EUROCORP

Financial Morning News 10/01/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 983.91 posting profits of 0.35%, due to the likely postponement of the capital gains tax on shares, by six months in a turnover of €72.55mn.

The industrial production dropped 2.9% in November, after a revised rise of 3.5% in October. The manufacturing output increased 0.2%, while production at mines and quarries decreased 1.8%. Electricity production fell 13% and water supply production rose 0.6% (ELSTAT).

Corporate Impacts

  • Hellenic Petroleum:According to press reports, the company will complete this month a €525mn- loan from non-domestic lenders as part of a refinancing package.
  • Cypriot Banks:The German Chancellor Ms. Angela Merkel said that there could be no special bailout conditions for Cyprus that did not include the need for economic reforms such as privatisations, which have been ruled out by the island’s outgoing communist president.
  • NBG:According to press reports, the bank will need more funds for its share capital increase.
  • Technical

    FTSE 20 March future:

      Support levels: 334-328-322. Resistance levels: 348-355-360.

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