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.

      Disclaimer

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      The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

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