Financial Morning News 18/09/2012


The General Index in Athens Stock Exchange (ASE) closed at 734.99 posting losses of 1.08%, in a turnover of €47.22mn.

The German Chancellor Ms. Angela Merkel said that Germany is ready to help Greece and wants it to succeed, but she added that it is important that ‘these reforms, some of them difficult, be carried through.

The IIF warned that further delay to the review and approval of Greece΄s bailout program would be a key source of event risk and add to the strains on the Greek economy.

Greece will auction €1bn of three-month T-bills today to fund the rollover of a previous €1.6bn issue that comes due on September 21.

Corporate Impacts

  • CCH:According to Sky TV, the company is considering switching its main listing from the ASE to the London Stock Exchange in a move which could lift it to the blue-chip FTSE 100 index. In response to this comment, the company announced that it is seeking to better leverage its stock exchange listings.
  • OPAP: According to the Finance Ministry, the Greek state has been in talks with the regulator for “a long time” on the games of chance tax issue and the talks are ongoing. The Greek regulator inquired on Friday about a Greek media report that said the EC may ask for OPAP’s land-based games tax to be raised to 30 percent immediately to adhere to European Union regulations.
  • Cypriot Banks: The governor of the central bank Mr. Panicos Demetriades said that Cyprus is hoping for direct capital injections into its banks from the euro-zone’s rescue fund from January 2013 (German daily Handelsblatt).
  • Technical

    FTSE 20 September future:

      Support levels: 268-262-256. Resistance levels: 280-286-292.


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