EUROCORP

Financial Morning News 13/09/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 770.53 posting significant profits of 5.33%, in a turnover of €127.26mn, buoyed by a German court ruling that ratification of the ESM is constitutional coupled with conditions to limit the country΄s potential liabilities towards fiscally-strapped euro zone economies.

The Finance Minister Mr. Yannis Stournaras after a meeting with troika officials said that there was progress, but the two sides have yet to reach an agreement on some €11.5bn of cuts over the next two years.

The president of the European Commission Mr. Jose Manuel Barroso said that Greece can be saved if it does everything to dispel doubts about its dedication to reform and other states leave no doubt about their commitment to keep the country in the eurozone.

Greece’s Hellenic Republic Asset Development Fund has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid (Bloomberg).

Corporate Impacts

  • Jumbo:During a presentation to local institutional investors and analysts, Jumbo reiterated guidance for top line growth of 0%-2% this year and net profits of €70mn from €97mn a year ago.
  • Cypriot Banks:The Russian Finance Minister Mr. Anton Siluanov said that a decision on a potential loan to Cyprus will not be taken in the near future.
  • Greek Banks:According to Kathimerini, the Greek Finance Minister Mr. Yannis Stournaras approved an opinion by legal counsel that the country’s banks must pay the state an annual 10% dividend on preference shares. The banks will have to pay a combined total of €500mn a year on preference shares.
  • Technical

    FTSE 20 September future:

      Support levels: 286-280-272. Resistance levels: 296-302-310.

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