EUROCORP

Financial Morning News 17/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,134.28 posting profits of 1.85%, in a turnover of €148.08mn.

The Greek Prime Minister MR. Antonis Samaras invited the Chinese business community to invest in Greece and take part in the Greek success story during an official trip to China where he is scheduled to hold talk with his Chinese counterpart Li Keqiang.

Corporate Impacts

  • Greek Banks: Fitch upgraded NBG, Piraeus Bank, Alpha Bank’s and Eurobank IDRs to ‘B-‘ from ‘CCC’, Short-term IDRs to ‘B’ from ‘C’ and Viability Ratings (VR) to ‘B-‘ from ‘F’. The agency has also revised the Greek banks’ Support Rating Floors (SRF) to ‘No Floor’ from ‘CCC’ and affirmed the Support Rating (SR) at ‘5’. These rating actions follow the banks’ recapitalization and a more stabilized macroeconomic environment in Greece, which is reflected in the agency’s upgrade of Greece’s sovereign rating to ‘B-‘ from ‘CCC’ with a Stable Outlook.
  • CCH: It reported flat volumes of 427mn with sales marginally lower at €1.43bn. Russia and the emerging markets had a strong quarter, whereas established and developing markets struggled. The net loss for the quarter stood at €15.9mn vs. losses of €19.1mn. The BoD proposed a dividend per share of €0.34 (dividend yield: 1.6%).
  • Technical

    FTSE 25 June future:

      Support levels: 380-372-366. Resistance levels: 394-400-408.

    General Index:

      Support levels: 1,100-1,070-1,050. Resistance levels: 1,150-1,200-1,250.

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