EUROCORP

Financial Morning News 07/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,319.03 posting marginal losses of 0.04%, in a turnover of €135.44mn.

Thee unemployment rate dipped marginally to 27.5% in December from a downwardly revised 27.6% in the previous month (ELSTAT).

The Cyprus President Mr. Nicos Anastasiades will meet today with the German Chancellor Ms. Angela Merkel in Dublin to discuss recent developments on the Cyprus issue and the economy.

The head of the Public Debt Management Association Mr. Stelios Papadopoulos stated that Greece is set for a credit rating upgrade and will be able to return to the international capital markets during the course of this year.

Corporate Impacts

  • OTE: The company reported in the fourth quarter of 2013 a rise in revenues of 0.1% to €1.040bn, for the first time in five years. Full-year net profit for 2013 dropped by 35% to €287.8mn, weighed by an early retirement plan for 1,800 employees, which will help the company cut costs in the future. OTE said it expected sales to continue dropping in 2014, though at a slower pace than their 6.4% decline in 2013.
  • Greek Banks: BoG announced that according to the results of the stress tests that BlackRock Solutions, the additional capital requirements of Greece’s lenders are €6.382bn (€2.945bn for Eurobank, €2.183bn for NBG, €397mn for Attica Bank, €425mn for Piraeus, €262mn for Alpha and €169mn for Panellinia). Piraeus Bank announced that it will initiate a major share capital increase of €1.7bn, while Alpha is expected to announce its own increase today, likely to amount to €1bn. NBG said that it will cover its requirements without a share capital increase. Piraeus also announced profits of 2.53 billion euros for 2013. BoG also asked lenders to submit their plans to strengthen their capital bases by April 15.
  • Technical

    FTSE 25 March future:

      Support levels: 420-415-408. Resistance levels: 435-442-450.

    General Index:

      Support levels: 1,305-1,280-1,250. Resistance levels: 1,335-1,350-1,380.

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