EUROCORP

Financial Morning News 13/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 600.16 posting losses of 0.92%, in a low turnover of €19.13mn.

The spokesman of IMF Mr. Gerry Rice said that the IMF team will return to Greece on July 24 to discuss how to put the program of measures attached to the country’s loan fully back on track.

A senior government official said that Greece started putting together a plan to achieve savings worth €11.5bn over 2013 and 2014 in line with commitments made to international creditors and the intention is to finalize the measures by July 23.

The jobless rate hit a new record high of 22.5% in April from a revised 22% in March and 16.2% in April last year (ELSTAT).

The European Regional Development Commissioner Mr. Johannes Hahn said that Greece for the first time had hit its target with regard to the absorption of funds stemming from European investment subsidies under the National Strategic Reference Framework.

Corporate Impacts

  • Jumbo: It said that FY 2011/2012 revenues rose by 0.88% y-o-y to €494.29mn, matching guidance for 0%-1%. An extra-ordinary shareholders’ meeting on 25 July will be called to approve a €0.21/ share capital return.
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  • NBG: US insurer Cigna Corp has signed a deal to buy a 51% stake in Finansbank’s wholly owned insurance unit Finans Emeklilik for €85mn.
  • Cypriot Banks: The Finance Ministry said that European and IMF inspectors due in Cyprus next week to discuss the country’s bailout request have put off their visit to allow further time to assess the island’s needs.
  • Technical

    FTSE 20 September future:

      Support levels: 212-206-200. Resistance levels: 224-230-239.

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