EUROCORP

Greek Financial Markets 02/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 699.91 posting profits of 0.60%, in a low turnover of €14.96mn.

The retail sales by volume fell 13% y-o-y in February, with the pace of the decline picking up after a revised 10.6% drop in (ELSTAT).

The lending to Greek businesses and households shrank 4% on the year in March as demand for bank loans continued to slide (BoG).

Corporate Releases

      05/03: Titan Cement Q1’12 results

    Corporate Impacts

      • Banks: The private sector deposits increased by 0.5% at €171.1bn in March after a 2.7% drop in February (ECB data).
      • Eurobank: The Austrian lender Raiffeisen Bank International closed its acquisition of a 70% stake in Polbank for €460mn in cash.
      • CCH: S&P revised the outlook to negative from stable and affirmed its ‘A/A-1’ long and short-term corporate credit ratings on the group, as it could continue to face profitability pressure over the next year due to low consumer sentiment in many of its European markets and persistently high raw material prices.
      • Marfin Popular Bank:The preliminary results included €1.97bn impairment loss for the GGBs (65% haircut). Following the final accounting treatment for the PSI+ program, this amount has been increased to €2.33bn, representing 76.4% haircut of their nominal value.

    Technical

      • FTSE 20 June future: Support levels: 258-252-246. Resistance levels: 274-282-290.

    Disclaimer

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