EUROCORP

Financial Morning News 23/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,080.65 posting losses of 0.94%, in a turnover of €113.47mn.

The Greek government appeared satisfied with the outcome of Wednesday’s European Union leaders’ summit in Brussels as it appeared to back the government’s plans for gas and oil exploration in the Aegean. The summit focused on energy issues and tax evasion.

The current account balance showed a deficit of €1.3bn in March (-42.5%) year-on-year, The trade deficit contracted by €36mn, mainly as a result of a €377mn decrease in the net oil import bill. Receipts from exports of goods excluding oil and ships rose by 4.1%, while the corresponding import bill fell by 5.6%. The income account deficit shrank by €490mn, almost exclusively owing to a decline in net interest, dividend and profit payments (BoG).

Corporate Impacts

  • OPAP: The company will release Q1’13 results today. It is estimated that the net profits will be €40mn (-70%), while the sales will be €900mn (-15%).
  • NBG: The Capital Markets Commission approved the bank’s bulletin regarding its share capital increase, making today the last day of trading for the bank’s old stock on the ASE. Trading of NBG’s stock will cease as of tomorrow and for a total of four sessions as the bank launches a 10-to-one reverse split allowing investors to start trading on NBG’s shares again from Thursday, May 30.
  • Technical

    FTSE 25 June future:

      Support levels: 368-362-355. Resistance levels: 385-394-400.

    General Index:

      Support levels: 1,055-1,030-1,010. Resistance levels: 1,120-1,160-1,180.

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