EUROCORP

Financial Morning News 11/09/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 726.05 posting significant profits of 4.70%, in a turnover of €80.72mn.

The Prime Minister Mr. Antonis Samaras after his meeting with troika inspectors said that it was a “tough and sticky” meeting over the €11.5bn euro austerity package. The Finance Minister Mr. Yannis Stournaras said afterwards that efforts were being made to convince the troika of the legitimacy of the government’s position. He will meet with troika again on Wednesday. Mr. Samaras will meet with the ECB president Mr. Mario Draghi, in Frankfurt today.

The French Finance Minister Mr. Pierre Moscovici said that a Greek exit from the Eurozone was not an acceptable solution. Mr. Moscovici would head to Athens on Thursday for meetings with the Greek Prime Minister Antonis Samaras and other officials.

The EU’s top economic official Mr. Olli Rehn said that the lower labour costs and inflation indicate that a rebalancing is taking place in the country and stressed the need to keep Greece in the euro area.

Corporate Impacts

  • Hellenic Telecom:According to press reports, the sale of Hellenic Post (Greece’s postal service) will begin by the end of the year. Interest in the company is strong and potential buyers include Belgium’s Bpos and Dutch PostNL, while Greek companies ACS, Speedex SA and Star Investments are also likely to take part in the process.
  • Technical

    FTSE 20 September future:

      Support levels: 260-252-244. Resistance levels: 274-282-290.

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