EUROCORP

Financial Morning News 12/06/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,307.26 posting losses of 1.18%, in a turnover of €266.59mn, as the International Monetary Fund report demands measures to plug Greece’s fiscal gap for 2015-16.

The central bank said that the Former Greek Finance Minister Mr. Yannis Stournaras is to become the next Bank of Greece governor.

Corporate Impacts

    • Alpha Bank: HFSF approved Alpha’s acquisition of Citibank’s Greek subsidiary and in the next two days the deal between the two lenders will be signed. Alpha will take charge of the branch network as well as Citibank’s loan portfolio in Greece. Note that at the end of 2013, Citi had 21 branches in Greece – 19 in Athens and two in Thessaloniki – and employed 944 people. Alpha will reap savings of €2bn, which break down to €1bn in deposits and €1bn in savings products.
    • Jumbo: The Group announced that the growth of sales of 11 months of this fiscal year (July 2013-June 2014) was roughly at the level of the first half (+7.23%) vs. estimates of 4% -6%. During April and May sales in Cyprus and Bulgaria continued to grow at double-digit rates, while sales in Greece increased slightly.

Technical

FTSE 25 June future:

        Support levels: 416-410-402. Resistance levels: 428-435-440.

General Index:

      Support levels: 1,285-1,260-1,250. Resistance levels: 1,330-1,340-1,355.

Disclaimer

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