EUROCORP

Financial Morning News 09/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 620.54 posting heavy losses of 3.62% in a turnover of €41.72mn.

The Greek President Mr. Karolos Papoulias handed the exploratory mandate to the head of SYRIZA party Mr. Alexis Tsipras to form a government after the leading New Democracy party failed to do so. Mr. Tsipras challenged the two parties PASOK and New Democracy to rescind their letters of guarantee to creditors saying that Greece would abide in full to the terms of the bailout deal.

The chief Democratic Left Mr. Fotis Kouvelis said that he will support SYRIZA in an anti-memorandum coalition government.

The German Foreign Minister Mr. Guido Westerwelle said that the terms of Greece’s bailout are not up for renegotiation and agreed policy changes in the country must be carried out.

The managing director of the IIF Mr. Charles Dallara said that he is optimistic about Greece’s long-term prospects, but estimates that the next few months will be a crucial test for Greece, as it failed to form a government, after the general elections on May 6.

Greece sold €1.3bn of six-month T-bills with the yield of 4.69% from 4.55% in the previous auction. The bid-cover ratio was 2.6, down from 2.62 in the April 10 auction.

Corporate Releases

  • 10/05: OTE, CCH, Frigoglass, BOC Q1’12 results
  • 10/05: Metka Ex-Dividend €0.75

Corporate Impacts

  • Banks: The SYRIZA’s Representative Mr. Dimitris Stratoulis said that party will nationalize banks and will use banks deposits in order to boost growth.
  • Alpha Bank: The Extraordinary General Meeting of Shareholders, which was held yesterday, was postponed for May 22, because the required quorum was not achieved.

Technical

    • FTSE 20 June future: Support levels: 220-214-208. Resistance levels: 234-242-250.

    Disclaimer

    The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, 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 eurocorp.gr 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.

Cannot retrieve http://vtickersrv.monopoly.gr/eurocorp.htm