EUROCORP

Financial Morning News 05/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,323.36 posting profits of 0.99%, in a turnover of €113.14mn.

The second meeting between the troika and the Labor Minister Mr. Yiannis Vroutis ended without a decision being reached. The main topics discussed by the two sides were steps making it easier for employers to order mass layoffs and reducing the size of their social security contributions. The goal for the government is to reach a deal with troika before next Monday’s Eurogroup summit.

Greece sold €1.137bn of six-month T-bills yesterday to roll over a maturing issue. The T-bills were priced to yield 3.6%, down from 4.0% in a February auction. The sale’s bid-cover ratio was 2.31, unchanged from the previous sale.

Greek manufacturing activity expanded for the second consecutive month in February to 51.3 from 51.2 in January, boosted by a rise in output and new orders.

Corporate Impacts

  • NBG: According to press reports, the bank is in the process to sell NBGI Private Equity (€900mn under management), in an effort to improve its capital adequacy ratios.
  • Greek Banks: BoG intends to publish local banks’ capital requirements by this Friday despite the disagreement noted in the second meeting between the Governor Mr. Giorgos Provopoulos and the troika mission chiefs yesterday. The troika insisted that the capital needs of banks amount to €8.5-9bn, while BoG estimates the capital needs of the banking sector at around €6bn.
  • Technical

    FTSE 25 March future:

      Support levels: 420-416-408. Resistance levels: 435-440-446.

    General Index:

      Support levels: 1,305-1,280-1,250. Resistance levels: 1,350-1,380-1,400.

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