EUROCORP

Financial Morning News 14/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 775.72 profits of 0.37%, in a turnover of €83.24mn.

Greece sold €4.06bn of one and three month T-bills yesterday to roll over a €5bn issue that comes due November 16. Precisely, PDMA sold €2.762bn of one-month T-bills priced to yield 3.95% and €1.3bn of three-month at 4.2%, four basis points below a previous sale in October. The three-month auction’s bid-cover ratio was 1.66 from 1.90 previously. The rest of the €5bn will be supplemented by the sale of non-competitive bids over the next two days.

The IMF senior official Mr. David Lipton said that the IMF is on Greece’s side in seeking to reduce the country’s debt to manageable levels and will continue to debate with euro zone governments about the best way to achieve this.

According to Bild-Zeitung, Greece would get a lump sum of over €44bn in aid under a German proposal to bundle remaining bailout instalments this year. The German finance ministry was not immediately available for comment.

The Spanish Finance Minister Luis de Guindos said that the debt load of Greece must be reduced, so that the country can hit the target of lowering its debt-to-GDP ratio to 120% by 2020 and he added that the rising uncertainty on the disbursement of Greek aid funds is driving the borrowing costs of other ailing EU economies including Spain.

Corporate Impacts

  • Cypriot Banks: The Finance Minister Mr. Vassos Shiarly said that Cyprus could request a bailout by international lenders by the end of this week, once an assessment by the Troika is complete.
  • Frigoglass: It reported weak Q3 12 results. The consolidated net sales for the first nine months of the year were in line with the prior year period at €438.9mn. EBIT declined by 28.6% to €31.6mn, while EBIT margin contracted by 290 basis points y-o-y to 7.2%. Net profit amounted to €6mn in the nine months of 2012, compared to €19.5 million last year. The profitability was negatively impacted by low utilization rates at manufacturing facilities and a worse geographical mix.
  • Technical

    FTSE 20 December future:

      Support levels: 272-266-260. Resistance levels: 286-296-300.

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