Financial Morning News 15/05/2012


The General Index in Athens Stock Exchange (ASE) closed at 584.04 for the first time since late November 1992, posting heavy losses of 4.56% in a turnover of €38.91mn.

The President of the Republic Mr. Karolos Papoulias summoned the three leaders Antonis Samaras (ND), Evangelos Venizelos (PASOK) and Fotis Kouvelis (DEMLEFT) yesterday in a last effort to form a unity government and avoid repeat elections. There will be a broader parties meeting today where the leaders of ND, PASOK, SYRIZA, DEMLEFT, INDEP GREEKS and KKE will be asked whether they support a government consisted of technocrats personalities.

The Greek Public Debt Management Agency said that it will seek to sell €1bn of 13-week T-bills at an auction today.

The German Finance Minister Mr. Wolfgang Schaeuble said that Greeks are better off in the euro, for all the efforts required to stay in the single currency and he added that that the price if they decide to leave the euro is very high.

Moody΄s said that Greece΄s inconclusive elections increase the risk that the country will default and leave the euro zone, and is bad for the creditworthiness of Greek banks.

Corporate Releases

  • 05/16: Intralot AGM
  • 05/17: ΟPAP Q1’12 results

Corporate Impacts

  • Hellenic Petroleum: A company official said that ELPE plans to start its upgraded Elefsina refinery in Greece at the end of June.
  • HELEX: The net profit in Q1’12 fell to €4.8mn vs. €9.2mn in the same period of 2011. The sales fell 33% to €10.4mn amid lower share prices for listed companies and after the company significantly cut prices for its derivative services.
  • NBG: Its Turkish subsidiary, Finansbank announced that the profit dropped 30% to 206.3mn liras in Q1’12.
  • Marfin Popular Bank: The bank is in discussions with the Cypriot Finance Ministry and the central bank on the lender’s capital strengthening plans.
  • OTE: MSCI will announce the results of its index review today and changes will become effective after the close of business on 31 May 2012. It is highly possible for the stock to be deleted from the index, hence 11.5mn shares outflow.


    • FTSE 20 June future: Support levels: 214-208-202. Resistance levels: 226-234-244.


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