EUROCORP

Financial Morning News 07/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 689.86 posting marginal profits of 0.37% in a turnover of €29.12mn.

The New Democracy led by Antonis Samaras was the largest party with 18.9% of the vote, insufficient to give it an absolute majority. The leftist Syriza party scored 16.8%, while Pasok saw its score slump to 13.2%. The Golden Dawn entered to parliament for the first time with 7%. The communist KKE scored 8.5%, Independent Greeks 10.6% and Democratic Left 6.1%. The result therefore will make it tough to form a government able to keep its austerity promises and implement more cuts demanded by the country’s creditors.

The President of New Democracy Mr. Antonis Samaras suggests a government of national rescue under two conditions: a) the country will remain within the Eurozone and b) the amendment of the Memorandum policies in order to have growth and relieve the Greek society.

Greece will sell €1bn of 26-week T-Bills tomorrow.

The IMF’s director of external relations Mr. Gerry Rice said that the IMF Greek mission will visit Greece after the elections, once the new government has been formed. However, the date has not already been arranged.

Corporate Releases

  • 08/05: Alpha Bank EGM
  • 08/05: Mytilineos, Metka AGM

Broker Meteorology

  • Titan Cement: Deutsche Bank maintains its sell rating and price target at €11.50 and believes that the market continues to being a challenging one.

Technical

    • FTSE 20 June future: Support levels: 252-244-238. Resistance levels: 268-276-282.

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