EUROCORP

Financial Morning News 07/08/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 608.62 posting profits of 1.76%, in a low turnover of €15.62mn.

The meeting between the three political leaders focused on privatizations’ issues. The Prime Minister Mr. Antonis Samaras assigned the government’s general secretary the preparation of a draft law that will include a total of 77 administrative acts to facilitate privatizations. Another meeting will be held at 6 p.m. today.

The Hellenic Republic will auction 26 Weeks T-Bills today. The amount to be auctioned is €625mn (previous interest rate: 4.70%).

Corporate Announcements

    08/08 Mytilineos, Metka H1’12 results (before market)

      08/09 OTE H1’12 results (before market)

      Corporate Impacts

      • Banks: NBG is going to submit a bid to buy Credit Agricole’s Emporiki Bank. Alpha Bank said last week it had made an offer for Emporiki, and Eurobank announced it is examining a buyout, but hasn’t submitted a proposal yet. Interest from the potential buyers is seen as being strong, according to industry people who expect all three bids to be tabled by the middle of the week (Reuters).
      • Cypriot Banks: a) According to documents seen by Reuters, troika found the economy in a «worse state than expected» and in need of painful adjustment in coming months b) The Cypriot government said that the Russian President Mr. Vladimir Putin and his Cypriot counterpart Mr. Demetris Christofias discussed further economic cooperation between the two countries during a phone conversation yesterday.
      • Technical

        FTSE 20 September future:

          Support levels: 212-208-200. Resistance levels: 228-236-242.

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