EUROCORP

Financial Morning News 24/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,038.39 posting losses of 3.91%, in a turnover of €100.19mn.

The President of the Eurogroup Mr. Jeroen Dijsselbloem said that the eurozone may give Greece more time to meet fiscal goals, adding that the country faces implementation risks as it makes progress in introducing delayed reforms.

Corporate Impacts

  • NBG: The opening price of the share at May 30 will be €4.53. In addition, the bank announced that the benefits of the bond repurchase will be €53.4mn. We remind that the bank will announce today (after the market) the Q1’13 results.
  • GEK Terna: Its 100% subsidiary Terna undertook the construction of a hospital in Saudi Arabia for €84.1mn.
  • OPAP: The company posted net profits of €38.9mn (-71%) in line with forecast of €39.9mn, while the sales dropped by 18% to €869mn, missing forecast of €900mn, due to the Greek recession and the five-day strike by OPAP’s sales agents in January. The firm stuck to its outlook for net profit of €116mn for the full year. Please note that Greece agreed to sell the 33% stake in OPAP to investment fund Emma Delta for €652mn, kicking of its long-delayed privatization program.
  • Technical

    FTSE 25 June future:

      Support levels: 355-348-342. Resistance levels: 370-377-384.

    General Index:

      Support levels: 1,028-1,010-970. Resistance levels: 1,055-1,074-1,105.

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