EUROCORP

Financial Morning News 28/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,293.97 posting losses of 0.72%, in a turnover of €112.66mn.

The central bank governor Mr. George Provopoulos said that Greece needs bolder reforms to overhaul its economy and make it more competitive to support its fragile recovery. He added that the accumulation of Greek banks’ non-performing loans was a cause for concern but reiterated that the country’s bank bailout fund HFSF has a buffer of over €8bn to meet any further capital needs.

Corporate Impacts

  • MSCI rebalancing: ΟΤΕ: 20.5% from 17.95%, OPAP: 15.85% from 18.01%, Piraeus Bank: 13.53% from 9.1%, NBG: 8.52% from 11.01%, PPC: 8.82% from 9.4%, Jumbo: 8.78% from 7.9%, Titan: 7.7% from 7.8%, Alpha Bank: 7.36% from 8.25%, Folli Follie: 5.14% from 4.9% and Hellenic Petroleum: 3.76% from 5.8%.
  • Greek Banks: BoG will announce the results of stress tests for its major banks next week. In other news, Greece’s international lenders have agreed that a lower capital ratio can be used in a second stress test of the country’s major banks, bringing it in line with a European banking benchmark (Reuters).
  • JUMBO: The net profits fro H1’ 2013/14 amounted to €58.97mn (+4.45%), with EBITDA of 84.63mn (+12.56%). The net sales increased by 7.23% to €316.74mn.
  • Titan cement: The sales for 2013 amounted to €1.176bn (+4%), while EBITDA marginally improved to €196mn. The net losses were €36mn vs. -€24.5mn. The net debt decreased by €57mn to €539mn.
  • Hellenic Petroleum: The group for 2013 reported losses of €269mn from profits of €86mn in 2012, due to the weak margins, despite improved operational performance from all business units. EBITDA decreased by 60% to €178mn. The net debt amounted to €1.7bn vs. €1.9bn a year earlier.
  • Technical

    FTSE 25 March future:

      Support levels: 412-406-400. Resistance levels: 426-432-440.

    General Index:

      Support levels: 1,280-1,250-1,220. Resistance levels: 1,320-1,350-1,380.

Financial Morning News 27/0/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,303.35 posting significant profits of 3.28%, in a turnover of €141.86mn. Note that Greece’s bonds jumped, sending yields to a four-year low, on speculation the country will reach an agreement with international creditors to ensure its bank-recapitalization requirements are manageable.

The Prime Minister Mr. Antonis Samaras said that Greece has energy deposits that could be worth €150bn in state revenue over the next 30 years.

According to press reports, the arrivals from international destinations were increased by 14.7% during January. The president of the Association of Greek Toursim Enterprises Mr. Andreas Andreadis said that forecasts for 2014 show another record year for Greek tourism.

The Finland’s Prime Minister Mr. Jyrki Katainen is expected to meet with the Prime Minister Antonis Samaras in Athens this week. Discussions between the two prime ministers were expected to focus on the economic situation in Greece and Finland as well as issues of competitiveness.

Corporate Impacts

  • Hellenic Petroleum, Titan Cement: FY’13 results
  • Greek Banks: Non-performing loans held by Greek banks rose to about 31% of their total loan book at the end of the third quarter last year from 29.3% at the end of the first half (Reuters).
  • Technical

    FTSE 25 March future:

      Support levels: 412-406-400. Resistance levels: 426-432-440.

    General Index:

      Support levels: 1,280-1,250-1,220. Resistance levels: 1,320-1,350-1,380.

Financial Morning News 26/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,261.92 posting significant profits of 3.48%, in a turnover of €91.43mn.

The EU commission forecasts a recession of 3.7% of GDP in 2013 and return to growth by 0.6% in 2014 and 2.9% in 2015. The unemployment rate is estimated at 27.3% in 2013, 26% in 2014 and 24% in 2015.

