EUROCORP

Financial Morning News 05/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 921.40 posting marginal profits of 0.10%, in a turnover of €46.01mn.

Fitch forecasts Greece’s GDP to return to growth in 2014, but by only 0.3%. The country’s macro-economy remains fragile and uncertain.

The Finance Minister Mr. Yannis Stournaras said that Greece will embark on a major negotiation with the troika, after a primary surplus is achieved later this year.

Corporate Impacts

  • Greek Banks: Fitch forecasts that the four banks’ efforts to restructure and integrate recent bank acquisitions could deliver cost synergies and support earnings and capital. It added however that there remain downside risks if there is a prolonged and deeper recession in Greece and planned cost savings do not materialize.
  • EXAE: The Roadshow of the Hellenic Exchanges in London starts today.
  • Eurobank: According to press reports, the data room process for the sale of Eurobank is expected to start by the end of November, so that the privatization of the bank can be completed within the first quarter of 2014.
  • Technical

    FTSE 25 September future:

      Support levels: 314-308-300. Resistance levels: 325-330-336.

    General Index:

      Support levels: 910- 890-861. Resistance levels: 930-955-980.

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