EUROCORP

Financial Morning News 23/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 944.33 posting profits of 1.79%, in a turnover of €50.31mn.

The Finance Minister Mr. Yannis Stournaras said that he would brief coalition officials on the measures today before submitting the bill to Parliament on Thursday under an emergency procedure. The multi-bill will contain a series of “prior actions” agreed with the troika, including a contentious streamlining of the civil service. The vote must take place by Sunday as next week is Holy Week ahead of Orthodox Easter and Parliament will not be sitting. He added that Greece would have to approve the prior actions in time for a Eurogroup meeting on May 13, when an installment of €6bn is due to be approved.

The government debt declined from 170.3% of GDP in 2011 to 156.9% of GDP at the end of last year. The deficit rose from 9.5% of GDP in 2011 to 10% in 2012 (Eurostat).

Corporate Impacts

  • Frigoglass: It announced that the supply agreement with Coca-Cola Hellenic, which is scheduled to expire on December 31, 2013 has been renewed until December 31, 2018.
  • OPAP: Greece has given Greek-Czech fund Emma Delta until Thursday morning to raise its offer for gambling monopoly OPAP, as the privatization agency HRADF wants Emma Delta to raise its €622mn offer for a controlling 33% stake in OPAP to above €650mn.
  • Technical

    FTSE 25 June future:

      Support levels: 314-308-300. Resistance levels: 325-330-336.

    General Index:

      Support levels: 910-903-880. Resistance levels: 950-960-975.

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