EUROCORP

Financial Morning News 28/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 849.62 posting heavy losses of 3.99%, as fears that bank accounts in other eurozone countries may be subject to haircuts similar to that in Cyprus, in a turnover of €90.84mn.

Corporate Impacts

  • NBG: It posted losses of €2.14bn vs. €12.3bn in 2011, as losses in Greece amounting to over €2.7bn were somewhat offset by the profits from Turkish subsidiary Finansbank, which came to €668mn. Bad loans came to 19%, but NBG stressed that in Q4 the rate of new NPLs creation was cut in half.
  • Eurobank:It registered losses of €1.45bn vs. €5.5bn in 2011 and NPLs reached 22.4% again with a significant slowdown in the latter half of the year.
  • Alpha Bank:It reported a loss of €1.086bn vs. a loss of €3.81bn in 2011, which included a big hit from a sovereign debt write-down. It said provisions for impaired loans rose 47.6% to €1.669bn.
  • Mytilineos:The Group reported revenues of €1.45bn vs. €1.57bn, EBITDA of €170.10mn and net profits of €21.7mn vs. €42.6mn in 2012.
  • Metka: The Company reported revenues of €547.6mn, down 45% y-o-y, EBITDA of €92.7mn, down 43% y-o-y and net profits of €70.1mn, down 39% y-o-y. nIt plans to propose a dividend of €0.25 per share, down from €0.75 a year ago.
  • Cypriot Banks: The chief executive of the BoC Mr. Yiannis Kypri has been sacked by the central bank governor as part of an international bailout deal. In other news, the Cyprus’s government is preparing aggressive curbs on the flow of cash out of the country. The measures will be in place for one week starting today and will see a suspension of all non-cash transactions outside the country. People will not be able to take more than €3k in cash out of the country per person, per trip, or the equivalent amount in other currencies. All card transactions will be capped at €5k per month. Bank customers will be able to pay in checks but not cash them. They will not be able to draw on money held in time-deposit accounts earlier than the maturity date agreed on the deposit. The banks in Cyprus are due to open today for the first time since March 15.
  • Technical

    FTSE 25 June future:

      Support levels: 262-258-250. Resistance levels: 274-280-286.

    General Index:

      Support levels: 830-820-801. Resistance levels: 880-910-930.

Financial Morning News 27/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 884.94 posting heavy losses of 4.90%, in a turnover of €79.25mn.

Corporate Impacts

  • Piraeus Bank: The bank agreed to acquire the Greek branch network and operations of three Cypriot lenders (BOC, Cyprus Popular Bank and Hellenic Bank, including loans and deposits of their Greek subsidiaries) for a total cash consideration of €524mn, as part of a bailout. The branches of the three Cypriot banks in Greece will open today. Following the completion of the transaction, Piraeus Bank will have consolidated total assets of €95bn, 1,660 branches and 24k employees.
  • Greek Banks:The Emergency liquidity assistance (ELA) ELA funding fell to €21.16bn at end-February from €31.42bn the previous month. Furthermore, the ECB funding to Greek banks also dropped slightly over the same period, to €75.23bn from €76.22bn (BoG).
  • Aegean Airlines:EU antitrust regulators said that the company offered concessions to try to win approval for its second bid for rival Olympic Air, extending their review of the takeover deal to April 23.
  • OPAP:The company postponed a shareholder meeting to discuss the renewal of a key IT services contract with Intralot to give Greece’s privatization agency TAIPED more time to study the agenda.
  • Cypriot Banks: An EU spokeswoman said that Cyprus’s bailout deal was “unique” but the EU may yet recommend that large depositors share the pain in future bank rescues. In other news, BoC rejected the resignation of chairman Mr. Andreas Artemis.
  • Technical

    FTSE 25 June future:

      Support levels: 274-268-262. Resistance levels: 286-294-300.

    General Index:

      Support levels: 870-850-830. Resistance levels: 910-930-950.

Financial Morning News 26/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 930.53 posting profits of 0.61%, in a turnover of €72.29mn.

Corporate Impacts

  • Piraeus Bank:The bank will absorb the branches, assets and portfolios of BoC, Laiki and Hellenic Bank in Greece after the agreement reached in Cyprus over the weekend. The branches will be recapitalized with €1.5bn before Piraeus absorbs them into its group. The deal is also pending the formal approval by the Greek and European regulatory authorities.
    • Cypriot Banks:The agreement between Cyprus and the troika foresees the closure of Cyprus Popular Bank and the restructuring of the BoC. Deposits above €100k in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki’s debts and recapitalize BoC through a deposit/equity conversion. In addition, the ECB confirmed yesterday that it will approve Emergency Liquidity Assistance (ELA) for Cypriot banks after the agreement. In the same time, the President of Russia Mr. Vladimir Putin ordered his government to negotiate the restructuring of a bailout loan it granted to Cyprus in 2011.
      • EYDAP:The company will recommend reducing the commodity’s rates by 1.5% to 2.5%.
      • Technical

        FTSE 25 June future:

          Support levels: 290-284-278. Resistance levels: 300-306-312.

        General Index:

          Support levels: 908-880-860. Resistance levels: 945-958-970.

Financial Morning News 22/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 924.86 posting losses of 0.63%, in a turnover of €48.75mn.

The current account deficit narrowed 85% in January to €221.6mn, helped by falling imports. Tourism receipts dropped 4.3% to €130mn.

Corporate Impacts

  • Cypriot Banks:The head of the central bank Mr. Panicos Demetriades said that Cyprus will take measures to consolidate its banking sector. By establishing this legal framework, resolution measures will be imposed on Cyprus Popular Bank so that it will be in a position to continue to offer banking services to its clients next Tuesday, when banks are due to reopen, adding that the steps would protect deposits of up to €100k. In the same time, the political leaders agreed that their country should form an investment fund to raise the capital needed to agree a bailout with the eurozone and IMF and avert a collapse of its banking system. Meanwhile, the Finance Minister Mr. Michalis Sarris continued talks in Russia, with Cyprus hoping there would be Russian interest in Cypriot banks or in contributing to the investment fund being created.
  • Technical

    FTSE 25 June future:

      Support levels: 286-280-274. Resistance levels: 298-304-310.

    General Index:

      Support levels: 908-880-860. Resistance levels: 940-958-970.

Finanacial Morning News 21/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 930.73 posting profits of 0.79%, in a turnover of €53.92mn.

Corporate Impacts

  • OPAP: The new contract with Intralot, which will cost a total of €109mn, is subject to shareholder approval on March 26. The new deal will expire in July 2018.
  • Cypriot Banks:The Finance Minister Mr. Michael Sarris said that he had reached no deal on financing with his Russian counterpart Mr. Anton Siluanov, but talks were continuing. A team of technocrats has gone to the central bank to discuss a plan B related to financing and reducing the €5.8bn amount. Please note that Cyprus has asked Russia for a five-year extension of an existing loan of €2.5bn that matures in 2016, and a reduction in the 4.5% interest rate. The European Commission said that it was now up to Cyprus to put forward an alternative rescue plan after its lawmakers voted down the proposed bail-out package. In other news, the government spokesman Mr. Christos Stylianides denied press report that the country had reached an agreement for the sale of Laiki Bank to Russian investors, which would have reduced the island’s financial needs by €4bn. The talks between the President Mr. Nicos Anastasiades and the troika proved inconclusive on Wednesday as Cyprus’s overtures to Russia for financing also failed to yield results.
  • Technical

    FTSE 25 June future:

      Support levels: 284-278-272. Resistance levels: 298-304-310.

    General Index:

      Support levels: 914-880-860. Resistance levels: 945-958-970.

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