EUROCORP

Financial Morning News 21/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,135.83 posting losses of 1.46%, in a turnover of €151.79mn.

After the Prime Minister Mr. Antonis Samaras’s visit to Baku on Sunday, the government is hopeful that Azerbaijan will choose to transport its natural gas via the Trans Adriatic Pipeline (TAP), which will pass through Greece. Please note that according to a study by IOBE, Greece will see investments of €1.5bn as a result of the pipeline with the direct creation of 2k jobs, while another 10k would be created indirectly.

The new orders index in industry fell by 12.7% in March compared to a year earlier (ELSTAT).

Corporate Impacts

  • Piraeus Bank: It reported net profits of €3.62bn compared with €46mn in the same period a year earlier. The figure included €3.41bn goodwill write-back from the Cypriot takeover and a deferred tax asset of €540mn. Excluding the one-off gain, the bank said it lost €336mn before taxes. The bank’s loan-loss provisions rose to €506mn in the first quarter from €296mn a year earlier, with its ratio of NPL) rising to 31% of its loan book from 23.3% in December.
  • NBG: The bank proceeds to reverse split 1 new share for every 10 shares. The price of new shares is at €4.29 of €0.429 before reverse split and the bank will issue 2.2 new shares for 1 old share.
  • Technical

    FTSE 25 June future:

      Support levels: 382-374-368. Resistance levels: 398-406-410.

    General Index:

      Support levels: 1,115-1,105-1,070. Resistance levels: 1,160-1,180-1,250.

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