EUROCORP

Financial Morning News 10/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 876.54 posting significant profits of 5.72%, in a turnover of €59.78mn.

The industrial production dropped 3.9% in February, after a rise of 4.2% in January. The manufacturing output dropped 0.4% compared with a year earlier, while production at mines and quarries decreased 1.1%. The electricity production fell 14.4% and water supply production was 1.3% down (ELSTAT).

The consumer inflation eased to an annual -0.2% pace in March from 0.1% in the previous month, its lowest reading since 1968. The EU-harmonized inflation also eased to -0.2 percent from 0.1 percent in February (ELSTAT).

Greece sold €1.3bnof six-month T-bills yesterday to roll over a previous issue with a yield of 4.25%, unchanged from a previous March 5 auction. The sale’s bid-cover ratio was 1.6, down from 1.64 in the previous auction (PDMA).

Corporate Impacts

  • NBG: Its executive board will continue the meeting today, because the board will need to be better informed about finding private investors to participate in the capital increase and to complete the technical preparations for the mix of new shares and convertible bonds (CoCos) to be used for drawing the necessary funds. The general meeting during which the definitive decisions will be taken has been scheduled for Monday, April 29.
  • Greek Banks: Fitch said that the completion of the recapitalization process for Greek banks should contribute to their funding stability. If they can achieve sufficient private-sector participation, it could send a signal of improved investor confidence and eventually provide opportunities for them to access capital and wholesale funding markets. This development would be positive for their credit profile.
  • Eurobank: Its extraordinary general meeting of shareholders, at which the capital increase will be decided, has been scheduled for April 30. In addition, there are rumors that Marfin Investment Group might participate in the recapitalisation process.
  • Technical

    FTSE 25 June future:

      Support levels: 270-265-258. Resistance levels: 282-290-296.

    General Index:

      Support levels: 850-840-810. Resistance levels: 890-910-950.

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