GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 1,123.62 posting heavy losses of 4.63%, in a turnover of €459.85mn
The first round of Greece’s local elections produced a mixed result that allowed both the governing parties, New Democracy and PASOK, as well as the main opposition, SYRIZA, to claim that they had performed well ahead of the second round on Sunday, when European Parliament elections will also be held.
The center-right candidate for European Commission president Mr. Jean-Claude Juncker declared that SYRIZA leader Mr. Alexis Tsipras would not make a good Greek Prime Minister as he would not cooperate effectively with the commission.
- Cypriot Banks: The talks between the government of Cyprus and representatives of its international creditors on the financial sector concluded and negotiations on the fiscal front got under way with the aim of reaching a conclusion over the weekend. Sources say that the disbursement of the next bailout tranche, amounting to €186nm will depend on three factors: the voting on the regulations for the Fiscal Council, the voting on the law for the composition of the Streamlining Authority, and the submission of a report to the OECD by the end of the month.
- Coca-Cola HBC: The company reported a net loss of €35.8mn in the first three months of the year, excluding restructuring and other one-off items vs. estimates of a €17mn, hurt by currency losses mainly in its Ukrainian operations. The currency losses would be around €90-100mn this year vs. the €51-70mn projected in February. It reiterated its guidance for free cash flow of about €1.3bn in the 2013-15 period.
FTSE 25 June future:
- Support levels: 345-340-335. Resistance levels: 358-364-372.
- Support levels: 1,070-1,050-1,030. Resistance levels: 1,110-1,130-1,150.
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