Financial Morning News 24/07/2012


The General Index in Athens Stock Exchange (ASE) closed at 586.04 posting heavy losses of 7.10%, due to fears that Spain will have to seek a full sovereign bailout, as well as worries that Greece may leave the euro, in a turnover of €36.29mn.

Officials from the troika are due in Greece today to launch the last phase of the review of the fiscal adjustment program. A spokesperson for the IMF said that the IMF is supporting Greece in overcoming its economic difficulties.

A commission spokesman said that a decision on the next tranche of aid for Greece is unlikely before September and depends on the review being carried out by the troika.

The German Vice Chancellor Mr. Philipp Roesler said that if Greece does not fulfill those conditions, then there can be no more payments, adding that he is very skeptical that Greece can be rescued and that the prospect of its exit from the monetary union has long ago lost its terror.

The EU’s official statistical agency said that despite a write-down of privately-held Greek debt of unprecedented proportions in March, Greece’s debt still amounted to 132.4% of GDP at the end of that month, which is the highest of any nation in the eurozone.

Corporate Impacts

  • EXEA: The consolidated net after tax profits in H1’12 amounted to €7.1mn vs. €16.8m in H1’11, reduced by 57%. The net after tax profit per share amounted to €0.12 vs. €0.23 in the corresponding period last year (-48%), due to the gain from the valuation of the bonds remaining in the Group’s portfolio. The total operating revenue was reduced by 25% amounting to €17.5mn vs. €23.3mn, due to the drop in the share prices of listed companies in 2012, but also due to the significant reductions in the pricing policy of the Group in the derivatives market, which went into effect on 1.1.2012. The EBIT in H1’12 amounted to €7.3mn vs. €17.3mn (-58%).
  • Technical

    FTSE 20 September future:

      Support levels: 200-196-188. Resistance levels: 216-224-230.


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