EUROCORP

Financial Morning News 04/01/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 952.30 posting profits of 1.17%, registering another 16-month high, in a turnover of €48.13mn.

According to Finance Ministry sources, the state budget will show a deficit that is smaller than forecast by about 0.5% of GDP, attributed to the considerable drop in state spending. The Finance Ministry is trying to fulfil the country’s obligations in the coming days ahead the Eurogroup meeting on January 21.

Corporate Impacts

  • Greek Banks:a) The European Commission has set today as the deadline for the submissions of offers for the Hellenic Postbank (TT). According to sources, Alpha Bank, NBG and Attica Bank have expected to submit bids for the healthy side of TT, while Piraeus Bank has decided against taking part in the bidding. We remind that according to a recent BoG report, the recapitalization of TT would require €3.7bn b) The deposits at Greek banks increased by €643.7mn to €155.9bn in November from €155.20bn in October c)The four main banks will publish their FY’12 results by the end of February and not end-March, as provided by law.
  • Mytilineos:The Group’s Aluminium agreed to sell 75kmetric tons of aluminium billets and slabs to Glencore International Plc for $200mn.
  • Titan Cement: It issued a four-year paper of €200mn maturing in January 2017, paying 8.75% via a bond issue. Part of the proceeds will be used to repay a previous issue maturing in July 2013. The issue was oversubscribed.
  • Technical

    FTSE 20 December future:

      Support levels: 322-316-310. Resistance levels: 336-342-350.

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