EUROCORP

Financial Morning News 19/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,000.81 posting marginal profits of 0.09%, in a turnover of €56.05mn.

The German Finance Minister Mr. Wolfgang Schaeuble said that the worst for Greece will be behind in 2014 and he reiterated that there will be not be a second debt haircut but said he was confident the country could start erasing some of its debts next year.

The current account surplus widened in July to €2.727bn from €0.508bn in the same month last year, helped by a smaller trade gap, bumper tourism revenues and inflows from eurozone central banks (BoG). Please note that the tourism receipts rose 12.3% y-o-y to €2.359bn in July.

Corporate Impacts

  • OPAP: Emma Delta is looking to tap bond markets to fund part of the €652mn purchase of 33% OPAP’s stake from the Greek government. Emma Delta could use its own money to pay the entire amount, but is considering raising between €250 and €350mn through a bond to improve its equity return (Reuters).
  • Technical

    FTSE 25 September future:

      Support levels: 338-332-326. Resistance levels: 350-358-366.

    General Index:

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

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