EUROCORP

Financial Morning News 22/02/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 996.30 posting heavy losses of 4.15%, in a low turnover of €84.17mn.

The ECB said that it made €555mn last year from Greek sovereign bonds acquired under its first bond-buy plan, a sum that suggests billions in profits from the program that could be passed on to Greece.

Corporate Impacts

  • Cypriot Banks:The head of the euro zone’s bailout fund Mr. Klaus Regling said that Cyprus’s debt crisis risks spreading to other euro zone countries, urging a rapid decision on aid for the country. In other news, the front-runner to be Cyprus’s next president Mr. Nicos Anastasiades said that reaching agreement with Russia on its participation in a financial rescue for Cyprus will be his first and immediate priority if he wins on Sunday.
  • Piraeus Bank:The bank is aiming to have a deal with Millennium Bank completed today, with the terms of the agreement to be published immediately. According to sources, Piraeus Bank will receive additional funds of €270mn as a part of the transaction, while the Portuguese shareholders will provide the €400mn required for the Millennium’s recapitalization as determined by the Bank of Greece.
  • Technical

    FTSE 25 March future:

      Support levels: 330-324-318. Resistance levels: 342-350-355.

    General Index:

      Support levels: 992-970-960. Resistance levels: 1,018-1,030-1,050.

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