The energy ministry said that the natural gas distributor DEPA has clinched a new gas supply deal with Gazprom, which includes a 15% price cut backdated to last July. The new agreement extends a current deal between the two companies by 10 years to 2026.

According to the German daily Die Welt, Germany is considering giving Greece more leeway to decide itself which reforms to take if it requires a third bailout package. The paper said that instead of listing more than 100 measures to take, international lenders could give the Greek government 20 goals to reach.

Corporate Impacts

  • PPA: The Development Minister Mr. Kostis Hatzidakis said that the Greek port of Piraeus could become one of Europe’s top five container-shipping hubs as the government spurs logistics activities in a bid to start economic growth. In other news, Greece has completed work on terms for an invitation to investors to express interest in a 67% stake in Piraeus Port Authority and the terms will be presented to the Greek Parliament today.
  • Greek Banks: The Governor Mr. Provopoulos will meet the troika delegation today to discuss the capital needs of Greek banks based on BlackRock’s stress tests. BoG is due to present at the end of this week or early next week the results of stress tests.
  • Technical

    FTSE 25 March future:

      Support levels: 402-396-390. Resistance levels: 415-420-426.

    General Index:

      Support levels: 1,240-1,220-1,200. Resistance levels: 1,280-1,305-1,320.

Financial Morning News 25/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,219.43 posting losses of 2.44%, in a turnover of €63.18mn. The Greek government bonds rose yesterday, as Greece’s partners were said to be working on the next review of its bailout.

The government spokesman Mr. Simos Kedikoglou said that Greece is “very close” to an agreement with the troika. Note that the Greek government is hoping to achieve an agreement in principle by the March 10 Eurogroup and to secure the disbursement of €8.8bn in bailout loans by a meeting of eurozone finance ministers due to be held in Athens on April 1.

The primary surplus in the 2014 budget amounted to €835mn in January against a target of €955mn for that period. Reduced amounted to €4.41bn, down by €249mn from the target.

According to press reports, the State-asset sales fund targets 12 asset sales incl. Public Power Corporation, Hellenic Petroleum, Hellenic Post and Athens Water. Greece also plans to sell its stakes in Piraeus Port Authority and Thessaloniki Port Authority, while the sale stake in Athens International Airport is also planned.

Eurostat showed annual negative rates in Cyprus at -1.6% and in Greece at -1.4%.

Corporate Impacts

  • Greek Banks: According to the Financial Times, the IMF estimates the sector’s needs at €20bn, but BoG sources insisted that the capital requirements will range between €5bn and €6bn.
  • Technical

    FTSE 25 March future:

      Support levels: 390-384-378. Resistance levels: 402-410-418.

    General Index:

      Support levels: 1,200-1,190-1,175. Resistance levels: 1,240-1,260-1,280.

Financial Morning News 24/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,249.96 posting marginal losses of 0.02%, in a turnover of €61.69mn.

The representatives of Greece’s international creditors begin their latest round of inspections and negotiations with the government in Athens today.

The German Finance Minister Mr. Wolfgang Schaeuble said that any fresh aid package for Greece would not include a further debt write-down.

Corporate Impacts

  • PPA: The Minister of Shipping and the Aegean Mr. Miltiades Varvitsiotis said that Greece has completed work on terms for an invitation to investors to express interest in a 67% stake in Piraeus Port Authority SA. The terms will be presented to the Greek Parliament in the coming days and the sales process can begin 52 days afterward.
  • Greek Banks: According to press reports, the four systemic banks are expected to need a total of about €5bn in extra capital, based on a second stress test by the central bank. The final sum will be announced this week, after the meetings with the troika. Note that Eurobank has already announced a €2.0-2.5bn rights issue, while the government will table a draft bill, after the announcement of the result of the stress tests.
  • Technical

    FTSE 25 March future:

      Support levels: 400-395-390. Resistance levels: 412-418-426.

    General Index:

      Support levels: 1,240-1,225-1,200. Resistance levels: 1,280-1,305-1,320.

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