EUROCORP

Greek Morning News 20/3/2012

GREEK MARKET

The General Index closed at 776.79 posting profits of 1.57%, after intraday profits of 2.23%, in a turnover of €64.36mn.

The first phase of an auction to settle credit default contracts underwritten on Greek sovereign debt determined an Initial Market Midpoint of 21.75 (Dow Jones Newswires).

The managing director of the IIF Mr. Charles Dallara said that Greece has been given the necessary room to implement the necessary structural changes to overhaul its economy.

The EU official in charge of aiding the country’s administrative overhaul Greece’s Mr. Horst Reichenbach said that exports will probably decline this year compared to 2011 (Bloomberg).

The central bank chief Mr. George Provopoulos said that Greece has an historic responsibility to implement promises made to international creditors in exchange for further aid once the new government takes power following elections, predicting another year of recession for the economy.

The government spokesman Mr. Pantelis Kapsis said that the date of the next general election will be announced next week.

Economic Releases

Date Event Period Survey Prior
03/20 Current Account JAN -2172M

Corporate Releases

  • 03/21: OPAP – FY’11 results
  • 03/22: OTE – EGM

Corporate Impacts

  • Motor Oil:
    It reported a 13% drop in 2011 profit, weighed by the absence of a one-off gain booked in the previous year. The net income was €143mn, while the company booked an €84.7mn gain from the purchase of Royal Dutch Shell’s petrol station network in Greece. EBITDA jumped 43% to €340mn, helped by a new distillation unit completed.

Technical

  • FTSE 20 June future: Support levels: 304-296-290. Resistance levels: 320-330-336.

Disclaimer

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