EUROCORP

Financial Morning News 29/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 518.49 posting significant profits of 6.87% in a turnover of €28.74mn, as recent polls indicated that conservative New Democracy could come first in the June 17 vote, slightly ahead of the anti-austerity radical left Syriza party.

A leading broker, Newedge is abandoning the Greek stock market in a sign of mounting concern over the country’s future in the eurozone. The broker has told clients that it will process only sell orders and stop extending margin loans for existing positions in Greek securities (Financial Times).

Corporate Releases

  • 05/29: Cyprus Popular Bank, ELPE, Fourlis, PPC Q1’12 results, Frigoglass AGM
  • 05/30: NBG, Piraeus Bank, FF Group, MOH, Terna Energy Q1’12 results
  • 05/31: Alpha Bank, Eurobank Q1’12 results

Corporate Impacts

  • MOH: It posted net profits of €39.4mn (est: €30.9mn) in Q1’12 vs. €62.3mn (-37%) the same period a year ago, due to sharp fluctuations in the euro-dollar exchange rate and the global oil price. Stripping out the value of oil inventories, which fluctuates with oil prices, the company increased adjusted pre-tax profit to €41.5mn from €39.8mn last year. This was largely due to exports, as it resumed sales of refined products to Libya, whose market was closed last year because of the country’s civil war. Total exports rose by 31% to €1.1mn, accounting for more than half of the company’s overall sales volume.
  • Banks: The four Greek banks received €18bn as part of the last international bailout. The funds will be divided between NBG (€7.43bn), Alpha Bank (€1.9bn), Eurobank (€3.97bn) and Piraeus Bank (€4.7bn).
  • Cypriot Companies: The Cypriot government tabled in the parliament a bill about its prospective entry to the European support mechanism. The bill is to be examined first by the parliament’s Financial Committee.
  • Ellaktor: According to press reports, Parnitha Casino suspended its operations on May 25 after 1.150 workers went on strike.

Technical

  • FTSE 20 June future: Support levels: 180-172-166. Resistance levels: 196-202-210.

Disclaimer

The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Cannot retrieve http://vtickersrv.monopoly.gr/eurocorp.htm