EUROCORP

Financial Morning News 17/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 993.23 posting marginal profits of 0.18%, in a turnover of €44.51mn.

The Prime Minister Mr. Antonis Samaras will travel to Brussels to meet today with the leading EU officials, including the EU President Mr. Manuel Barroso, the European Council chief Mr. Herman Van Rompuy and the European Parliament President Mr. Martin Schulz. According to press reports, Mr. Samaras will stress to the EU officials that the government cannot adopt any more austerity measures.

Corporate Impacts

  • Piraeus Bank: Moody’s said that Piraeus’s voluntary redundancy scheme under which it will shed about 12% of its staff is likely to help improve its credit rating. It estimates that the relevant cost savings will be significant at around €110mn per year and the one-off redundancy costs will be around €100-130mn and expensed upfront this year.
    • Viohalco: The BoD decided to initiate the procedure for the cross-border merger by absorption of the company by a holding company, subsidiary of Viohalco, Viohalco S.A., based in Belgium. Within the framework of the above restructuring, the absorbing company Viohalco S.A., shall in turn absorb company Cofidin S.A., also a holding company based in Belgium, which holds 13.3% of the absorbed Greek company VIOHALCO-HELLENIC. The shares exchange ratio is set at one Viohalco S.A. share for one VIOHALCO –HELLENIC share. The new share will be traded on Euronext Brussels.
    • Technical

      FTSE 25 September future:

        Support levels: 334-328-320. Resistance levels: 346-352-358.

      General Index:

        Support levels: 980- 955-930. Resistance levels: 1,017-1,030-1,050.

      Disclaimer

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