EUROCORP

Financial Morning News 30/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 982.01 posting profits of 2.08%, in a turnover of €59.44mn.

The Eurogroup Working Group approved the disbursement of the €2.8bn euro loan tranche to Greece. The payment of the next installment, amounting to €6bn will be decided at a Eurogroup meeting next Monday.

The EU Task Force said that Greece’s efforts to overhaul its deeply dysfunctional bureaucracy still remain a work in progress, underscoring the major challenges Greece still faces even as it rushes to secure new aid from international creditors.

The Producer Price Index fell 1.5% in March after a decrease of 1.1% in February this year (ELSTAT).

Corporate Impacts

  • NBG: The Chief Executive Mr. Alexandros Tourkolias stressed that he is confident the bank will achieve the target of at least 10% participation from the private sector, so that the lender can avoid nationalization and called on the bank’s shareholders to take part in the process not for sentimental or ideological reasons, but because of National’s comparative advantages.
  • EYATH: The The state privatizations fund (TAIPED) was reportedly satisfied with the expressions of interest from four bidders for the Thessaloniki Water Company. According to press reports, the 51% stake has attracted the interest of a consortium comprising Suez and Ellaktor, a Greek-Israeli consortium made up of of GEK-Terna and Mekorot, as well as Greek-Russian entrepreneur Ivan Savvidis and a Thessaloniki citizens’ movement that is against the privatization of the city’s water company.
  • Technical

    FTSE 25 June future:

      Support levels: 320-314-308. Resistance levels: 332-338-344.

    General Index:

      Support levels: 950-930-910. Resistance levels: 990-1,020-1,050.

Financial Morning News 29/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 962.03 posting losses of 0.92%, in a turnover of €70.52mn.

The Parliament approved an emergency omnibus bill that will ensure continued bailout funding by the country’s creditors and pave the way for public sector layoffs. The bill, which passed in a by 168-123 vote yesterday night, paves the way for the first civil service layoffs. About 2k civil servants will be laid off by the end of May, with another 2k following by the end of the year and a further 11,5k by end-2014, for a total of 15,5k.

The BoG Governor Mr. Giorgos Provopoulos stated that confidence is returning to the Greek economy and Greece is making “good progress” in its efforts to ease eurozone debt concerns. He added that the ECB may not need to activate its bond-buying plan as the worst of the eurozone debt crisis has passed.

Corporate Impacts

  • Greek Banks: Greek business and household bank deposits slightly rose to €164.08bn at the end of March from €164.02bn at the end of February. At the same time, the net bank lending to Greek businesses and households in March shrank 3.5% compared with the year-earlier period, as demand for bank loans continued to slide (BoG).
  • Technical

    FTSE 25 June future:

      Support levels: 326-320-314. Resistance levels: 338-344-350.

    General Index:

      Support levels: 950-930-910. Resistance levels: 975-990-1,020.

Finanical Morning News 26/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 970.93 posting profits of 2.11%, in a turnover of €82.27mn.

The head of the Athens-Attica Hotels Association said that Greece may draw a record number of more than 17mn tourists this year. Please note that the Greek Prime Minister Mr. Antonis Samaras said earlier that he expects record tourism receipts this year.

Corporate Impacts

  • Hellenic Petroleum: It has completed its roadshow, during which the company met with over 100 investors in Athens, Zurich, Geneva and London. Investors should expect a 4-year transaction denominated in EUR.
  • OPAP: The privatization agency has given Greek-Czech fund Emma Delta more time to improve its bid for a controlling stake in OPAP until Wednesday, May 1. Please note that Emma Delta offered €622mn for 33% of OPAP and management rights at the company, but the privatization agency HRADF asked the fund to raise its offer to at least €650mn, the stake’s minimum value as estimated by an external assessor. Deutsche Bank and National Bank, Greece’s main sale advisers had put the stake’s value at €610mn.
  • Technical

    FTSE 25 June future:

      Support levels: 332-326-318. Resistance levels: 345-350-356.

    General Index:

      Support levels: 950-930-910. Resistance levels: 975-990-1,050.

Financial Morning News 25/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 950.84 posting profits of 0.92%, in a turnover of €48.94mn.

The Prime Minister Mr. Antonis Samaras expressed his satisfaction regarding the course of the country’s economy. Citing the bank recapitalization process and new investments, Mr. Samaras noted that mood was changing in Greece, along with the country’s image.

Corporate Impacts

  • NBG: The 1st Extraordinary General Meeting of the bank was postponed due to lack of quorum. The 1st Extraordinary General Meeting will be held on April 29.
  • Technical

    FTSE 25 June future:

      Support levels: 322-316-310. Resistance levels: 336-340-345.

    General Index:

      Support levels: 930-910-903. Resistance levels: 960-975-990.

Financial Morning News 24/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 942.18 posting marginal losses of 0.12%, in a turnover of €53.14mn.

According to the Finance Ministry, Greece had a primary budget surplus of €520mn in the first quarter of 2013 vs. a deficit of €334mn in the first three months of 2012 and vs. a target of a primary budget defit of €2.34bn.

Corporate Impacts

  • Piraeus Bank: The shareholders approved the recapitalization plan yesterday. Please note that the bank has already raised €570mn and its target is to also collect the remaining part, to €733mn, so that it will not need to issue any contingent-convertible bonds.
  • Technical

    FTSE 25 June future:

      Support levels: 314-308-300. Resistance levels: 325-330-336.

    General Index:

      Support levels: 910-903-880. Resistance levels: 950-975-990.

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