EUROCORP

Financial Morning News 16/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,113.67 posting profits of 3.74%, after Fitch Ratings upgraded the country’s sovereign credit ratings. in a turnover of €143.17mn.

The economic output fell by 5.3% in the first quarter of 2013 from a contraction of 5.7% in the last quarter of 2012. Please note that the Greek economy is expected to shrink by about 4.5% of GDP this year.

The Prime Minister Mr. Antonis Samaras will be in China today and will hold talks with his Chinese counterpart Li Keqiang. He will be accompanied by 70 Greek businessmen from various sectors of the economy and representatives of Greece’s privatization fund. Mr. Samaras will be in China until Sunday, when he will fly to Azerbaijan, where he will discuss the Trans Adriatic Pipeline (TAP) with the country’s leadership.

Corporate Impacts

  • PPC: The government released its restructuring and privatization plan of the company, which should be completed by 2015. The plan includes three stages. The first one is the spin off of the transmission operator (ADMIE), the second one is the creation of a vertical “small PPC”, which will include 30% of the total activity of PPC and the third stage will include the privatization of PPC. The last stage will include the sale of 17% of PPC, leaving the state with 34%. .
  • Mytilineos: It reported Q1’13 net sales of €356.5mn vs. €358.6mn a year earlier, with EBITDA at €49.7mn, up 37% y-o-y and net profits at €10.4mn, up 5% y-o-y.
  • Cypriot Banks: The Cypriot economy contracted 4.3% in the first quarter compared with a year earlier, marking the seventh consecutive quarter of decline. Adjusted for seasonal factors and number of working days, GDP shrank 1.3% from the fourth quarter and 4.1% from a year earlier.
  • Metka: It reported a weak Q1’13 with revenues at €134mn, down 22% y-o-y, EBITDA at €22.9mn, down 17% y-o-y and net profits of €16.1mn, down 32% y-o-y.
  • Technical

    FTSE 25 June future:

      Support levels: 380-372-366. Resistance levels: 398-405-410.

    General Index:

      Support levels: 1,070-1,050-1,030. Resistance levels: 1,150-1,200-1,250.

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