EUROCORP

Financial Morning News 12/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 926.91 posting significant profits of 2.63%, in a turnover of €66.17mn.

The rate of unemployment sharply rose in January to a record high of 27.2 a downwardly revised 25.7% in December (ELSTAT). Greece’s unemployment rate was the highest of any euro-zone nation and more than doubles the average rate for the bloc as a whole, which was 12.0% in January.

The Administrative and Reform Minister Mr. Antonis Manitakis said that talks with the troika over the overhaul of the public sector will be finalized next week.

Corporate Impacts

  • Intralot: The are rumors that the compnay will pull out of the running for OPAP’s state stake. Nevertheless, the company refuted the rumoros.
  • NBG, Eurobank: S&P’s affirmed its ‘CCC/C’ long- and short-term counterparty credit ratings on both banks. The outlook is negative. The affirmation follows the banks’ announcement that they would be recapitalized independently of each other. Furthermore, Moody’s argued that two banks’ inability to attract private capital is credit negative for the banks and will likely translate into full nationalization of the two banks by abolishing their private-sector shareholder structure and management autonomy.
  • Alpha Bank: The bank will hold its second repeat shareholders meeting on April 16 to seek approval for a €4.57bn capital increase. The bank did not achieve the necessary quorum in its first repeat meeting yesterday.
  • Technical

    FTSE 25 June future:

      Support levels: 294-286-280. Resistance levels: 308-312-318.

    General Index:

      Support levels: 910-880-860. Resistance levels: 950-960-975.

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