Financial Morning News 29/08/2013


The General Index in Athens Stock Exchange (ASE) closed at 881.03 posting marginal losses of 0.04%, in a low turnover of €30.84mn.

The EU Economic and Monetary Affairs Commissioner Mr. Olli Rehn said that it is too early to judge how much extra money Greece will need to plug an emerging hole in its rescue program. He added that troika will do its job and make the analysis of the potential financing gap in autumn.

The Austrian Finance Minister Ms. Maria Fekter said that Greece must meet terms of its existing international bailout before it can hope for any more external aid.

Corporate Impacts

  • OPAP, Intralot: The 12-year concession agreement for the State lotteries was submitted to Parliament and it is expected to be approved today. The OPAP-led consortium will deposit the €190mn upfront payment, while the government’s benefit is estimated to €524mn.
  • Piraeus Bank: It reported a net profit of €3.509bn, including a one-off gain of €3.81bn from the Cypriot takeover. Provisions for impaired loans reached €1.054bn, with its NPLs rising to 33% from 31%. Net interest income reached €734mn, helped by lower funding costs after reduced recourse to the Greek central bank’s costly emergency liquidity facility (ELA) and a drop in deposit rates.
  • Greek Banks: Deposits of businesses and households fell 0.2% from the previous month to €162.39bn from €162.67bn in June (BoG).
  • Cypriot Banks: Private-sector deposits fell by 2.4% to €36.7bn after a 7.6% fall in June (ECB data).
  • Technical

    FTSE 25 September future:

      Support levels: 298-290-284. Resistance levels: 310-316-322.

    General Index:

      Support levels: 861-850-830. Resistance levels: 910-940-960.


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