GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 1,231.25 posting profits of 1.33%, in a turnover of €131.86mn.
- ELPE: The Aspropyrgos Refinery is set to receive natural gas supplies following a deal signed between its operator, Hellenic Petroleum, and the Hellenic Gas Transmission System Operator (DESFA). The project’s budget is estimated at €800k, while the venture is expected to be completed by September.
- NBG: The book building for the up to €2.5bn capital increase ends today. The allocation is expected to be announced tomorrow, while the EGM on May 10 will announce the offering price and will approve the capital increase. The new shares are expected to be listed and traded on the ASE by May 20. According to Reuters, the offering is subscribed by more than one time so far.
- PPC: It raised 5.58%, after the Goldman Sachs report which upgraded its recommendation for PPC stock from “neutral” to “buy” and price target of €13.40.
- Eurobank: The Capital Market Commission warned of extensive checks on the buyers and sellers of the lender’s stock.
- Frigoglass: The company announced net losses of €3.4mn in Q1’14 vs. profits of €3.6mn a year earlier. The sales decreased by 11.6% to €124.2mn, due to significantly lower cooler sales in Asia, and primarily in India. EBITDA margin decline of 150bps mainly due to unfavourable raw material mix in Jebel Ali glass business.
FTSE 25 May future:
- Support levels: 390-385-378. Resistance levels: 402-410-416.
- Support levels: 1,215-1,200-1,180. Resistance levels: 1,245-1,260-1,280.
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