EUROCORP

Financial Morning News 29/05/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,220.16 posting profits of 1.04%, in a turnover of €185.36mn.

Corporate Impacts

    • FF Group, Alpha Bank, PPC: Q1’14 results.
    • NBG: The bank, reported higher-than-expected profit in the first quarter, helped by lower funding costs, its Turkish unit Finansbank and reduced provisions for bad loans. The group posted net earnings of €181mn (est: €24mn). Finansbank contributed €63μν million euros of profit, despite the significant rise in Turkish interest rates and a challenging quarter in that market. Provisions for nonperforming loans fell 15% to €362mn. NPLs rose to 23% of its book from 22.5% at the end of 2013.
    • OPAP: The management said it expects revenue to grow by a double-digit percentage this year, thanks to the planned launch of new games. The company would also expand into online sports betting by June 2, in time for the soccer World Cup in Brazil. The firm also plans to launch 16,5 K videolotto terminals by the end of next year.
    • Greek Banks: Business and household deposits rose to €161.3bn from €161.02bn in March (BoG).
    • Eurobank: The bank in Q1’14 recorded net losses of €207mn versus -€913mn in Q4’2013. The pre-provision income ongoing recovery by 9.0% q-o-q to €194mn.The Common Equity Tier I ratio (CET1) amounted to 17.7% post the €2.864mn share capital increase. Nonperforming credit rose to 30.9% of its loan book from 29.4% in the last quarter of 2013.
    • ΜΟΗ: The group in Q1’14 announced net losses of €8.2mn vs. losses of €12.1mn a year earlier. EBITDA decreased by 28% to €38.9mn.

Technical

FTSE 25 June future:

        Support levels: 386-380-375. Resistance levels: 400-408-415.

General Index:

      Support levels: 1,200-1,185-1,150. Resistance levels: 1,230-1,250-1,265.

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