EUROCORP

Financial Morning News 20/06/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,286.99 posting profits of 1.31%, in a turnover of €149.43mn, due to the favorable news such as the deals with China.


Moody’s said that the beat of the primary surplus in comparison with the stated targets in the period January-May is credit positive.

Corporate Impacts

    • PPC, Titan Cement, FF Group: AGM .
    • Metka: Ex DPS (€0.30 per share).
    • Greek Banks: Moody’s said that the lower reliance of the Greek Banking system on Central bank funding is credit positive.
    • Eurobank: The bank issued a €500mn four-year bond at an initial yield of 4.375%. The bond is rated Caa2 by Moody’s, CCC+ by Standard & Poor’s and B- by Fitch.
    • Alpha Bank: The stock will be added to Stoxx 600 index.
    • Lamda Development: The company announced the terms of the capital increase of €150mn. The price will be at €4.25 (0.7946 new shares for 1 old). In other news, the company sold its own shares (7.88% of share capital or 3.497mn shares) at €4.85.
    • Attica Bank: The bank is making plans for a share capital increase of at least €300mn and will seek to cover the rest of its capital requirements through the reduction of operational costs and the creation of internal capital. According to its needs as determined by BoG, Attica has to boost its capital base by €397mn (baseline scenario) or €434mn (adverse scenario).

Technical

FTSE 25 September future:

        Support levels: 410-405-396. Resistance levels: 422-430-435.

General Index:

      Support levels: 1,265-1,250-1,240. Resistance levels: 1,305-1,330-1,350.

Disclaimer

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