EUROCORP

Financial Morning News 09/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,279.41posting significant profits of 3.34%, in a turnover of €165.33mn, as Greece officially assumed the rotating presidency of the European Council and after the expectations that the country is close to returning to the money markets.

The European Commission President Mr. Jose Manuel Barroso declared that Greece, after great sacrifices, is leaving the crisis behind it and urged the Greek government to stick to reforms that have been pledged in return for continued rescue funding from the country’s foreign creditors.

The Finance Minister Mr. Yannis Stournaras said that the Greek government intends to return to the money markets within 2014 to cover some of its needs and avoid a third bailout. He estimated the funding gap for 2014-15 at €11bn, adding that this could be covered without a third loan package.

The unemployment rate was 27.4% in September from 27.3% in August (Eurostat).

Corporate Impacts

  • Jumbo: The company informed investors that H1’13/14 revenues rose by 7.23% to €316.74mn performing ahead of expectations (+4-6%).
  • OTE: The company announced the completion of its voluntary exit schemes, in which a total of 1,827 employees participated. OTE estimates the net annual cost savings at €94mn.
  • Greek Banks: The draft bill for the rights issues of the banking sector is expected next week in the parliament.
  • Piraeus Bank: The bank announced that 603.280 warrants were exercised, corresponding to 2.700.125 common shares (0.053% of share capital).
  • Technical

    FTSE 25 January future:

      Support levels: 414-408-400. Resistance levels: 428-435-442.

    General Index:

      Support levels: 1,250-1,230-1,210. Resistance levels: 1,290-1,300-1,320.

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