Financial Morning News 20/06/2013


The General Index in Athens Stock Exchange (ASE) closed at 917.62 posting marginal losses of 0.04%, in a turnover of €37.87mn.

The political coalition leaders will meet again today (20:30) to resolve an impasse over last week’s closure of state broadcaster ERT.

The discussions between the government and the troika should resume by the end of June after “technical work” is completed. The lenders said in a statement that a mission from the troika that has been reviewing the government’s economic program has made important progress.

According to data released by the Association of Greek Tourism Enterprises (SETE), during the January-May period, the tourism sector observed a rise of 6.05% in arrivals compared to the previous year, while the tourism sector is hoping to accommodate some 17 million international visitors this year.

Corporate Impacts

  • Eurobank Properties: The Canadian investment firm Fairfax will raise its stake in the company to 42% percent from 19.1% today. Under the deal, the company will proceed with a rights offering of about €200mn at €4.80 a share, with Fairfax exercising its own rights and purchasing Eurobank’s rights for €20mn. After the capital increase Eurobank will hold about 33.5% in the real estate firm provided all other shareholders exercise their rights. As part of the deal, the two sides will agree that Eurobank will retain management control at Eurobank Properties until June 2020, with Fairfax represented at the firm’s board with customary veto rights.
  • OPAP: A privatization agency official said that Greece aims to sell its state lottery business by the end of June, clearing the way for country to privatize its betting monopoly OPAP. Please note that Greece agreed last month to sell a 33% stake in OPAP to Greek-Czech fund Emma Delta for €712mn, the first major privatization under its foreign bailout.
  • Cypriot Banks: An EU official said that the Euro-zone finance ministers are unlikely to make major changes to Cyprus’s bailout program, in response to a request from the Cyprus’s president Mr. Nicos Anastasiades for help easing a cash crunch at the island’s biggest lender.
  • Technical

    FTSE 25 September future:

      Support levels: 306-300-294. Resistance levels: 320-330-336.

    General Index:

      Support levels: 900-880-845. Resistance levels: 935-950-980.


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