EUROCORP

Financial Morning News 11/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 819.54 posting losses of 2.24%, in a turnover of €46.07mn.

The deputy CDU leader Mr. Michael Fuchs in parliament said that he sees the possibility of offering Greece new debt aid terms in 2014 or 2015 on the proviso its economy grows.

The budget deficit at the central government in the first six months of the year amounted to €1.5bn, down from €3.3bn in the year-earlier period and vs. an interim target of €3.9bn (Reuters).

The industrial production fell 4.6% in May from a decline of 3% a year earlier (ELSTAT).

Greece’s public television signal was back on air yesterday, nearly a month after the government shut down the country’s state broadcaster ERT to cut costs. The government intends to run a temporary program until it can hire staff for a new broadcaster by autumn. Please note that ERT’s demise caused a major political crisis and nearly brought down the government. Meanwhile, Greek public and private sector unions said that they would hold a 24-hour strike on July 16 to protest against planned public-sector job-cuts, after the government backed the bill in principle.

Corporate Impacts

  • Jumbo: The company announced that its sales rise slightly by 1.60% (target: 0-2%) €502.20mn for the financial year that ended on June 30. Sales in Cyprus dipped 1.14%, but rose by double digits in Bulgaria.
  • Greek Banks: Nonperforming loans issued by Greek banks soared in the first quarter of the year, as according to a draft report by the representatives of the country’s creditors, delayed loans amounted to 29% at the end of March from 24.2% at end-December.
  • Technical

    FTSE 25 September future:

      Support levels: 276-270-264. Resistance levels: 288-296-302.

    General Index:

      Support levels: 810-790-760. Resistance levels: 836-860-884.

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