Financial Morning News 18/05/2012


The General Index in Athens Stock Exchange (ASE) closed at 536.94 posting heavy losses of 3.41% in a turnover of €47.71mn.

Fitch downgraded the long-term credit rating for Greece to CCC from B, reflecting the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union. This action comes in the wake of the May 6 elections, which was dominated by strong support for anti-bailout parties. An exit from the euro was probable if politicians fail to form a government after the next round of elections.

The IMF Managing Director, Mrs. Christine Lagarde said that a Greek exit from the euro area would be extremely expensive and hard.

The Outgoing Greek Prime Minister Mr. Lucas Papademos warned that a rejection of the EU-IMF memorandum would lead the country out of the eurozone.

Corporate Impacts

  • OPAP: The net profits in Q1’12 fell 21% to €131.9mn (est: €130mn) from €166.9mn in Q1’11 on higher net-interest expenses (€6.9mn) and lower sales. The sales declined 5% to €1.07bn (est: €1.06bn), while EBITDA fell to €184.4mn (est: €183mn) from214.2mn.
  • MYTILINEOS: It posted consolidated turnover for Q1’12 at €358.6mn vs. €281.1mn (+28% y-o-y), due to the increased contribution of the Energy sector. EBITDA stood at €40.9mn vs. €43.8mn, while net profits stood at €10mn vs. 15mn in Q1’10, as the EPC Projects Sector was for yet another quarter the strongest performer among all the Group’s business activity areas.
  • ΜΕΤΚΑ: The company posted EBITDA of €27.8mn, up 7.5% y-o-y, net profits of €23.5mn, up 33% y-o-y and revenues of €170.7mn in Q1’12, up 5.3% y-o-y, due to the smooth progress in the implementation of the Company’s signed contracts abroad.
  • Marfin popular Bank: The Cypriot lender said that the Republic of Cyprus will underwrite a €1.8bn equity issue by Cyprus Popular Bank to help recapitalize the bank.
  • Ellaktor: It is planning to sell its 15.3% stake in Casino Mont Parnes, north of Athens, in order to reduce borrowing and augment liquidity.
  • Technical

      • FTSE 20 June future: Support levels: 190-182-176. Resistance levels: 206-214-222.


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