Financial Morning News 22/11/2012


The General Index in Athens Stock Exchange (ASE) closed at 830.27, posting profits of 1.10%, in a turnover of €64.79mn.

The German Chancellor Ms. Angela Merkel said that she is in favour of allowing Greece to borrow from the bailout fund to buy back bonds from the market and to cut interest on existing loans. The EFSF would have to boost its capital by about €10bn to finance a Greek bond buyback. However, she is against on a haircut of GGBs. The German Finance Minister Wolfgang Schaeuble said that Germany advocates allowing Greece to use up to €10bn of additional bailout money in order to finance a bond buyback program.

The French President Mr. Francois Hollande said that the euro-zone members must agree on how to handle Greece’s debts, to eliminate any doubt on the will to keep all members within the zone. The Italian President Mr. Giorgio Napolitano aid that all European institutions are deeply committed to keeping Greece within the euro zone.

The Greek Prime Minister Mr. Antonis Samaras postponed his scheduled trip to Qatar on Monday due to the decision by euro-zone finance ministers to reconvene on that day. In addition to this, Mr. Samaras will meet with the Eurogroup chief Mr. Jean-Claude Juncker in Brussels today. Mr. Samaras said that the lack of a debt deal between the country΄s lenders over technical reasons did not justify holding up aid to Athens.

Corporate Releases

    Hellenic Petroleum Q3’12 results

    Corporate Impacts

    • OTE:Turk Telekomunikasyon and Turkcell Iletisim Hizmetleri made initial bids for the Bulgarian mobile and fixed telephone unit of OTE seeking to grow abroad.
    • Mytilineos, Metka:The group reported Q3’12 net profits at €3.1mn (-80%), sales at €382mn (-11%) and EBITDA at €36.1mn (-36%). The revenues in the 9M period were down by 4% to €1.099bn, with EBITDA at €113.8mn (-24%) and net profits at €11.6m. The group’s net debt rose to €708.1m from €647.3m at end June 2012. In addition, Metka reported a weak Q3’12 with sales at €110.5mn (-54%), EBITDA at €18.7mn (-54%) and net profits at €10.8m (-64%).
    • Cypriot Banks:Fitch downgraded Cyprus by two notches to BB- and warned of further slides because of a weakening economy and ongoing uncertainty over how much aid the country’s ailing banks will need to recover from their exposure to Greece’s economic woes. A delay in the Cypriot government’s negotiations with potential creditors for a bailout has contributed to the country’s worsening problems. Fitch said that the economy will shrink by more than 2% of GDP this year and remain in recession into 2014.
    • Technical

      FTSE 20 December future:

        Support levels: 292-286-278. Resistance levels: 306-312-320.


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