EUROCORP

Finanacial Morning News 14/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 973.12 posting profits of 3.39%, in a turnover of €76.03mn.

The negotiations are still open on key issues after the meeting of the Prime Minister Mr. Antonis Samaras and the troika. Troika will leave today and will return to Athens on the end of April. Mr. Samaras will leave for the European Summit meeting of heads of state, scheduled in Brussels.

Corporate Impacts

  • Cypriot Banks: The Eurogroup President Mr. Jeroen Dijsselbloem said that the Euro-zone finance ministers will meet on Friday afternoon to discuss Cyprus bailout package.
  • NBG: a) The Canadian investment fund Fairfax Holdings was confirmed to have expressed an interest in taking part in the recapitalization of the bank b)The deadline for submissions of binding offers for the Astir Palace Hotel in Vouliagmeni is being extended by tend ays. The new deadline is March 29, as opposed to next Tuesday, with interested parties now having until March 20 to submit questions regarding the tender’s process.
  • Greek Banks: The Finance Minister Mr. Yannis Stournaras said that banks will have to rush to meet the deadlines set for their recapitalization program and can expect no amendments to the terms.
  • Motor Oil: It reported a bigger-than-expected profit fall for 2012 to €78.2mn from €143mn in 2011, weighed down by low crude prices and weak fuel demand in its crisis-hit home market. The sales were at €9.68bn vs. 8.57bn in 2011, while EBITDΑ amounted to €269.7mn (est: €314mn).
  • OPAP, Hellenic Petroleum: The deadline for submissions of binding offers for the key privatizations is being extended by two weeks: Those interested in OPAP must table their bids by April 22, while those aiming at acquiring DEPA and/or DESFA have until April 29.
  • PPC: According to a monthly energy bulletin by grid operator ADMHE, the net power demand dropped 12% to 3.84mn megawatt hours. Electricity demand has been falling for four consecutive years with energy operators struggling with a financing crisis.
  • Technical

    FTSE 25 March future:

      Support levels: 312-306-300. Resistance levels: 324-330-334.

    General Index:

      Support levels: 958-930-910. Resistance levels: 985-992-1,003.

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