Financial Morning News 15/05/2013


The General Index in Athens Stock Exchange (ASE) closed at 1,073.47 posting profits of 0.77%, ended on a high unseen in the last 21 months, with banks again accounting for most of the day’s turnover, in a turnover of €108.25mn.

Fitch upgraded Greece’s sovereign credit rating to B- from CCC with a stable outlook, citing a rebalancing of the economy and progress in eliminating its fiscal and current account deficits that have reduced its risk of a euro zone exit. Nonetheless, sovereign debt relief and an easing of fiscal targets have lifted central bank measures of economic sentiment to a three-year high and the risk of eurozone exit have receded. Please note that Greece is rated B- with a stable outlook by S&P’s while Moody’s has a C rating on the credit.

Corporate Impacts

  • Jumbo: The company announced that 9M sales grew 0.41%, as the sales in Bulgaria were up, whereas sales in Greece and Cyprus were only marginally lower. The net profits amounted to €48m of in the 9M period (-28%), due to the Cypriot crisis.
  • Titan Cement: It reported a first-quarter loss of €27.1mn vs. a €19.4mn loss a year earlier. The sales rose 7.8% to €243mn, as continued weak demand in Greece offset signs of a recovery in the U.S. market.
  • Technical

    FTSE 25 June future:

      Support levels: 366-358-350. Resistance levels: 384-390-398.

    General Index:

      Support levels: 1,050-1,030-1,010. Resistance levels: 1,100-1,150-1,180.


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