EUROCORP

Financial Morning News 21/6/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 603.04 posting profits of 0.49%, as the conservative New Democracy leader Mr. Antonis Samaras sworn in as Prime Minister, after the agreement was reached for a coalition government with Pasok and Democratic Left, in a turnover of €83.15mn. Nevertheless, the banking index lost 10.09%, as it became “a case of buy the rumor and sell the fact”.

A spokesman for the German government said that the German Chancellor Angela Merkel will wait until the troika of Greek creditors returns from its upcoming mission to the indebted nation and presents its findings before making any further decisions.

The Bundesbank President Mr. Jens Weidmann said that Greece must bring its reform program back on track if an assessment by the troika comes to the conclusion that it has fallen off the rails was quoted.

Corporate Impacts

  • Intralot: It concluded a forward start facility agreement for €300mn. The new Facility, which exceeded the initial target of €250mn, will mature in December 2014.
  • Cypriot Banks: An EU diplomat said that Cyprus will ask Russia for a loan of between €3bn and €5bn before the weekend and will then request aid from its euro-zone partners for its ailing banks.
  • Hellenic Petroleum: DEPA has secured €100mn in bank loans to pay for deliveries until the end of August.
  • Alpha Bank: The bank denied press reports that it was in talks to acquire parts of Emporiki Bank, majority owned by France΄s Credit Agricole.
  • Technical

    FTSE 20 September future:

      Support levels: 218-212-202. Resistance levels: 236-242-250.

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