EUROCORP

Financial Morning News 09/08/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 611.50 posting losses of 1.44%, in a turnover of €16.19mn, as S&P΄s revised Greece΄s outlook to negative, saying that the country will need more help from its international creditors.

EU officials indicated that a review of Greece’s economic reform progress by the troika would be issued in October and not in September as originally expected.

The Alternate Finance Minister Mr. Christos Staikouras said that the package of €11.5bn in measures must be finalized by September 14 when eurozone finance ministers are due to convene in Nicosia for a Eurogroup summit.

Corporate Announcements

    08/09 OTE H1’12 results (before market) Market consensus: turnover stands at €2.37mn, EBITDA at €826mn and net profits at €393.2mn.

    Corporate Impacts

    • Mytilineos: The group announced a weak set for Q2 due to Metallurgy sector (Aluminium). The sales in H1’12 increased by 0.5% at €714.4mn, due to the strong performance of Energy sector. The EBITDA was €80mn vs. €107mn, while the net income was €8.5mn vs. €30.5mn in the same year-ago period.
    • Technical

      FTSE 20 September future:

        Support levels: 215-210-202. Resistance levels: 228-234-240.

      Disclaimer

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