EUROCORP

Financial Morning News 26/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 854.04, posting marginal losses of 0.21%, in a turnover of €58.78mn.

The market will focus on the today Eurogroup meeting. The Eurozone finance ministers held a teleconference on Saturday to discuss about the Greek debt sustainability, but there was no official statement after the teleconference.

The German chancellor candidate Mr. Peer Steinbrueck warned that German taxpayers could get stuck with billions of Euros if Greece were to default on its loans.

Corporate Impacts

  • NBG, Eurobank:The general meeting of NBG shareholders agreed on the issue of new shares to be given to Eurobank shareholders in the context of the public offering. The public offer for the share swap will be completed in the first few weeks of 2013, and the procedures of the legal merger will begin immediately afterward.
  • Cypriot Banks:Fitch downgraded Bank of Cyprus’, Cyprus Popular Bank’s and Hellenic Bank’s IDR and SRF to ‘BB-‘ from ‘BB’ following the downgrade of Cyprus’ sovereign rating. The Outlooks on the banks’ long-term IDRs are negative in line with that of the sovereign. In other news, the government has made good progress with the troika on the bailout agreement, but there is no deal yet for Cyprus. At the same time, almost six out of 10 Greek Cypriots are in favour of a memorandum of understanding between Cyprus and troika (Kathimerini survey).
  • Technical

    FTSE 20 December future:

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

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