EUROCORP

Financial Morning News 21/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 821.23, posting marginal profits of 0.04%, in a turnover of €52.69mn.

The eurozone finance ministers did not agree with the IMF managing director Ms. Christine Lagarde on how to reduce the Greek debt and agreed to meet again on Monday to try to resolve the issue. The Eurogroup acknowledged the steps taken by Greece to meet its program targets but said it would have to debate further what action to take next.

According to the Finance Ministry statement, the 10-month budget deficit came at €12.3bn, 41.9% lower than the same period last year and €1.1bn better than the government’s target. The primary deficit stood at €1.1bn, 80.5% lower than last year and €1.1bn better than the target. The central government debt for the third quarter of 2012 remained stable at €303.5bn, virtually unchanged from the previous quarter.

A German senior conservative lawmaker said that Bundestag lower house of parliament will vote on the release of the latest tranche of aid for Greece next week and Chancellor Angela Merkel’s conservatives are confident it will be approved.

Corporate Releases

    Mytilineos, Metka Q3’12 results

    Corporate Impacts

    • OPAP:The net profit for Q3’12 declined to €113.6mn, down from €135.4mn a year earlier, beating the forecast of €108mn. The revenue fell 11.3% to €891.3mn from €1bn, while EBITDA were 14.4% lower at €155mn, due to lower revenues and increased pay-outs on the Stihima sports betting game. The distribution costs were down 26.1% on sharply reduction in donations and advertising, reflecting management’s ongoing efforts to further optimize the cost base throughout 2012.
    • Technical

      FTSE 20 December future:

        Support levels: 288-282-276. Resistance levels: 300-308-316.

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