EUROCORP

Financial Morning News 10/08/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 612.29 posting marginal profits of 0.13%, in a turnover of €20.12mn.

The ECB governing council member Mr. Christian Noyer said that an exit of Greece from the euro zone is not something which we envisage and there is no plan to prepare for the exit of any country from the euro zone.

The unemployment rate rose to a record 23.1% from 22.6% in April and 16.8% a year earlier. The industrial production recorded an increase of 0.3% in June, after a decline of 13.3% a year earlier (ELSTAT).

According to Der Spiegel, the Euro-zone leaders will likely have no choice but to pay Greece the next tranche of its bailout package.

Corporate Impacts

  • OTE: It recorded net profit for the second quarter was at €104.5mn vs. €62.2mn a year earlier, due to tight cost controls. The adjusted net income was €104.5mn vs. €70.5mn in 2011, due to the net capital gain of €211.3mn from the sale of its stake in Telekom Serbia. The revenue fell slightly to €1.19bn vs. €1.25bn, while EBITDA rose to €416.7mn vs. €396.9mn. The net debt was down €1bn from a year earlier to €3.2bn, due to the continuous generation of significant positive cash flow.
  • Technical

    FTSE 20 September future:

      Support levels: 216-210-202. Resistance levels: 228-234-240.

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