EUROCORP

Financial Morning News 04/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 687.30 posting marginal profits of 0.16%, in a low turnover of €22.26mn. The market will focus on the outcome of the elections on Sunday.

Fitch said that the euro zone should still muddle through the sovereign debt crisis but alternative scenarios, most notably a Greek exit from the currency union, are increasingly likely.

Corporate Impacts

  • METKA: The stock will be added to FTSE 20 index on the 28th of May.
  • Banks: Greek bank deposits rose 0.6% in March to €165.36bn from €164.38bn, halting a steady decline recorded in recent months (Dow Jones Newswires).
  • Titan Cement: The net loss for Q1’12 stood at €19.4mn vs. €4.3mn in Q1’11, as it has been hit hard by a plunge in private housing investment and drastic cutbacks in public spending on infrastructure in Greece. The sales declined by 11% to €225.4mn, while EBITDA fell by 29% to €34mn. The firm said it would continue cutting its operating costs and that it expects annual savings of €26mn from a restructuring plan it launched last year.
  • Hellenic Postbank: The stock will be deleted from FTSE 20 index on the 28th of May.

Technical

    • FTSE 20 June future: Support levels: 252-246-240. Resistance levels: 268-276-282.

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