EUROCORP

Financial Morning News 28/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,293.97 posting losses of 0.72%, in a turnover of €112.66mn.

The central bank governor Mr. George Provopoulos said that Greece needs bolder reforms to overhaul its economy and make it more competitive to support its fragile recovery. He added that the accumulation of Greek banks’ non-performing loans was a cause for concern but reiterated that the country’s bank bailout fund HFSF has a buffer of over €8bn to meet any further capital needs.

Corporate Impacts

  • MSCI rebalancing: ΟΤΕ: 20.5% from 17.95%, OPAP: 15.85% from 18.01%, Piraeus Bank: 13.53% from 9.1%, NBG: 8.52% from 11.01%, PPC: 8.82% from 9.4%, Jumbo: 8.78% from 7.9%, Titan: 7.7% from 7.8%, Alpha Bank: 7.36% from 8.25%, Folli Follie: 5.14% from 4.9% and Hellenic Petroleum: 3.76% from 5.8%.
  • Greek Banks: BoG will announce the results of stress tests for its major banks next week. In other news, Greece’s international lenders have agreed that a lower capital ratio can be used in a second stress test of the country’s major banks, bringing it in line with a European banking benchmark (Reuters).
  • JUMBO: The net profits fro H1’ 2013/14 amounted to €58.97mn (+4.45%), with EBITDA of 84.63mn (+12.56%). The net sales increased by 7.23% to €316.74mn.
  • Titan cement: The sales for 2013 amounted to €1.176bn (+4%), while EBITDA marginally improved to €196mn. The net losses were €36mn vs. -€24.5mn. The net debt decreased by €57mn to €539mn.
  • Hellenic Petroleum: The group for 2013 reported losses of €269mn from profits of €86mn in 2012, due to the weak margins, despite improved operational performance from all business units. EBITDA decreased by 60% to €178mn. The net debt amounted to €1.7bn vs. €1.9bn a year earlier.
  • Technical

    FTSE 25 March future:

      Support levels: 412-406-400. Resistance levels: 426-432-440.

    General Index:

      Support levels: 1,280-1,250-1,220. Resistance levels: 1,320-1,350-1,380.

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