EUROCORP

Finanacial Morning News 21/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 930.73 posting profits of 0.79%, in a turnover of €53.92mn.

Corporate Impacts

  • OPAP: The new contract with Intralot, which will cost a total of €109mn, is subject to shareholder approval on March 26. The new deal will expire in July 2018.
  • Cypriot Banks:The Finance Minister Mr. Michael Sarris said that he had reached no deal on financing with his Russian counterpart Mr. Anton Siluanov, but talks were continuing. A team of technocrats has gone to the central bank to discuss a plan B related to financing and reducing the €5.8bn amount. Please note that Cyprus has asked Russia for a five-year extension of an existing loan of €2.5bn that matures in 2016, and a reduction in the 4.5% interest rate. The European Commission said that it was now up to Cyprus to put forward an alternative rescue plan after its lawmakers voted down the proposed bail-out package. In other news, the government spokesman Mr. Christos Stylianides denied press report that the country had reached an agreement for the sale of Laiki Bank to Russian investors, which would have reduced the island’s financial needs by €4bn. The talks between the President Mr. Nicos Anastasiades and the troika proved inconclusive on Wednesday as Cyprus’s overtures to Russia for financing also failed to yield results.
  • Technical

    FTSE 25 June future:

      Support levels: 284-278-272. Resistance levels: 298-304-310.

    General Index:

      Support levels: 914-880-860. Resistance levels: 945-958-970.

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