EUROCORP

Financial Morning News 13/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,034.39 posting losses of 2.99%, in a turnover of €124.05mn.

The Finance Minister Mr. Yannis Stournaras will take part today in the Eurogroup meeting of eurozone finance ministers in Brussels. Tomorrow, he will participate in the ECOFIN meeting of European Union ministers in Brussels. On Wednesday, the Prime Minister Mr. Antonis Samaras heads to China for an official visit, accompanied by over 50 Greek businessmen.

Greece said that its budget deficit at central government level shrank to €330mn in the first four months of the year from €1.7bn in the same period last year, remaining on track to meet fiscal targets under the country’s international bailout.

Greece moved further into deflation territory as consumer prices fell 0.6% in April on an annual basis after a fall of 0.2% in March, its lowest reading since 1968. The EU-harmonized inflation also decelerated to -0.6 percent from -0.2% in March (ELSTAT).

The industrial output fell 0.7 % y-o-y in March after a downwardly revised 4.3% drop in the previous month (ELSTAT).

Corporate Impacts

  • Alpha Bank: It posted net first quarter profit of €2.88bn, booking goodwill on its acquisition of Emporiki Bank from Credit Agricole. Excluding the one-off goodwill inclusion, the bank’s profit came to €244mn from a loss of €82.5mn in the same period in 2012. The bank said that the provisions for loan impairments rose to €505mn.
  • NBG: The First Business Bank split into a “good” and “bad” bank, with NBG absorbing its healthy side and the rest set for liquidation. NBG will absorb deposits of €1.24bn, a loan portfolio of €1.23bn (provisions amount to €500mn), 19 branches across Greece and a funding gap of €524.3mn.
  • Technical

    FTSE 25 June future:

      Support levels: 348-342-336. Resistance levels: 360-368-374.

    General Index:

      Support levels: 1,030-1,010-990. Resistance levels: 1,050-1,070-1,100.

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