EUROCORP

Financial Morning News 13/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 941.17 posting profits of 1.23%, in a turnover of €58.08mn.

The Finance Minister Mr. Yannis Stournaras said that Greece is close to overcoming its financial crisis and can look forward to the future with optimism, adding that Greece has covered two thirds of
the goal. However, he warned that Greece could still see more violent protests and that its creditors may have to accept that interest rates on the country’s loans are reduced so it can reduce its debts.

Corporate Impacts

  • Hellenic Petroleum: The chief executive of Gazprom and the Greek Prime Minister Mr. Antoinis Samaras discussed the company’s possible participation in the privatization of DEPA.The company did not provide any further details on the talks. We remind that Gazprom has expressed interest in DEPA, which is being sold as part of the Greece’s privatization program.
  • Frigoglass: The company announced losses of €14.96mn for 2012 (est: profits of 7.34mn), despite the increase of sales by 4.7% to €581mn (est: €573.75mn). The EBITDA reduced by 16.9% to €67.80mn (est: €69.12mn).
  • Technical

    FTSE 25 March future:

      Support levels: 304-300-295. Resistance levels: 314-320-324.

    General Index:

      Support levels: 926-910-880. Resistance levels: 958-970-992.

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