EUROCORP

Financial Morning News 30/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,030.95 posting profits of 0.23%, in a turnover of €66.30mn.

The Prime Minister Mr. Antonis Samaras departed for Washington and New York, where he is scheduled to meet with the head of the IMF Ms. Christine Lagarde on Tuesday and the President Obama’s right-hand man Vice President Mr. John Bidden on Wednesday. Upon his return to Greece, Mr. Samaras will begin preparations for his two-day visit to Israel on the 7th and 8th of October, for the first Supreme Council of Cooperation of the two countries.

Troika called a temporary halt to their latest mission to Greece, saying they had made good progress and expected to resume talks with the government soon.

The Finance Ministry announced that Mr. Constantinos Maniatopoulos will be the president of state privatization fund TAIPED, following the resignation of Mr. Stelios Stavridis a few weeks ago.

Corporate Impacts

  • Hellenic Petroleum: The company s offered a voluntary redundancy scheme (VRS) to as many as 300 employees, or almost 8% of its total workforce to cut costs (Reuters).
  • Eurobank: According to press reports, the bank will issue more than €1bn of new stock to private investors, boosting its capital ratio.
  • Technical

    FTSE 25 October future:

      Support levels: 344-338-330. Resistance levels: 358-366-372.

    General Index:

      Support levels: 1,010- 1,000-980. Resistance levels: 1,050-1,080-1,100.

Financial Morning News 27/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,028.58 posting profits of 1.05%, in a turnover of €47.01mn.

The Deputy Prime Minister Mr. Evangelos Venizelos said that Greece does not require a third bailout and can cover its needs without further burdening its current backers, by improving the terms of its debt and possibly returning to the bond market next year.

Corporate Impacts

  • Jumbo: The sales for the financial year July 212- June 2013, reached €502,2mn (+1.60%). EBITDA reached at €110.39mn (-17.88%), due to loss approximately of €23.58mn concerning the impairment of the subsidiary’s company deposits at the Bank of Cyprus. The net profit reached at €73.96mn (-23.99%).
  • Greek bank: The deposits of businesses and households dropped slightly (-0.1%) in August, for the third straight month to €162.21bn (ECB).
  • Cypriot Banks: The private sector deposits fell by 2.1% to €35.9bn, after a 2.4% fall in July (ECB).
  • Technical

    FTSE 25 October future:

      Support levels: 344-338-330. Resistance levels: 358-366-372.

    General Index:

      Support levels: 1,010- 1,000-980. Resistance levels: 1,050-1,080-1,100.

Financial Morning News 26/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,020.04 posting profits of 0.39%, in a turnover of €66.11mn.

The Prime Minister Mr. Antonis Samaras is due to meet troika representatives on Saturday before heading to the USA, where he will hold talks with the IMF Managing Director Ms. Christine Lagarde.

Meanwhile, by Saturday, the troika inspectors will have finished their first round of meetings with ministry officials and should be ready to discuss with the premier what actions remain before Greece is in a position to receive its next bailout tranche of €1bn. Please note that the decision to release the latest loan installment is due to be taken at a meeting of the Eurogroup on October 14.

Corporate Impacts

  • Piraeus Bank: The Managing Director and Deputy CEO said that bank’s non-performing loans are still rising and that it will have to take further provisions for losses in the current quarter.
  • Technical

    FTSE 25 October future:

      Support levels: 340-334-326. Resistance levels: 352-358-366.

    General Index:

      Support levels: 1,000- 980-955. Resistance levels: 1,030-1,050-1,080.

Financial Morning News 25/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,016.11 posting profits of 2.60%, in a turnover
of €62.43mn.

FTSE Group announced the results of its annual classification review, with Greece remaining at Developed. FTSE maintains Greece at watch list for possible demotion from developed to advanced emerging. The watch list will be reviewed again in September 2014, while a further update on FTSE’s assessment will be published in March 2014.

The Finance Ministry and troika agreed that the revised forecast for this year’s economic contraction is 4%, against a previous estimate of 4.2% and a ministry forecast for 4.5% negative growth in the midterm fiscal plan.

Corporate Impacts

  • OPAP: The company informed investors that BlackRock Inc raised its stake in OPAP to 5.17% or 16.49mn shares.
  • Technical

    FTSE 25 October future:

      Support levels: 340-334-326. Resistance levels: 350-355-362.

    General Index:

      Support levels: 1,000- 980-955. Resistance levels: 1,030-1,050-1,080.

Financial Morning News 23/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 984.04 posting heavy losses of 3.78%, in a turnover of €95.01mn.

The crucial negotiations between the Finance Ministry and the chief inspectors of troika began yesterday, with Greece aiming to secure the €1bn tranche due in mid-October. The first action required for the disbursement concerns the restructuring plans for defense industries EAS and ELVO and mining company Larco. Another prior action to be examined is the repayment of state arrears to EYDAP and EYATH. Moreover, the troika appears to be satisfied with the initiatives of the Administrative Reform Ministry for placing 12,5k civil servants in mobility scheme.

The Finance Minister Mr. Yannis Stournaras met with Moody’s officials. The meeting reportedly took place in a good atmosphere, with the ministry expecting Moody’s to upgrade Greece’s rating soon.

The Finance Ministry considers the possibility of using real estate owned by the Greek state as collateral for a new loan to cover its funding gap for next year and 2015.

Corporate Impacts

  • Greek Banks: The four systemic banks are working to complete their restructuring plans for 2013-17, which have to be submitted to local and European watchdogs by September 30.
  • Technical

    FTSE 25 October future:

      Support levels: 330-324-318. Resistance levels: 345-350-355.

    General Index:

      Support levels: 980- 970-955. Resistance levels: 1,000-1,017-1,030.

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