EUROCORP

Financial Morning News 28/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,223.14 posting losses of 0.60%, in a turnover of €102.52mn.

The European Commission praised Greece for making delayed but substantive progress with structural reforms and producing a strong fiscal performance but also set the government some pressing deadlines this summer. Nevertheless, €7.7bn of new fiscal measures will have to be adopted between 2015 and 2017.

Troika officials are due back in Athens in June to check on the coalition’s progress, although a full review of the adjustment program will not begin until August. Among the reforms being demanded by Greece’s lenders are giving the TAIPED privatization fund a greater role in the public organizations that are to be sold off, strengthening legislation against tax evasion and adopting a new law governing the funding of political parties.

Corporate Impacts

  • Alpha Bank: The bank said that it is looking into business proposals, including the possible acquisition of the operations of Citibank in Greece.
  • MIG: The group announced that DELTA FOODS S.A., a subsidiary of Vivartia Group, has signed a preliminary agreement to acquire a 43% stake in MEVGAL from the Papadakis – Chatzitheodorou families. The transaction is subject to the approval of the Hellenic Competition Commission. The transaction consideration amounts to €4.5mn, which will be paid following the repayment of an obligation worth €3.8mn by MEVGAL to DELTA and the repayment of a convertible bond loan that is expected to be provided by the lending banks to MEVGAL as part of the company’s financial restructuring plan. With this transaction DELTA will increase its stake in MEVGAL to 57.8%.
  • Intralot: Fitch affirmed Intralot SA’s Long-Term Issuer Default Rating (IDR) at ‘B+’ and revised the outlook to negative from stable.
  • Technical

    FTSE 25 May future:

      Support levels: 388-382-375. Resistance levels: 400-408-416.

    General Index:

      Support levels: 1,215-1,200-1,180. Resistance levels: 1,250-1,280-1,300.

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