EUROCORP

Financial Morning News 08/05/2014

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.

Corporate Impacts

    • 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.

Technical

FTSE 25 May future:

        Support levels: 390-385-378. Resistance levels: 402-410-416.

General Index:

      Support levels: 1,215-1,200-1,180. Resistance levels: 1,245-1,260-1,280.

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.

Error Page

GlobalSoft Perquote Server 1.0.2.9

    Error 404:   

    The page requested not found!