EUROCORP

Financial Morning News 01/08/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,169.01 posting losses of 2.16%, in a turnover of €84.44mn.


Moody’s will announce its credit rating on Greece today. Note that Greece’s rating by Moody’s stands at Caa3 with a stable outlook.

Retail sales by volume fell 3.8% in May compared to the same month last year, after a downwardly revised 7.1% rise in April (ELSTAT).

KEPE said that its estimate that the economy has started expanding again since Q2, reflecting the stabilization conditions that dominate Greece’s economy. It estimates a 0.6% growth for this year.

Citigroup has changed its forecast on the course of Greek economy from a 0.6% contraction this year to 0.3% growth, to be followed by 1.3% growth next year.

The Development Minister Mr. Nikos Dendias said that Greece may cut energy costs for business even without European Union approval, adding that the issue of lower energy costs will be raised by the Greek government with European Commission President-elect JMr. ean-Claude Juncker when he visits Athens on Monday.

Corporate Impacts

    • Titan Cement: The profits for the first half of the year amounted to €2.9mn vs. losses of €21.8mn a year earlier. The sales increased by 3.9% to €571.2mn. The net debt declined by 3.7% to €490mn.
    • Intralot: The Company confirmed previous reports by appearing as the sole bidder in a tender for the license to operate Greek horse-race betting held by state privatization fund TAIPED.
    • Cypriot Banks: According to IMF, Cyprus is likely to return to growth next year, but it cautioned the outlook was tempered by tensions over Ukraine and banks’ rising bad loans. It also said that it expected Cyprus would require additional fiscal efforts to achieve a sustainable primary surplus target of 4% by 2018.

Technical

FTSE 25 September future:

        Support levels: 368-362-356. Resistance levels: 382-390-398.

General Index:

      Support levels: 1,155-1,138-1,120. Resistance levels: 1,185-1,200-1,220.

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