EUROCORP

Financial Morning News 12/08/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 956.93 posting profits of 0.87%, in a turnover of €66.82mn.

The Finance Minister Mr. Yannis Stournaras said that Greece must achieve a budget surplus excluding interest payments and growth before it returns to bond markets and the euro zone needs a common debt market and a banking union to exit the debt crisis. He added that talks on Greek debt relief could start in November.

The industrial output raised 0.4% y-o-y in June after a downwardly revised 5.2% drop in the previous month (ELSTAT) .

Corporate Impacts

  • OPAP:According to press reports, TAIPED is expected to sign a purchase agreement with Emma Delta for the 33% stake in OPAP for €652mn plus the 2012 dividend of €60mn.
  • Aegean Airlines:According to Reuters, the company offered new concessions to gain EU antitrust approval for its second attempt to take over rival Olympic Air, indicating an earlier offer had failed to ease competition concerns over the deal.
  • Technical

    FTSE 25 August future:

      Support levels: 322-316-308. Resistance levels: 335-342-348.

    General Index:

      Support levels: 938-920-902. Resistance levels: 970-990-1,000.

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