EUROCORP

Financial Morning News 23/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 846.80, posting profits of 1.99%, in a turnover of €77.68mn.

The Bundestag is expected to vote on approving further aid for Greece on Friday November 30 (Dow Jones Newswires).

The European economics commissioner Mr. Olli Rehn said that there is no reason that the euro-zone governments cannot sign off an aid package for Greece on Monday. He also said that Greece had taken the structural and fiscal reform actions it had committed to and now it was time for its international partners to “deliver their part of the bargain.

The French Finance Minister Mr. Pierre Moscovici said that a deal on Greek debt would be reached on Eurogroup Monday.

The Prime Minister Mr. Antonis Samaras said that the delay in the final decision among Greece’s creditors on how to cut its debt to sustainable levels is harmful for the Greek economy and the markets. He added that he is not worried about receiving the aid tranche.

Corporate Impacts

  • ELPE:The net profit for the third quarter stood at €63mn from a €17mn in the previous year, higher than the €45.3mn profit forecast, as robust refining margins, exports and cost controls more than offset slumping fuel demand. The management expects that the new upgraded refinery at Elefsina will boost results from the fourth quarter. The company also said it was about to complete deals to refinance the biggest part of about €1.25bn of debt due by the end of March 2013. ELPE has already received commitments for more than €700mn out of a total €750mn of new loans it plans to take.
  • Cypriot Banks:The president of Cyprus Mr. Demetris Christofias said that the country is very close to signing a bailout deal with the troika, as the remaining differences will be bridged very soon. We remind that troika left yesterday from Cyprus after two weeks of negotiations. The talks are expected to continue by teleconference. Furthermore, the Finance Minister Mr. Vassos Shiarly said that Cyprus may need as much as €17.5bn.
  • Technical

    FTSE 20 December future:

      Support levels: 298-292-286. Resistance levels: 310-318-322.

    Disclaimer

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