EUROCORP

Financial Morning News 1/11/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,188.17 posting profits of 1.27%, in a turnover of €135.86mn.

The government said that the representatives of troika will return to Athens early next week as originally planned, rebuffing reports that the inspectors had put their visit on hold due to a dispute over Greece’s fiscal gap for next year and delays in the implementation of economic reforms. Finance Ministry sources said a meeting between Minister Mr. Yannis Stournaras and the troika mission chiefs had been scheduled for Tuesday.

S&P Dow Jones downgraded Greece to emerging market from developed. . The change will be effective as of September 2014 (Bloomberg).

The retail sales by volume fell 7.8% in August after a slightly revised 13.9% annual drop in July (ELSTAT).

Corporate Impacts

  • Aegean Airlines: The Company announced that it plans to strengthen its fleet and flying schedule up to the end of 2014, following the absorption of Olympic Air, which will lead to annual cost savings of €35mn, mostly from merging the two carriers’ administrative operations.
  • Greek Banks: According to PwC, NPLs have grown this year to more than twice the size of local banks’ capital, as they now amount to €65bn, while the capital base of domestic lenders stands at €30bn.The share of bad loans has exceeded 30% of all loans issued, up from 25% at end-2012 and 18%at end-2011.
  • Technical

    FTSE 25 November future:

      Support levels: 388-382-376. Resistance levels: 400-408-415.

    General Index:

      Support levels: 1,170-1,150-1,130. Resistance levels: 1,200-1,230-1,250.

    Disclaimer

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    The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

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