EUROCORP

Financial Morning News 11/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 903.13 posting significant profits of 3.03%, in a turnover of €68mn, as there is optimism regarding the chances of NBG and Eurobank avoiding nationalization.

The Finance Minister Mr. Stournaras said that the negotiations with the troika were unlikely to be resolved by tomorrow’s informal Eurogroup summit in Dublin and would continue next week, as there are lots of issues still open. He insisted that there was no blockage in talks and that there would be no problem with the release of further rescue funding, though he gave no indication about when Greece will receive the two loan tranches of €2.8bn and €6bn respectively.

The government achieved a primary surplus of €508mn in the first three months of the year, which compares with a deficit target of €2.3bn for the quarter and a deficit of €334mn in the first quarter of 2012. The budget deficit amounted to €1.4bn from €7.3bn in 2012 and compared with a deficit target of €4.2bn n for this year’s first quarter. The revenue in the first quarter of 2013 was lower than in 2012, as had been expected, but was still “above target.”

The construction activity showed a 36.3% yearly drop in the number of building permits issued to 1,418 in January (ELSTAT).

Corporate Impacts

  • OPAP: The governing board chose Intralot as the winner of the tender for the listed firm’s technological support. The new five-year contract, amounting to €108mn will be signed within 20 days, once Intralot produces the necessary documents, a mere formality.
  • Greek Banks: The central bank governor Mr. George Provopoulos said that there is optimism that Alpha Bank and Piraeus Bank will be able to raise enough capital to maintain management autonomy despite being recapitalized by a state bank rescue fund. In addition, there is less optimism in the case of NBG and Eurobank. Furthermore, Mr. Provopoulos added that Greek bank deposits rose by more than €1.5bn in March, despite the Cyprus’s banking crisis.
  • Technical

    FTSE 25 June future:

      Support levels: 280-274-266. Resistance levels: 292-298-306.

    General Index:

      Support levels: 880-860-850. Resistance levels: 910-930-950.

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