GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,193.30 posting heavy losses of 3.98%, due to the bearish mood that dominated most European markets, in a turnover of €146.94mn. greek banks have been affected by concerns spreading across Europe regarding the outcome of the upcoming stress tests too.

According to press reports, the Finance Ministry will likely issue a three-year bond, hoping for an interest rate that will not exceed 3%.

Greece sold €1.63bn of six-month treasury bills yesterday. The T-bills were priced to yield 2.05%, down from 2.15% in a previous sale in June. The sale’s bid-cover ratio was 2.66, down from 2.70 in the previous sale.

Corporate Impacts

• CCH: Ex dividend €0.354 per share
• OTE: The company sold €700mn worth of 6-year bonds, which carry a 3.5% coupon, while demand exceeded €2.5bn. . The new issue will in part replace existing bonds maturing in February 2015 and May 2016.
• Terna Energy: Ex capital return €0.09 per share
• Jumbo: The company saw an 8% rise in sales for its fiscal year, helped by a robust performance in Cyprus and Bulgaria. The rise beat Jumbo’s guidance for annual sales growth of 4-6%.

Technical

FTSE 25 September future:

Support levels: 380-374-368. Resistance levels: 390-398-406.

General Index:

Support levels: 1,185-1,160-1,145. Resistance levels: 1,220-1,250-1,265.

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