EUROCORP

Financial Morning News 06/11/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,138.35 posting losses of 2.10%, in a turnover of €93.54mn.

The European Commission said that Greece΄s public finances are continuing to improve but risks remain and policy implementation slippages could undermine confidence in the next two years. It left its projections for slight GDP growth in 2014 unchanged at 0.6%, while it forecasts that Greece΄s debt will reach at 176.2% of GDP this year versus the spring forecast of 175.2%. It also expects that Greece would achieve a structural budget surplus of +1.2% this year, which will drop to +1% in 2014 and will return to a deficit of -0.1% in 2015. The unemployment is projected to reach 27% in 2013 and decline slightly to 26% in 2014 and to 24% in 2015.

The talks between government officials and troika resumed yesterday with the troika pressing for a reduction in the level of social security contributions employers are obliged to pay and for the closure or streamlining of the loss-making state firm Hellenic Defense Systems (EAS).

Greece sold €1.3bn of six-month T-bills yesterday to roll over a maturing issue. The T-bills were priced to yield 4.15%, unchanged from the previous auction, while the bid to cover ratio was 1.83 from 2.04 previously (PDMA).

According to the Association of Hellenic Tourism Enterprises (SETE), the tourism revenues could reach an all-time high of €13bn next year.

Corporate Impacts

  • Mytilineos: The group announced that the benefit from the arbitration procedure regarding the contact fro the supply of electricity to its subsidiary Aluminion S.A. by the PPC will be €35.2mn for the period 1.7.2011 until 30.6.2013.
  • Eurobank: The bank announced that it launched a voluntary redundancy scheme with the aim of cutting 700 jobs from the group until November 15.
  • Technical

    FTSE 25 November future:

      Support levels: 370-364-358. Resistance levels: 382-388-395.

    General Index:

      levels: 1,130-1,110-1,100. Resistance levels: 1,155-1,180-1,200.

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