EUROCORP

Financial Morning News 04/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 777.48 posting losses of 0.44%, in a turnover of €58.43mn.

According to press reports, a senior finance ministry official said that troika expects Greece’s economy to contract by 5% next year, more than the government’s 3.8%. Both sides were trying to find common ground on €2.5bn worth of austerity measures to be applied next year.

Corporate Releases

  • PPC EGM
  • Corporate Impacts

    • OPAP:The EU’s antritrust watchdog approved its plans to extend the exclusive rights to operate various gaming services. Under the arrangements notified by Greece to the Commission, OPAP will benefit from the prolongation of its exclusive right to operate 13 games of chance by 10 years, ending in 2030 and the granting of an exclusive VLT Licence to operate 35k Video Lottery Terminals for 10 years until 2022.
    • Greek Banks: a) BoG decided to lower the capital adequacy requirement for the banks to 8% from 9%, due to delays in their planned recapitalization b) According to press reports, the Banco Comercial Portugues is seeking buyers for its Greek unit Millennium Bank and invited bidders to submit offers for by mid-October.
    • Cypriot Banks: a) The President of Cyprus Mr. Demetris Christofias said that the government will not accept a bailout from international lenders on the current terms being offered (selling-off of profitable state-owned enterprises or abolishing inflation-linked salary increments) b) The capital deficit of BoC to meet a Core Tier 1 ratio of 9% is estimated at €730mn, while in case of Cyprus Popular Bank is at €1.125bn.
    • Technical

      FTSE 20 September future:

        Support levels: 278-272-266. Resistance levels: 290-298-306.

      Disclaimer

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