Financial Morning News 08/06/2012


The General Index in Athens Stock Exchange (ASE) closed at 492.19 posting profits of 3.09% in a turnover of €46.09mn.

The unemployment rate rose to a record high to 21.9% in March from a revised 21.4% in February and 15.7% in March 2010 (ELSTAT).

The economic climate index posted a small decline in May to 76 points from 77.3 in April, due to the pressure on the industry and construction sectors (IOBE).

The National Australia Bank stopped all transactions with the Greek credit system due to uncertainty regarding the outcome of the crisis and all money sent from the bank will be directed to Greece through Deutsche Bank (Athens News Agency).

Economic Releases

  • 06/08: Q1’12 GDP, May’s CPI and April’s Industrial Production

Corporate releases

  • 06/08: Titan Cement AGM, OPAP Ex-Dividend €0.72

Broker meteorology

Nomura estimates that the possibility of Greece leaving the euro is 50%, as there is a very large chance that the Greek elections will produce a government that is committed to rejecting Greece’s obligations to its international creditors.

Corporate Impacts

  • OTE: S&P’s lowered the long-term corporate credit rating to B- from ‘B’ (negative outlook), reflecting the continued deterioration of macroeconomic conditions, including another potential sovereign default or Greece’s exit from the eurozone. The high country risk and challenged banking sector could continue to impair its ability to refinance or repay with cash its large upcoming debt maturity of €1.2bn in August 2013.
  • PPC: S&P’s downgraded its rating to CC from CCC and said that the company will likely default in the near term, as a lack of resources to pay back its debt (€1bn of debt by the end of 2012, mostly to Greek banks and that about half the amount comes due later this month) comes at a highly uncertain time in the country.
  • ATEbank: Reuters reported that EC is putting pressure on the government to wind down certain lenders, including the bank.


FTSE 20 June future:

    Support levels: 171-166-158. Resistance levels: 186-192-198.


The information that EUROCORP (henceforth the “Company”) provides via the web page, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

The use of web page is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Error Page

GlobalSoft Perquote Server

    Error 404:   

    The page requested not found!