EUROCORP

Financial Morning News 09/08/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 948.72 posting profits of 2.46%, in a turnover of €53.74mn.

The US President Mr. Barack Obama, after his meeting with the Greek Prime Minister Antonis Samaras, called on Greece to balance austerity with growth as it seeks to recover from financial crisis. He said that Mr. Samaras agreed that Greece must also pursue ways to grow its economy and create jobs and he commended Mr. Samaras for taking bold steps to reduce his country’s debt. Mr. Obama said that he will have a press conference today.

The unemployment rose to another record high in May to 27.6% from 27% in April and 23.8% a year earlier (ELSTAT).

Corporate Impacts

  • ΟΤΕ:The net income for Q2’13 stood at €57.2mn from €94.6mn million in the same period last year, as it continues to suffer from tough regulation, sharp competition and severe austerity in its two main markets, Greece and Romania. The sales dropped at an annual pace of 8.6% to €1.003bn, weighed by lower call prices imposed by regulators.
  • COCA COLA:The company announced net profits of €111mn (+3%) for H1’13, while the net sales amounted to €3.38bn (-1%). Volume declined by 2% in Q2’13. A 2% volume increase in emerging markets was more than offset by a 6% volume decline in established markets and a 3% decline in developing markets. The Board of Coca-Cola has decided on new progressive dividend policy effective from 2014 onwards. The company’s targeted payout ratio on comparable net profit will be in the range of 35-45% over time.
  • Technical

    FTSE 25 August future:

      Support levels: 322-316-308. Resistance levels: 334-340-344.

    General Index:

      Support levels: 930-914-902. Resistance levels: 955-970-990.

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