GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 969.97 posting losses of 2.06%, in a turnover of €51.87mn, as Russell Indexes, which tracks market indices totaling $3.9 trillion will become the first major index provider to relegate Greek equities from the top-tier developed markets category to emerging markets.
The Eurogroup noted that the MoU milestone for February agreed between Greece and the Troika has been achieved and called on the Greek authorities to keep the reform momentum and implement the agreed milestones for March, as a precondition for the disbursement of a tranche of €2.8bn.
According to Finance Ministry data, Greece collected €4.43bn in revenues in January vs. €4.87bn a year earlier. The general government surplus stood at €1.37bn in January vs. €1.99bn in the first month of 2012.Greece’s primary surplus in January reached at €1.64bn vs. €2.47bn in January 2012.
- Greek Banks:The BoG’s governor Mr. George Provopoulos after his meeting with the President Mr. Karolos Papoulias said that Greek bank deposits rose by €2bn in February, signalling growing confidence in the banking system. He added that €16 – 17bn deposits have returned to the banking system since June.
- Intralot:OPAP will renew its IT services contract with the company for another three years in preparation for the sale of the state’s stake later this year.
- Cypriot Banks:The Eurogroup still hope to wrap up drawn-out bailout negotiations with Cyprus this month. In the same time, the Austrian Finance Minister Ms. Maria Fekter said that Cyprus will have to meet strict conditions in order to receive a bailout from its euro-zone partners, insisting that the country’s banks must tackle the issue of money laundering. In other news, the President Mr. Nikos Anastasiades is due to visit Athens next week for talks with Greek leaders and officials (Fileleftheros newspaper).
- Titan Cement:The company reported a net loss for 2012 of €24.5mn from a profit of €11mn in the previous year, due to collapsing construction activity in Greece and the drop in southeast European markets. The company also said it would not pay a dividend for the second consecutive year and 2013 will be another tough year for the company.
FTSE 25 March future:
- Support levels: 316-310-306. Resistance levels: 330-336-342.
- Support levels: 958-945-910. Resistance levels: 985-1,003-1,014.
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