EUROCORP

Finanacial Morning News 30/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,008.72 posting losses of 2.80%, in a turnover of €57.82mn.

According to the annual report of BoG, the economy will be able to return to a growth path in 2014 but the coalition government must first pick up the pace of reforms to support the recovery. The economy is expected to contract by close to 4.6% this year, with unemployment forecast to stabilize at around 28%.

The Organization for Economic Cooperation and Development said that Greece may need additional funds under its bailout program from the EU and IMF as output drops for a seventh year in 2014. It forecasts that GDP will decline 1.2% in 2014, after falling 4.8% in 2013. Please note that the European Commission estimates that Greece will return to growth next year with a 0.6% expansion in output.

The Producer Price Index in Industry in April fell 2.7% after a decrease of 1.3% a year earlier (ELSTAT).

Corporate Impacts

  • NBG: Effective as of the open of European markets on June 24, NBG will be deleted from the STOXX Europe 600 Index. Please note that today the trading of rights and subscription period begins.
  • Piraeus Bank: The board meeting agreed a reverse split scheme at a ratio of 10 to one new shares and determined the terms of the reverse split with each shareholder eligible for 35.68 new shares at a price of €1.70 per share. Please note that after reaching an agreement in principle with two international credit institutions for an investment of €570mn in the current share capital increase plan, the board’s top priority was to raise at least another €163mn from the market in order to avoid issuing convertible bonds (CoCos). This target will be surpassed if each existing shareholder participated in the scheme after the reverse split.
  • Cypriot Banks: Private-sector deposits fell by 7.3% to €41.32bn after a nearly 4% fall in March (ECB).
  • Jumbo: The Company posted an annual 29% drop to €48mn in net profit for the nine months to March 31, hurt by losses of about €19mn on its Cypriot deposits. Excluding the impact of the crisis in Cyprus, the company’s net profit fell 3.4% to €66mn. Sales were flat at €382mn with Bulgarian operations offsetting a slump in debt-stricken Greece and Cyprus.
  • Technical

    FTSE 25 June future:

      Support levels: 332-326-320. Resistance levels: 345-352-358.

    General Index:

      Support levels: 1,000-979-950. Resistance levels: 1,034-1,055-1,074.

    Disclaimer

    The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

    The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

    The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

    Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Error Page

GlobalSoft Perquote Server 1.0.2.9

    Error 404:   

    The page requested not found!