EUROCORP

Financial Morning News 31/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,173.30 posting profits of 0.63%, in a turnover of €667.84mn.

The Russian Foreign Minister Mr. Sergey Lavrov emphasized Moscow’s commitment to supporting Greece’s efforts to emerge from its financial crisis and to promote bilateral economic cooperation during talks with the Prime Minister Mr. Antonis Samaras in Athens.

Corporate Impacts

  • Piraeus Bank: The Portuguese lender Banco Comercial Portugues said that it raised €494mn from the sale of its stake in the bank (4.64%). BCP said it sold 235.3mn shares at €1.50 of Piraeus to institutional investors and the same amount in warrants at €0.60.
  • Eurobank: The HFSF Chief Executive Ms. Anastasia Sakellariou said that the price of the new share issue will be lower than the price of the shares bought in the recapitalization (€1.54). Please note that the HFSF owns 95% of Eurobank, while the rescue fund pumped €5.84bn into Eurobank in a share issue in June.
  • Bank of Cyprus: The Cyprus’s stock exchange said that the shares will remain suspended until January 31, after its shareholder structure was revamped by imposing losses on depositors.
  • Technical

    FTSE 25 November future:

      Support levels: 385-380-372. Resistance levels: 398-405-410.

    General Index:

      Support levels: 1,150-1,130-1,100. Resistance levels: 1,185-1,200-1,230.

Financial Morning News 30/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,165.98 posting losses of 2.06%, in a turnover of €106.68mn.

Greece rose to the 74th spot among 189 countries surveyed by the World Bank in its Doing Business 2014 report, up from 89th place last year. Greece also ranked highly in the starting a business category, which saw it at 36th place.

The Greek revenues from tourism rose by 13.7% in the eight-month period between January and August this year (BoG).

The Russian Foreign Minister Mr. Sergey Lavrov will meet today with the Prime Minister Mr. Antonis Samaras in Athens.

Corporate Impacts

  • Piraeus Bank: Portuguese banking group Millennium BCP began the sale to institutional investors of its entire stake in the bank, in an ultra-rapid process that is indicative of the high interest Greek assets are generating. The package concerns €235mn shares (4.5% of the bank) and an identical share of warrants which would amount to 20.16% of Piraeus Bank’s shares when exercised.
  • Technical

    FTSE 25 November future:

      Support levels: 379-372-366. Resistance levels: 390-395-400.

    General Index:

      Support levels: 1,150-1,130-1,100. Resistance levels: 1,180-1,200-1,230.

Financial Morning News 29/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,190.52 posting profits of 1.37%, in a turnover of €94.26mn.

The troika’s technical teams will resume inspections in Greece today while the chiefs will be back within a week, most likely on November 4. Ahead of that, ministry officials will have to implement some of the prior actions demanded by the troika for the next tranche of €1bn.

In addition to this, the Finance Minister Mr. Yannis Stournaras said that the government would seek an additional €500mn in budget cuts for next year from the country’s social security funds compared to the €2.5bn reportedly being demanded by troika mission chiefs.

The Russian Foreign Minister Mr. Sergey Lavrov begins a two-day visit to Greece and he will meet with the President Mr. Karolos Papoulias, the Prime Minister Mr. Antonis Samaras and the Foreign Minister Mr. Evangelos Venizelos.

Corporate Impacts

  • Greek Banks: The deposits of businesses and households fell 0.5% in September from the previous month to €161.35bn, bringing total net outflows since June to €1.79bn. At the same time, the credit to the private sector shrank 3.9% r, the pace of contraction unchanged from August (BoG). In other news, according to press reports, the current environment it will be very difficult to find buyers for subsidiaries of Greek lenders in the broader Balkan region.
  • Technical

    FTSE 25 November future:

      Support levels: 390-385-380. Resistance levels: 400-408-412.

    General Index:

      Support levels: 1,180-1,150-1,130. Resistance levels: 1,200-1,230-1,250.

Financial Morning News 25/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,174.41posting profits of 1.56%, in a turnover of €124,47mn.

The European Commission chairman Mr. Jose Manuel Barroso rejected the possibility of a second Greek haircut (Bild).

Citigroup estimates that the recession will be 3.8% in 2013 and 2.9% in 2014. The unemployment will be 28% this year from 30.5% in 2014.

Technical

FTSE 25 November Future:

    Support levels: 385-380-375. Resistance levels: 395-400-408.

General Index:

    Support levels: 1,150-1,130-1,100. Resistance levels: 1,180-1,200-1,230.

Financial Morning News 24/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,202.27 posting profits of 0.45%, in a turnover of €148.91mn.

Greece’s public debt reached 169.1% of the country’s GDP in the second quarter of 2013 compared to 160.5% in the year’s first quarter. Please note that Greece showed the European Union’s highest debt to GDP (Eurostat).

Corporate Impacts

  • Piraeus Bank: Moody’s said that the bank has been at the forefront of consolidation in the Greek banking system, following the acquisition of six banks since July 2012. These takeovers have enhanced its local franchise, improved its capital base and liquidity, and will provide significant scope for synergy gains. However, Moody’s notes that the bank continues to face significant implementation and asset quality risks within the still highly stressed operating environment in Greece.
  • Technical

    FTSE 25 November Future:

      Support levels: 380-375-368. Resistance levels: 390-398-405.

    General Index:

      Support levels: 1,130-1,100-1,080. Resistance levels: 1,180-1,200-1,230.

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