EUROCORP

Financial Morning News 24/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 526.39 posting losses of 1.79%, in a turnover of €30.54mn.

French President Francois Hollande said Wednesday he would do everything to keep debt-hit Greece in the eurozone after talks with Spanish Prime Minister Mariano Rajoy.

Three euro zone officials told Reuters the EWG instructed members of the single currency area to prepare individual contingency plans for the potential consequences of a Greek exit from the euro. The Greece’s finance ministry denied it. The ECB Governing Council member Mr. Andres Lipstok denied that the ECB has held any formal talks on the possibility of Greece leaving the eurozone.

The IMF managing director Mrs. Christine Lagarde said that the cost of a Greek euro exit would be so great that other eurozone members may be willing to give Greece more time and money to complete its fiscal adjustment.

Bundesbank said that the situation in Greece is extremely worrying and it is jeopardizing any further financial aid by threatening not to implement agreed reforms.

The deputy leader of the Christian Social Union (CSU) Mr. Alexander Dobrindt said that Greece’s exit from the euro will be unavoidable if anti-austerity radicals win a June 17 election and halt painful economic reforms.

Corporate Impacts

  • Jumbo: a) It announced 9M net profits of €67.91mn vs. €64.29mn (+5.6%), sales of €380.31mn vs. €372.71mn (+5.62%) and EBITDA of €95.53mn vs. €93.18mn (+2.52%).
  • EXAE:a) The AGM yesterday approved among other issues a €0.11 DPS. The capital return will be decided in the next General Assembly.
  • Technical

      • FTSE 20 June future: Support levels: 188-184-178. Resistance levels: 202-212-220.

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