EUROCORP

Financial Morning News 02/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 869.19 posting profits of 2.30%, in a turnover of €55.76mn.

The Prime Minister Mr. Antonis Samaras will host a meeting with his government coalition partners tomorrow (7 p.m. local time) ahead of the return of troika to Greece on Thursday. The government’s aim is to resolve all pending issues before the next scheduled summit of eurozone finance ministers on April 12, when a decision is to be made on whether to release €2.8bn in rescue funding to Greece.

Corporate Impacts

  • Greek Banks: The total deposits held by domestic residents and companies rose to €164.2bn from €160.9bn in January and €161.4bn in December (BoG). BoG sent letters to NBG, Alpha Bank and Piraeus asking the administrations to proceed at a rapid pace with the procedures for completion of their recapitization, asking that by the end of next week at the latest they will have proceeded with the convening of their General Assemblies to approve share capital increases in the context of the recapitalisation.
  • NBG:The chief executive officer Mr. Alexandros Tourkolias said that the merger of NBG and Eurobank is set to proceed as planned. At the same time, the tender for the sale of the Astir Palace Hotel at Vouliagmeni attracted 14 bids from domestic and foreign investors in its first phase.
  • Cypriot Banks:The deposits held by households in February dipped to €34.2bn from €34.9bn in January and €35.7bn in December (Cyprus central bank). Please note that Cyprus is expected to complete its negotiations with the troika this week and is expected to receive its first bailout tranche in early May. In other news, BoC in Romania said that it is suspending its operations in the country for a week and plans to sell the bank.
  • Technical

    FTSE 25 June future:

      Support levels: 266-260-255. Resistance levels: 278-286-290.

    General Index:

      Support levels: 850-830-801. Resistance levels: 885-910-930.

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