EUROCORP

Financial Morning News 29/07/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,213.31 posting marginal losses of 0.11%, in a turnover of €71.41mn.


The multi-bill that includes the prior actions Greece needs to complete to receive another €1bn in bailout loans will be submitted to Parliament today. The legislation has to be voted through Parliament by August 8, so Greece can receive the next bailout sub-tranche by the end of the month.

The next meeting between the government officials and the troika will take place in Paris, scheduled for early September. Finance Minister Mr. Gikas Hardouvelis will head to France for talks with troika officials between September 3 and 5. The aim will be to assess how far Greece has progressed with implementing some 600 actions demanded by the troika. The Paris meeting will form the basis for the fifth evaluation of the Greek adjustment program, which is due to begin in October.

In the first half, the bank’s index of economic confidence for small and medium businesses was 2 points above the zero midpoint, indicating that more businesses see prospects improving than deteriorating. That compares with a minus 11 index reading in the second half of 2013, and minus 15 in the first half of last year.

Corporate Impacts

    • Cypriot Banks: The Prime Minister Mr. Antonis Samaras vowed to stand by the Cypriot government in its reunification talks with the Turkish-Cypriots after meeting the President Mr. Nicos Anastasiades in Athens yesterday. Mr. Anastasiades is due to meet opposition leaders in Athens today.
    • HELEX: The group reported net profits of €13.4mn in H1’14 vs. €35.8mn a year earlier. The sales amounted to €26.5mn vs. €59.5mn in H1’13.

Technical

FTSE 25 September future:

        Support levels: 382-376-370. Resistance levels: 396-402-410.

General Index:

      Support levels: 1,200-1,175-1,140. Resistance levels: 1,230-1,250-1,280.

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