EUROCORP

Financial Morning News 2/12/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,195.68 posting profits of 1.26%, in a turnover of €108.32mn.

Moody’s upgraded Greece’s credit rating by two-notch upgrade from C to Caa3 with stable outlook. The rating upgrade reflects the country’s significant fiscal consolidation, improvement in its medium-term economic outlook and a significant reduction in the government’s interest burden.

The spokesman for European Economic Affairs Commissioner Olli Rehn Mr. Simon O’Connor said that troika officials do not have any intention of returning to Athens before the December 9 Eurogroup. The Greek side is now aiming to reach an agreement with the troika in the days after the meeting of eurozone finance ministers. There are several key issues such as the lifting of a moratorium on home foreclosures, voting a new property tax through Parliament, agreeing on measures to cover next year’s fiscal gap, removing restrictions on mass dismissals and finalizing a plan for the future of Hellenic Defense Systems (EAS).

According to press reports, Greece is hoping to make substantial progress in its efforts to conclude the latest review of its adjustment program in time for the Eurogroup meeting due to take place on December 18 and the EU leaders’ summit two days later.

Corporate Impacts

  • Piraeus Bank: The Bank posted a €3.2bn profit in the first nine months of the year, thanks to a one-off gain from taking over Cypriot bank units. The bank’s provisions for loans and other assets reached €1.68bn.
  • Eurobank: The bank posted a €285mn loss in the third quarter compared to €223mn in the same period last year. hurt by provisions for nonperforming loans. The bank booked €1.26bn in bad loan provisions in the first nine months of the year, up slightly from €1.21bn in the same period last year.
  • EYDAP: The company reported net profits of €74.8mn (+56.3%) due to deferred tax of €19.9mn and sales of €264.1mn (-1.7%) in 9M’13 results.
  • Technical

    FTSE 25 November future:

      Support levels: 390-382-376. Resistance levels: 400-408-412.

    General Index:

      Support levels: 1,180-1,165-1,150. Resistance levels: 1,210-1,230-1,250.

    Disclaimer

    The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

    The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

    The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

    Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Error Page

GlobalSoft Perquote Server 1.0.2.9

    Error 404:   

    The page requested not found!