EUROCORP

Financial Morning News 15/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,207.82 posting heavy losses of 3.44%, in a turnover of €149.26mn.

The general government deficit reached €23.1bn or 12.7% of GDP in 2013. The general government debt at a nominal value amounted to €318.7bn or 175.1% of GDP (ELSTAT).

The Deputy Finance Minister Mr. Christos Staikouras said that the central government posted a primary budget surplus, before interest payments, of €1.6bn in the first quarter, widening by more than three times from the same period last year. The reading was also far above an interim €878mn surplus target for January to March.

Corporate Impacts

  • Greek Banks: ECB funding to Greek banks fell further in March to €57.81bn from €59.42bn in the previous month, while emergency liquidity assistance from the Bank of Greece (ELA) dropped to €2.88bn from €8.57bn over the same period.
  • Eurobank Properties: The General meeting approved the distribution of a dividend of €0.18 per share.
  • NBG: The BoD may convene today to announce the EGM (reported date is May 9-10) for a share capital increase of around €2.5 bn. The bank is expected to submit to BoG today its capital plan targeting to cover the €2.183bn capital requirement.
  • Technical

    FTSE 25 April future:

      Support levels: 385-380-375. Resistance levels: 398-405-410.

    General Index:

      Support levels: 1,200-1,190-1,180. Resistance levels: 1,235-1,250-1,280.

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