Financial Morning News 11/11/2013


The General Index in Athens Stock Exchange (ASE) closed at 1,169.04 posting marginal losses of 0.17%, in a turnover of €130.36mn.

A censure motion against the government by leftist opposition SYRIZA failed to pass in Parliament, falling far short of the required majority with only 124 votes in the 300-seat House but the coalition’s majority was reduced by one, to 154, after PASOK deputy Ms. Theodora Tzakri defected from the government line.

Corporate Impacts

  • ΟΤΕ: The company plans to cut 1,100 jobs at its domestic fixed-line business. The job cuts are expected to cost OTE between €120mn and €200mn, depending on the number of employees who agree to leave.
  • EXAE: EGM to approve the draft merger agreement for the merger of HELEX with its 100% subsidiary ATHEX and the spin-off from HELEX and contribution to its subsidiary Thessaloniki Stock Exchange centre of the Central Securities Depository business.
  • Mytilineos: PPC threatened to ditch Aluminium SA, upping the ante in a five-year row between the two firms over power supply prices. PPC’s management board unanimously decided to scrap its contract with Aluminium, effective November 18.
  • Technical

    FTSE 25 November future:

      Support levels: 384-378-372. Resistance levels: 395-400-408.

    General Index:

      Support levels: 1,150-1,130-1,110. Resistance levels: 1,185-1,200-1,230.


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