EUROCORP

Financial Morning News 15/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,260.70 posting losses of 2.00%, in a turnover of €105.65mn. Political bickering over the privatization of the credit sector and a postponement to Eurobank’s share capital increase played a major role in the slide.

The Deputy Finance Minister Mr. Christos Staikouras said that Greece’s central government posted a primary budget surplus of €691mn in 2013 and will also post a surplus at the more closely-watched general government level, making it eligible for further debt relief.

JP Morgan sees the Greek stock market to continue its rally for three reasons: a) valuations remain low versus EM and DM peers, b) GDP is expected to grow in 2014, the first year of GDP growth since 2007 while bond yields can fall further and c) Greece is the biggest consensus UW market in EM with 2% of EM investors OW and 87% UW. Banks remain the bank’s favourite sector, adding Piraeus Bank to the CEEMEA Strategy Top 10 list.

Greece sold €1.625bn of three-month T-bills yesterday to roll over a maturing issue. The T-bills were priced to yield 3.75%, down from 3.90% in a December auction. The sale’s bid-cover ratio was 2.05, up from 1.92 in the previous sale.

Corporate Impacts

  • CCH: The company is moving ahead with investments totaling some €11mn in its domestic units, as well as to a restructuring of its production. With these moves, Coca-Cola HBC is seeking to illustrate that it plans to stay in Greece and to adjust production to changes in the market resulting from the financial crisis.
  • OPAP: Silchester International Investors LLP reduced its stake to the company to 4.97% from 5.01% previously.
  • Technical

    FTSE 25 January future:

      Support levels: 408-402-396. Resistance levels: 422-428-436.

    General Index:

      Support levels: 1,250-1,230-1,210. Resistance levels: 1,280-1,300-1,310.

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