EUROCORP

Financial Morning News 30/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,195.20 posting marginal profits of 0.10%, in a turnover of €104.18mn.

Corporate Impacts

  • Greek Banks: Moody’s upgraded the outlook of Greek banks to stable. In other news, the total credit remained negative on March easing by 0.4% m-o-m and 4.1% y-o-y (Feb: -4.0% y-o-y) to €215.9bn, which corresponds to 118.0% of GDP from 119.1% at YE‘13.
  • Eurobank: The bank announced that it received a proposal from the anchor investors to increase the maximum subscription price in Eurobank’s capital increase of €1.332bn to €0.31 from €0.30 previously. The final price of the capital increase will be announced today.
  • OTE, EYDAP: AGM.

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Financial Morning News 29/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,193.95 posting losses of 2.39%, in a turnover of €91.55mn.

The Finance Minister Mr. Yannis Stournaras said that Greece has achieved more than three quarters of the fiscal adjustment it needs to make its debt sustainable and added that Greece will put the issue of further debt relief on the agenda at the May 5 Eurogroup.

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Financial Morning News 28/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,223.14 posting losses of 0.60%, in a turnover of €102.52mn.

The European Commission praised Greece for making delayed but substantive progress with structural reforms and producing a strong fiscal performance but also set the government some pressing deadlines this summer. Nevertheless, €7.7bn of new fiscal measures will have to be adopted between 2015 and 2017.

Troika officials are due back in Athens in June to check on the coalition’s progress, although a full review of the adjustment program will not begin until August. Among the reforms being demanded by Greece’s lenders are giving the TAIPED privatization fund a greater role in the public organizations that are to be sold off, strengthening legislation against tax evasion and adopting a new law governing the funding of political parties.

Corporate Impacts

  • Alpha Bank: The bank said that it is looking into business proposals, including the possible acquisition of the operations of Citibank in Greece.
  • MIG: The group announced that DELTA FOODS S.A., a subsidiary of Vivartia Group, has signed a preliminary agreement to acquire a 43% stake in MEVGAL from the Papadakis – Chatzitheodorou families. The transaction is subject to the approval of the Hellenic Competition Commission. The transaction consideration amounts to €4.5mn, which will be paid following the repayment of an obligation worth €3.8mn by MEVGAL to DELTA and the repayment of a convertible bond loan that is expected to be provided by the lending banks to MEVGAL as part of the company’s financial restructuring plan. With this transaction DELTA will increase its stake in MEVGAL to 57.8%.
  • Intralot: Fitch affirmed Intralot SA’s Long-Term Issuer Default Rating (IDR) at ‘B+’ and revised the outlook to negative from stable.
  • Technical

    FTSE 25 May future:

      Support levels: 388-382-375. Resistance levels: 400-408-416.

    General Index:

      Support levels: 1,215-1,200-1,180. Resistance levels: 1,250-1,280-1,300.

Financial Morning News 25/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,230.55 posting marginal profits of 0.03%, in a turnover of €97.44mn.

The Euro Working Group met in Brussels and approved the release of €6.3bn in bailout funding. The chairman of Greece’s Council of Economic Experts Mr. Panos Tsakloglou made a request at the EWG, for more debt-lightening measures, reminded his counterparts of the Eurogroup’s November 2012 pledge to examine debt relief steps once Greece produced a primary surplus. Two further tranches of €1bn each are due to be released in the weeks to come as long as Greece meets reform milestones agreed with its lenders.

The EFSF CEO Mr. Klaus Regling said that he is very encouraged by the progress Greece has made in its adjustment program, as evidenced by the primary budget surplus for 2013 and the return to bond markets. In order to achieve sustainable economic growth in Greece, the reforms need to be continued.

The IMF spokesman Mr. Gerry Rice said the IMF’s executive board is due to meet in mid-May to approve the release of two installments worth €3.6bn. He also expects talks on debt relief to take place in the second half of this year.

Corporate Impacts

  • NBG: The bank raised €750mn through a 5-year fixed-rate bond with a yield of 4.50%, while the bid to cover ratio was 3. Note that NBG is also set to become the fourth Greek lender to tap international markets through a share offering, planning to raise up to €2.5bn to boost its core capital.
  • PPC: The company would sell bonds worth €500mn. The notes will be a combination of three- and five-year bonds and will be listed on the Global Exchange Market of the Irish Stock Exchange.
  • Ellaktor: The subsidiary Aktor signed a contract for the design and construction of the “Gold Line Underground” Metro line in Doha, Qatar, as leader of the consortium ALYSJ JV, with a 32% stake. The project is part of the Qatar Railway Network and the Gold Line is by far the largest independent construction project of the metro in Doha. The contract value amounts to €3.2bn, including the amount of €770mn, at the discretion of the client.
  • Technical

    FTSE 25 April future:

      Support levels: 390-385-378. Resistance levels: 405-412-420.

    General Index:

      Support levels: 1,215-1,200-1,190. Resistance levels: 1,260-1,280-1,300.

Financial Morning News 24/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,230.20 posting losses of 2.42%, in a turnover of €114.94mn.

Today the EuroWorking Group is expected to approve to Greece the disbursement of €6.3bn of a total payment of €8.3bn. At the next Eurogroup on May 5, Greece will reportedly request the official initiation of discussions on the restructuring of the Greek debt.

According to the Deputy Finance Minister, Greece’s general government primary surplus last year, as calculated by the country’s international lenders, is estimated at €1.5bn. Based on a deal in November 2012, attaining a primary budget surplus in bailout terms means Greece qualifies for further debt relief by its eurozone partners and the IMF. The Greek debt reached at 175.1% of GDP in 2013, up from 157.2% a year earlier.

Corporate Impacts

  • NBG: The bookbuilding for the issue of a 5-year senior bond by the bank starts and concludes today. The interest rate may end up below that of the recent Hellenic Republic issue of 4.95%.
  • Technical

    FTSE 25 April future:

      Support levels: 390-385-378. Resistance levels: 402-410-418..

    General Index:

      Support levels: 1,218-1,200-1,190. Resistance levels: 1,260-1,280-1,300

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