EUROCORP

Financial Morning News 11/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,338.68 posting losses of 0.19%, in a turnover of €137.16mn.

The Eurogroup urged Greece to implement the reforms and to reach an agreement with troika.

The consumer prices fell 1.1% (est: -1.3%) in February, with the annual pace of deflation decelerating from the previous month. The EU-harmonized deflation rate slowed to -0.9% (est: -1.4%) from -1.4% in January.

Corporate Impacts

  • Greek Banks: Moody’s said that it is credit positive that the Greek banks’ capital needs are within the HFSF’s capacity.
  • Alpha Bank: The bank posted 2013 net profit of €2.92 bl, thanks to an accounting gain on its acquisition of Emporiki Bank. Excluding write-back, it posted losses of €304mn from a loss of €1.08bn in 2012. Provisions for non-performing loans rose 15.4% to €1.92bn, with NPLs decreasing to 32.7% of its book from 32.9% in the end of the third quarter. The bank expects further improvement to its core revenues from decreased funding costs in 2014. Note that the bank plans a share offering of up to €1.2bn to boost its capital and pay back €940mn of preferred shares owned by the state.
  • Jumbo: The 5.915.642 new common shares (bonus:1 new for 22 old) starts trading today.
  • Cypriot banks: The Governor of the Central Bank of Cyprus Mr. Panicos Demetriade resigned. His resignation was accepted by the President Mr. Nicos Anastasiades.
  • Technical

    FTSE 25 March future:

      : Support levels: 424-418-412. Resistance levels: 438-446-452.

    General Index:

      Support levels: 1,320-1,305-1,280. Resistance levels: 1,360-1,380-1,400.

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