EUROCORP

Financial Morning News 15/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,119.36 posting profits of 0.92%, in a turnover of €165.24mn.

The Eurogroup Chairman Mr. Jeroen Dijsselbloem said that no decision could be made on Greece until December when troika officials expect to have more comprehensive fiscal data.

The ECB member Mr. Joerg Asmussen said that Greece needs an extra €5bn-6bn to stay financed in the second half of 2014 and he added that the financing gap could fluctuate depending on how Greece’s flailing privatization program fairs. However, he ruled out any leeway from the ECB, saying it will not be able to roll over existing GGBs to ease financing demands on the bailed-out country.

In other news, the Finance Minister Mr. Yannis Stournaras said that Greece could overcome any financing gap in the future if the ECB and the eurozone’s central banks agree to rollover some of the Greek debt they hold.

The IOBE think tank said that Greece’s economy is expected to shrink by 4.1 to 4.2% this year, revising a previous July forecast which saw a recession as deep as 5%. It expects that the unemployment rate will average out at 27.5% this year, revising down a previous 28.3% forecast and mentioned that the Greek economy is very close to a stabilisation point.

Citigroup is cautious optimism around the Greek economy, which remains challenged but on the ground at least, the house believes there is a sense that “the worst is behind us”, while the rates of decline appear to be slowing.

Deutsche Bank estimates that the valuation of the security of the Greek GDP-linker is currently undervalued by 22%, with an estimated fair value of 1.45.

Corporate Impacts

  • Jumbo: Today, the 149,441 new shares (0.1% of current outstanding) stemming from bond conversion will commence trading. Please note that the conversion price was €4.52/share.
  • Technical

    FTSE 25 October future:

      Support levels: 365-360-355. Resistance levels: 380-388-395.

    General Index:

      Support levels: 1,100-1,090-1,070. Resistance levels: 1,130-1,159-1,180.

    Disclaimer

    The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

    The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

    The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

    Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Cannot retrieve http://vtickersrv.monopoly.gr/eurocorp.htm