EUROCORP

Financial Morning News 14/01/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 979.72 posting losses of 0.52%, in a turnover of €72.04mn.

The Parliament passed the tax legislation and it will have to approve today more reform laws, as the Euro Working Group is due to begin preparations for a Eurogroup meeting on Monday January 21.

Economic Releases

    Prices of industrial importsof November (ELSTAT)

    Corporate Impacts

    • NBG: It announced that its share swap offer to buy Eurobank (58 new shares for every 100 shares of Eurobank) would run from January 11 to February 15.
    • PPC:The average total increase amounts to 8.6 to 9.2% for most households, while for commercial, agricultural and industrial consumers the increase amounts to 10-15%. In addition, further rate hikes are expected on May 1 and on July 1. We remain that the full liberalization of the electricity industry on July.
    • OPAP: The betting agents suspended their industrial action after receiving assurances from the government regarding their main demand. The five-day strike cost OPAP more than €40mn.
    • Piraeus Bank: The bank will seek shareholder approval on January 21 for its contingent convertible bond issue of up to €2bn. We remind that BoG has set Piraeus’s total new capital requirement at €7.3bn.

      • Technical

      FTSE 20 December future:

        Support levels: 330-324-318. Resistance levels: 344-350-358.

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