EUROCORP

Financial Morning News 14/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,286.47 posting losses of 0.77%, in a turnover of €108.20mn, putting an end to the seven day rally.

Greek consumer prices fell 1.7% in December after an increase of 0.8% a year earlier (ELSTAT).

According to the Foundation for Economic & Industrial Research (IOBE) think-tank, economic sentiment in December was at 90.9 points from 91.2 points in the previous month.

BP signed an agreement with the Greek state and Greek firm Energean Oil & Gas for the multinational to be the exclusive buyer of the oil output from the Prinos reserves in the northern Aegean for the next six years. The total value of the deal is estimated at €500mn. Note that BP left Greece in 2009, selling its commercial network in the fuel market to Hellenic Petroleum.

According to Insight Investment Management Ltd, the Greek government bonds may now be safer than Portuguese securities. The company would consider investing, should Greece proceed with a possible sale of five-year notes in the second half of the year.

Corporate Impacts

  • Greek Banks: Moody’s said that Greek banks’ funding pressures ease with declining Central Bank funding and figher deposits, which is credi positive.
  • OLP: According to press reports, the sale of the Piraeus Port Authority (OLP) is set to begin next week, with the government and state privatization fund TAIPED aiming to sell a 67% stake in Greece’s biggest port.
  • Technical

    FTSE 25 January future:

      Support levels: 420-412-404. Resistance levels: 432-438-444.

    General Index:

      Support levels: 1,270-1,250-1,230. Resistance levels: 1,310-1,320-1,350.

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