumbo. The increase in the number of Greek shares in the MSCI indices will certainly be an important development for the Athens Stock Exchange, strengthening the already “revived” trading activity but also attracting more investors.
Source: Capital
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