EUROCORP

Financial Morning News 28/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 849.62 posting heavy losses of 3.99%, as fears that bank accounts in other eurozone countries may be subject to haircuts similar to that in Cyprus, in a turnover of €90.84mn.

Corporate Impacts

  • NBG: It posted losses of €2.14bn vs. €12.3bn in 2011, as losses in Greece amounting to over €2.7bn were somewhat offset by the profits from Turkish subsidiary Finansbank, which came to €668mn. Bad loans came to 19%, but NBG stressed that in Q4 the rate of new NPLs creation was cut in half.
  • Eurobank:It registered losses of €1.45bn vs. €5.5bn in 2011 and NPLs reached 22.4% again with a significant slowdown in the latter half of the year.
  • Alpha Bank:It reported a loss of €1.086bn vs. a loss of €3.81bn in 2011, which included a big hit from a sovereign debt write-down. It said provisions for impaired loans rose 47.6% to €1.669bn.
  • Mytilineos:The Group reported revenues of €1.45bn vs. €1.57bn, EBITDA of €170.10mn and net profits of €21.7mn vs. €42.6mn in 2012.
  • Metka: The Company reported revenues of €547.6mn, down 45% y-o-y, EBITDA of €92.7mn, down 43% y-o-y and net profits of €70.1mn, down 39% y-o-y. nIt plans to propose a dividend of €0.25 per share, down from €0.75 a year ago.
  • Cypriot Banks: The chief executive of the BoC Mr. Yiannis Kypri has been sacked by the central bank governor as part of an international bailout deal. In other news, the Cyprus’s government is preparing aggressive curbs on the flow of cash out of the country. The measures will be in place for one week starting today and will see a suspension of all non-cash transactions outside the country. People will not be able to take more than €3k in cash out of the country per person, per trip, or the equivalent amount in other currencies. All card transactions will be capped at €5k per month. Bank customers will be able to pay in checks but not cash them. They will not be able to draw on money held in time-deposit accounts earlier than the maturity date agreed on the deposit. The banks in Cyprus are due to open today for the first time since March 15.
  • Technical

    FTSE 25 June future:

      Support levels: 262-258-250. Resistance levels: 274-280-286.

    General Index:

      Support levels: 830-820-801. Resistance levels: 880-910-930.

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