EUROCORP

Financial Morning News 13/08/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 977.21 posting profits of 2.12%, in a turnover of €84.14mn.

The GDP shrank by 4.6% in the second quarter of 2013 after a contraction of 5.6% in the first quarter of 2013 (ELSTAT). This was the 20th consecutive quarter of negative growth for the Greek economy.

The Alternate Finance Minister Mr. Christos Staikouras said that central government achieved a primary budget surplus of €2. 567bn (1.4% of GDP) in the first seven months of 2013 against a target for a primary deficit of €3.141bn and €3.083bn last year .

The Prime Minister Mr. Antonis Samaras wrote to the Russian President Mr.Vladimir Putin to ask Gazprom to reduce the gas price at which it supplies Greece, which pays roughly 30% more than the European average for its natural gas.

Corporate Impacts

  • OPAP: The Hellenic Republic Asset Development Fund said that the Czech-led private equity consortium Emma Delta will acquire a 33% stake of OPAP for €652mn. The money raised from the sale will enter government coffers after the transaction has been approved by competition authorities.
  • Technical

    FTSE 25 August future:

      Support levels: 326-320-312. Resistance levels: 338-344-350.

    General Index:

      Support levels: 950-938-920. Resistance levels: 988-1,000-1,030.

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