EUROCORP

Greek Morning News 04/4/2012

GREEK MARKET

The General Index closed at 709.20 posting losses of 0.62%, in a turnover of €28.54mn. Market’s interest is gradually declining due to Easter Holidays. The banking index completed 11 consecutive declining sessions, with cumulative losses of 31.39%.

An ISDA spokesman said that Greece΄s credit default swaps could pay out if the government withholds payment from its foreign-law bondholders.

The Greek Prime Minister Mr. Lucas Papademos said that investment in renewable energy projects, including a €20bn solar-power project Helios, were a national priority and would spur growth.

JPMorgan said that there is a 20% chance that Greece will exit the euro zone over the next year.

Nomura said that the forthcoming national elections in Greece will most likely take place on 6 May and that it expects a hung parliament as the most likely outcome of the national Greek elections.

Mr. Roubini said that he is pessimistic the euro zone΄s deep rooted issues that remain unresolved, concerning Greece, Portugal and Ireland (Financial Times).

Greek manufacturing PMI rose to 41.3 in March vs. 37.7 in February, but still remains below the 50 mark that separates growth from contraction.

Corporate Impacts

  • Mytilineos: It announced that its third power plant (436MW) commenced full commercial operation.li>
  • Eurobank: According to Reuters, Kuwait΄s Burgan Bank is close to a deal to buy EFG Eurobank΄s 70% stake in Eurobank Tekfen for $350mn sale.
  • OPAP: The management said that the €89mn extra tax burden due from the austerity measures will most likely appear in FY12 due to an administrative delay from the Greek government side. The management said that it sticks to the 50% dividend payout ratio and hence if the tax is finally imposed, OPAP may revise the 2011 dividend.
  • Hellenic Petroleum: A senior source at the firm said that the company has suspended purchases of Iranian crude in April as approaching sanctions on Tehran have made banking payments virtually impossible.

Technical

  • FTSE 20 June future:
    Support levels: 262-256-250. Resistance levels: 278-286-296.

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