EUROCORP

Financial Morning News 18/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 907.47 posting losses of 1.27%, in a low turnover of €40.27mn.

The political leaders are to meet again on Wednesday to discuss a cabinet reshuffle and better coordination within the government. The PASOK leader Mr. Evangelos Venizelos said that a reshuffle is urgently needed, while the leader of the other junior partner in the coalition, Fotis Kouvelis said that all state broadcaster ERT channels must reopen immediately following a court ruling yesterday.

The German Finance Minister Mr. Schaeuble said that troika and Europe will continue to support Greece. Mr. Schaeuble will visit Athens shortly.

Moody’s said that Greece faces credit negatives from fraying political consensus caused by the state broadcast company closure and slippage from the privatization programme.

Corporate Impacts

  • Intralot: It started a series of meetings with investors, with the aim of issuing a projected €300mn five-year bond. Proceeds of this bond issue will be used to buy back €200mn of an old bond maturing this year. Citigroup and HSBC will be lead managers on the bond.
  • Piraeus Bank, Attica Bank: The trading of rights ends today, while the subscription period ends on June 25.
  • Technical

    FTSE 25 September future:

      Support levels: 300-294-286. Resistance levels: 316-324-332.

    General Index:

      Support levels: 880-845-810. Resistance levels: 950-980-1,010.

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