Financial Morning News 24/08/2012


The General Index in Athens Stock Exchange (ASE) closed at 629.69 posting losses of 1.54%, in a turnover of €26.45mn.

The Prime Minister Mr. Antonis Samaras said that a Greek exit from the euro zone would be devastating for the country and could harm Europe and lead to social problems. Mr. Samaras is scheduled to meet with the German Chancellor Angela Merkel today and travels to Paris tomorrow for talks with the French President Mr. Francois Hollande. The Chancellor Angela Merkel and the President Francois Hollande met yesterday to discuss how to deal with Greece. They put the pressure firmly on Greece to keep pursuing painful reforms and they are awaiting the troika report.

The Germany’s Finance Minster Mr. Wolfgang Schaeuble said that more money and time for Greece will not solve the problems it currently faces.

The Finnish European Affairs Minister Mr. Alexander Stubb warned against what he described as an attempt to erect a Berlin Wall separating northern Europe from the debt-laden south. He added that he was convinced that Greece would remain in the eurozone, and that Finland will not lose any money in its loans to Athens.

Corporate Impacts

  • It announced H1’12 net income of €109mn (-25%) in line with estimates (€110.1mn). The volumes dropped by 2% to €1.01bn cases while sales rose 1% to €3.43bn (est: €3.42bn). The company reiterated its guidance for free cash flow generation and investments of €1.45bn in the 2012-2014 period.
  • Technical

    FTSE 20 September future:

      Support levels: 224-218-210. Resistance levels: 236-242-250.


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