Financial Morning News 21/11/2013


The General Index in Athens Stock Exchange (ASE) closed at 1,136.65 posting losses of 0.74%, in a turnover of €80.73mn.

The Finance Minister Mr. Yiannis Stournaras and the troika representatives will fly to Brussels today for tomorrow’s Eurogroup. Tomorrow, the Prime Minister Mr. Antonis Samaras is scheduled to meet with the German Chancellor Merkel. Note that the government will also submit the 2014 draft budget to the parliament today.

Corporate Impacts

  • Mytilineos: The group reported Q3 revenues of €322mn (-16%), with EBITDA at €78mn (+128%) and net profits at €10mn from €2mn a year ago. Q3 results entail a) a €29mn one-off gain associated with the decision of RAE’s Permanent Arbitration Tribunal on the supply of electricity by PPC to the group subsidiary Aluminium SA, and b) a one-off capital loss of €13.4mn associated with impairment to the ELVO subsidiary.
  • Metka: The company reported Q3 revenues of €116mn (+5%), EBITDA of €19mn (+1%) and flat net profits of €11mn due to significantly higher-than-expected tax charges.
  • OPAP: It reported better-than-expected third quarter with net profits at €44.4mn (-61%) with Reuters consensus at €37.5mn, EBITDA at €70.8mn, down 54% and revenues of €897.6mn, up 1%.
  • Technical

    FTSE 25 November future:

      Support levels: 375-368-362. Resistance levels: 388-396-400.

    General Index:

      Support levels: 1,120-1,110-1,100. Resistance levels: 1,155-1,165-1,180.


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