Financial Morning News 07/05/2014


The General Index in Athens Stock Exchange (ASE) closed at 1,215.08 posting losses of 1.41%, in a turnover of €135.52mn.

The Organization for Economic Cooperation and Development (OECD) foresees the Greek economy shrinking by 0.3% of GDP this year (Estimate Commission: +0.6%) while it expects to be growth of 1.9% of GDP next year (Estimate Commission: +2.9%). The OECD sees unemployment at 27.1% this year and edging downwards to 26.7% this year.

Fitch Ratings said that some recovery in eurozone periphery sovereign ratings is possible in a benign scenario of economic recovery and declining debt ratios.

Greece sold €1.3bn of six-month treasury bills yesterday with a yield of 2.70%, down from 3.01% in an April auction. The sale’s bid-cover ratio was 2.65, down from 3.10 in the previous sale (PDMA).

Corporate Impacts

    • Terna Energy: The company and Abu Dhabi National Energy Company PJSC (TAQA) signed a Memorandum of Understanding on investments in the Renewable Power sector mainly in Greece, but also abroad. Part of the two Companies’ agreement is also the potential participation of TAQA in Terna Energy’s assets and/or capital. Note that Terna Energy holds a leading position in the RES sector in Greece, with a total installed capacity amounts to 544 MW (302 MW in Greece, 138 MW in the USA, 74 MW in Poland and 30 MW in Bulgaria). At the same time, it has RES installations currently under construction or ready for construction with a capacity of 294 MW in Greece and abroad.
    • NBG: The book for the €2.5bn share capital increase opened yesterday and will close tomorrow, with the price for the sale of the new shares to be determined by investor offers. On Saturday a general meeting of the bank will approve the share increase and the share price, completing the process. According to press reports, the share issue will likely be oversubscribed and the price of the new shares is expected to range between 2.10 and 2.60 euros. Goldman Sachs and Morgan Stanley will be the international coordinators and managers of the offers book. Note that the share capital increase will be conducted via private placement and the whole of the issue will be allocated to investors abroad.


FTSE 25 May future:

        Support levels: 384-378-372. Resistance levels: 396-402-410.

General Index:

      Support levels: 1,200-1,180-1,150. Resistance levels: 1,235-1,260-1,280.


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