EUROCORP

Financial Morning News 04/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 990.42 posting losses of 1.74%, in a turnover of €45.29mn.

The Finance Minister Mr. Yannis Stournaras will be in Brussels today for the Eurogroup meeting. Troika chiefs are expected to discuss with the Administrative Reform Minister Mr. Antonis Manitakis today.

Corporate Impacts

  • Cypriot Banks:The Finance Minister Mr. Michalis Sarris rejected talk of depositors taking losses as part of the country’s bailout and he added that he cannot guarantee there will be a bailout deal by the end of March. In other news, the Euro zone finance ministers will talk today about the possibility of giving financial support to Cyprus.
  • Aegean Airlines:The company will find out by April 9 whether its second attempt to buy Olympic Air will be cleared or blocked by the EU regulator. We remind that the commission rejected Aegean’s initial bid in 2011 to snap up struggling Olympic, arguing that the combined company would be too dominant. The EU’s competition chief Mr. Joaquin Almunia vetoed a third attempt by low-cost carrier Ryanair Holdings PLC to buy its Irish rival Aer Lingus), citing the combined company’s market dominance.
  • NBG:The bank stated that it was not involved in any kind of negotiation with regard to brokering a deal for the sale of its Turkish unit, Finansbank AS.
  • Technical

    FTSE 25 March future:

      Support levels: 324-318-312. Resistance levels: 336-342-350.

    General Index:

      Support levels: 970-960-950. Resistance levels: 1,014-1,030-1,050.

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