EUROCORP

Financial Morning News 25/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 841.24 posting marginal losses of 0.13%, in a low turnover of €17.36mn.

The Eurogroup president Mr. Jeroen Dijsselbloem said that the process for Greece’s next bailout tranche of €2.5bn to be approved is due to be completed by July 29, as Greece only had one «prior action» to complete and this would be done this week. Technical experts on the Euro Working Group are due to hold another call on tomorrow morning to discuss the loan disbursement.

Αn EU representative is scheduled to present Troika’s review today, while the IMF BoD will convene on Monday, July 29 to approve the payment of the €1.8bn to Greece.

Corporate Impacts

  • OTE: A subsidiary of the OTE Group, COSMOTE Romania secured a €225mn loan (€75mn directly from the European Bank for Reconstruction and Development and €150mn through a syndicated loan from commercial banks) for the dynamic expansion of COSMOTE Romania’s 4G network and the renewal of spectrum licences. The loan matures in April 2018.
  • Technical

    FTSE 25 August future:

      Support levels: 282-276-270. Resistance levels: 294-302-310.

    General Index:

      Support levels: 830-820-806. Resistance levels: 870-884-911.

Financial Morning News 24/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 842.33 posting marginal profits of 0.02%, in a low turnover of €30.83mn.

A Eurogroup Working Group through conference call is scheduled for today in order to discuss the latest bailout aid payment for Greece. Please note that the Euro-area governments agreed earlier this month to release €3bn of aid for Greece (€2.5bn of the payment this month and the remaining €500mn in October).

At the same time, the Deputy German Finance Minister Mr. Steffen Kampeter said in a letter to members of the lower house Budget Committee obtained by Bloombrg, that . Greece has confirmed the implementation of 17 of 22 “prior actions,” and the deadline for German lawmakers to assess the latest report by the troika will now be extended to July 29.

The Prime Minister Mr. Antonis Samaras said to his cabinet members in the two-party coalition to speed up structural reforms in the state sector in order to meet the targets set by the troika. Please note that a plan for restructuring of Hellenic Defense Systems (EAS), the Hellenic Vehicles Industry (ELVO) and the Larco mining company was also on the agenda.

According to a Reuters poll of 40 economists, Τhe unemployment will remain above 27% until 2015,while
Greece is seen getting out of recession during 2014.

Corporate Impacts

  • Cypriot Banks: The Government spokesman Mr. Christos Stylianides said that the Cypriot government wants the restructuring of the Bank of Cyprus to be completed by the end of this month.
  • Technical

    FTSE 25 August future:

      Support levels: 282-276-270. Resistance levels: 294-302-310.

    General Index:

      Support levels: 830-820-806. Resistance levels: 870-884-911.

Financial Morning News 23/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 842.16 posting profits of 0.62%, in a low turnover of €29.10mn.

According to figures released by Eurostat, the public debt stood at €305.3bn (160.5% of GDP) in the first quarter of this year after posting the highest rise in the EU over the preceding 12 months. This represented a slight rise from the fourth quarter of 2012, when the general government debt was at €303.9bn (156.9% of GDP).

The cost of building materials in Greece fell by 1.5% over the last year, while the Material Costs Index in Construction of New Residential Buildings decreased by 1.5% (ELSTAT).

Corporate Impacts

  • GEK Terna: The group aggred on selling 25% of Heron II power plant to Qatar Petroleum International for 58mn$.
  • Technical

    FTSE 25 September future:
    Support levels: 282-276-270. Resistance levels: 294-302-310.

General Index:

    Support levels: 830-820-806. Resistance levels: 870-884-911.

Financial Morning News 22/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 836.98 posting losses of 1.18%, in a turnover of €53.27mn.

The US Treasury Secretary Mr. Lew, after his meeting with the Prime Minister Mr. Antonis Samaras said that the US recognizes the difficult choices and sacrifices Greece has made and urged the country to continue with reforms. His visit to Greece comes ahead of a meeting between Mr. Samaras and the US President Mr. Barack Obama in Washington on August 8.

The German Chancellor Ms. Angela Merkel rejected a second Greek debt write-down, as it can lead to such massive insecurity among investors into the euro region.

The New Orders Index in Industry fell by 13.4% in May vs. a decline of 5.2% a year earlier. In addition, the Turnover Index in Industry increased by 2% in May vs. a decline of 3.8% a year earlier (ELSTAT).

Corporate Impacts

  • OPAP: The consortium’s majority shareholder of Emma Delta Mr. Jiri Smejc said that any decisions of the privatization fund will not put the privatization of OPAP at risk (Financial Times).
  • PPC: S&P’s upgraded the rating of the company to ΄CCC΄ from ΄CC΄, with negative outlook. In other news, the company will distribute net dividend of 0.01875 per share today.
  • Alpha Bank: The bank announced that that it will be selling its Ukrainian subsidiary, JSC Astra Bank, to the Ukrainian group Delta Bank for €82mn.
  • Technical

    FTSE 25 September future:
    Support levels: 280-276-270. Resistance levels: 292-300-308.

General Index:

    Support levels: 830-820-806. Resistance levels: 870-884-911.

Financial Morning News 19/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 846.95 posting profits of 1.71%, in a turnover of €41.58mn.

The German Finance Minister Wolfgang Schaeuble said that Greece must stop lobbying for a second restructuring of its debt. Meanwhile, Greece’s Development Minister announced the creation of an investment fund with German investment bank KfW aimed at boosting growth in the debt-wracked country.

The US Treasury Secretary Mr. Jack Lew will visit Greece on Sunday to discuss the eurozone country’s economic reforms and Europe’s policies to support recovery.

The current account deficit amounted to €2.4bn in the first quarter of the year, which is €100mn more than the previous three months. Yet on a yearly basis the current account deficit has shown a 50% fall (Eurostat).

Technical

FTSE 25 September future:

    Support levels: 286-278-270. Resistance levels: 298-302-310.

General Index:

    Support levels: 830-820-806. Resistance levels: 870-884-911.

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