Financial Morning News 10/04/2013


The General Index in Athens Stock Exchange (ASE) closed at 876.54 posting significant profits of 5.72%, in a turnover of €59.78mn.

The industrial production dropped 3.9% in February, after a rise of 4.2% in January. The manufacturing output dropped 0.4% compared with a year earlier, while production at mines and quarries decreased 1.1%. The electricity production fell 14.4% and water supply production was 1.3% down (ELSTAT).

The consumer inflation eased to an annual -0.2% pace in March from 0.1% in the previous month, its lowest reading since 1968. The EU-harmonized inflation also eased to -0.2 percent from 0.1 percent in February (ELSTAT).

Greece sold €1.3bnof six-month T-bills yesterday to roll over a previous issue with a yield of 4.25%, unchanged from a previous March 5 auction. The sale’s bid-cover ratio was 1.6, down from 1.64 in the previous auction (PDMA).

Corporate Impacts

  • NBG: Its executive board will continue the meeting today, because the board will need to be better informed about finding private investors to participate in the capital increase and to complete the technical preparations for the mix of new shares and convertible bonds (CoCos) to be used for drawing the necessary funds. The general meeting during which the definitive decisions will be taken has been scheduled for Monday, April 29.
  • Greek Banks: Fitch said that the completion of the recapitalization process for Greek banks should contribute to their funding stability. If they can achieve sufficient private-sector participation, it could send a signal of improved investor confidence and eventually provide opportunities for them to access capital and wholesale funding markets. This development would be positive for their credit profile.
  • Eurobank: Its extraordinary general meeting of shareholders, at which the capital increase will be decided, has been scheduled for April 30. In addition, there are rumors that Marfin Investment Group might participate in the recapitalisation process.
  • Technical

    FTSE 25 June future:

      Support levels: 270-265-258. Resistance levels: 282-290-296.

    General Index:

      Support levels: 850-840-810. Resistance levels: 890-910-950.


    The information that EUROCORP (henceforth the “Company”) provides via the web page, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

    The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

    The use of web page is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

    Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Cannot retrieve