EUROCORP

Greek Morning News 11/4/2012

GREEK MARKET

The General Index closed at 730.03 posting significant profits of 3.17% in a turnover of €60.74mn. The banking index closed with gains of 21.05%, but the market is still awaiting the final plan of recapitalization of banks.

The Prime Minister Mr. Lucas Papademos is due to hold a meeting with the President Mr. Karolos Papoulias today afternoon. Ηe is expected to ask for the dissolution of the Parliament and the official announcement of general elections, expected to take place on May 6.

The ECB Executive Board member Mr. Joerg Asmussen said that he expects Greece to return to growth in 2014 provided it implements its austerity program and the aim of ECB is to keep the country in the euro and return it to capital markets starting in 2015.

Greece sold €1.3bn of six-month T-bills, with the yield of 4.55%, down from 4.80% in the previous auction. The bid-to-cover ratio was 2.62 vs. 2.63 (PDMA).

Greece inflation dropped to a 1.7% in March vs. 2.1% in the previous month.

Corporate Impacts

  • ELPE, MOH: Iran’s oil minister said that the country halted oil sales to Greece.
  • CCH: The Chief Athens first instance prosecutor ordered a preliminary investigation into reports that a substance usually used in pesticides found its way into batches of Coca-Cola produced in Iraklio, Crete.

Technical

  • FTSE 20 June future: Support levels:278-270-266. Resistance levels: 296-300-308.

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