GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 518.49 posting significant profits of 6.87% in a turnover of €28.74mn, as recent polls indicated that conservative New Democracy could come first in the June 17 vote, slightly ahead of the anti-austerity radical left Syriza party.

A leading broker, Newedge is abandoning the Greek stock market in a sign of mounting concern over the country’s future in the eurozone. The broker has told clients that it will process only sell orders and stop extending margin loans for existing positions in Greek securities (Financial Times).

Corporate Releases

• 05/29: Cyprus Popular Bank, ELPE, Fourlis, PPC Q1’12 results, Frigoglass AGM
• 05/30: NBG, Piraeus Bank, FF Group, MOH, Terna Energy Q1’12 results
• 05/31: Alpha Bank, Eurobank Q1’12 results

Corporate Impacts

• MOH: It posted net profits of €39.4mn (est: €30.9mn) in Q1’12 vs. €62.3mn (-37%) the same period a year ago, due to sharp fluctuations in the euro-dollar exchange rate and the global oil price. Stripping out the value of oil inventories, which fluctuates with oil prices, the company increased adjusted pre-tax profit to €41.5mn from €39.8mn last year. This was largely due to exports, as it resumed sales of refined products to Libya, whose market was closed last year because of the country’s civil war. Total exports rose by 31% to €1.1mn, accounting for more than half of the company’s overall sales volume.
• Banks: The four Greek banks received €18bn as part of the last international bailout. The funds will be divided between NBG (€7.43bn), Alpha Bank (€1.9bn), Eurobank (€3.97bn) and Piraeus Bank (€4.7bn).
• Cypriot Companies: The Cypriot government tabled in the parliament a bill about its prospective entry to the European support mechanism. The bill is to be examined first by the parliament’s Financial Committee.
• Ellaktor: According to press reports, Parnitha Casino suspended its operations on May 25 after 1.150 workers went on strike.

Technical

• FTSE 20 June future: Support levels: 180-172-166. Resistance levels: 196-202-210.

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