EUROCORP

Financial Morning News 08/08/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,090.82 posting losses of 0.25%, in a turnover of €135.29mn.

The unemployment rate in May was at 27.2% from 27.3% in April (ELSTAT).

Corporate Impacts

    • ΟΤΕ: The company announced Q2’14 sales at €950.16mn (-5.2%) and EBITDA at €342.5mn (-1.2%), helped by deceleration of decline in Greek fixed telephony, lower operating costs (-5.6%) and lower interest expenses (€46mn vs. €69.4m). The net income was increased by 21% to €69mn, while net debt was decreased by 37% to €1.5bn. In other news, Moody’s upgraded OTE to Ba3 from Β2 previously with a stable outlook.
    • Coca-Cola HBC: The company reported a rise of 6.3% in second-quarter comparable net profit at €135mn. Revenue for the same period fell 5% from a year earlier to €1.8bn. The company warned that geopolitical tension in Ukraine will make the rest of the year even more challenging.
    • Frigoglass: The company announced Q2’14 sales at €145.9mn (-15.4%) driven by a 21% drop in cool sales and an 8% growth in glass sales. EBITDA came at €20.5mn (-25.1%), while net profit amounted to -€36mn, due to the negative effect of a charge of €36mn related to the closure of the plant in Turkey.

Technical

FTSE 25 September future:

        Support levels: 342-336-330. Resistance levels: 358-366-374.

General Index:

      Support levels: 1,070-1,050-1,030. Resistance levels: 1,120-1,150-1,180.

Disclaimer

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