GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 1,180.77 posting profits of 0.42%, in a turnover of €73,57mn.
According to press reports, a deal between the government and the troika on the size of a projected fiscal hole for next year and on reforms Greece must implement to secure continued rescue funding is unlikely to be reached before the Eurogroup summit on December 9 and the anticipated return of troika might be delayed. It had been expected that troika officials would return to Athens next Monday. If a deal is not reached by December 9, it is likely the two sides will aim for a solution before a EU leaders’ summit on December 19 and 20.
- Piraeus Bank, Eurobank, GEK TERNA, EYDAP: 9M’13 results.
- Alpha Bank: The bank announced in 9M’13 profits of €2.47bn or losses of €102mn without the impact of Emporiki Bank. The net interest income in Q3’13 increased by 6.7% at €440.6mn, due to the lower cost of time deposits and wholesale funding. NPL’s stood at 32.9%, while the bank improved its liquidity position driven by deleveraging and stability in deposits (loan to deposit Ratio in Greece at 119%, improving from 167% in June 2012). The bank has a strong capital position with a Core Tier I ratio at 13.5%.
- Folli-Follie: The company in 9M’13 reported sales of €638.1mn (+6.2%), EBITDA of €127.2mn (+31.5%) and net profits of €112mn (+38.3%). Please note that the net debt improved to €111.3mn from €592mn at end 2012.
- Cypriot Banks: Private-sector deposits fell by 1.3% to €35.1bn, after a 1% fall in September (ECB).
- Greek Banks: Private-sector deposits fell to €160.3bn in October vs. €161.3bn in September (ECB).
FTSE 25 November future:
- Support levels: 384-378-372. Resistance levels: 395-400-408.
- Support levels: 1,165-1,150-1,140. Resistance levels: 1,200-1,210-1,230.
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