EUROCORP

Financial Morning News 30/08/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 640.84 posting profits of 1.49%, in a turnover of €16.88mn.

The yesterday meeting of the political leaders did not appear to yield a final agreement. The Finance Minister Mr. Yannis Stournaras said that the basic scenario for the measures had been finalized but that further discussion was required on the details of the package of measures. The package is to be presented to troika for approval in next week.

The Dutch Finance Minister Mr. Jan Kees de Jager and his German counterpart, Mr. Wolfgang Schaeuble declined to comment on providing more aid to Greece, saying that they needed to wait until a report on the country’s fiscal situation due to be published as late as October.

Economic releases

    Corporate releases

    • 08/30 PPC (before-market), BoC, Folli – Follie (after-market) H1’12 results
    • Corporate Impacts

      • Banks: a) Piraeus Bank is in talks with France΄s Societe Generale to acquire the French lender΄s Greek unit b) The lending to Greek businesses and households shrank 4.8% in July, compared with the same month last year, as demand for bank loans continued to slide (BoG).
      • Hellenic Petroleum: The net profit for the second quarter stood at €86mn (-7.5%) from the previous year (est: €62mn), as cost cuts and robust refining margins outweighed a slump in fuel demand (-12%). The EBITDA rose by 37% to €197mn (est: €146.9mn), while the company expects its performance to improve in the coming quarters after completion of upgrade works at its Elefsina refinery. It also said that it was close to agreeing refinancing for more than €1bn of loans due to be repaid in the last quarter of 2012 and first quarter of 2013.
      • Hellenic Postbank: The Finance Minister Mr. Yannis Stournaras said that the bank is no longer viable, paving the way for its sale or transfer to private investors.
      • Titan Cement It posted a 65.3% drop in first-half net profit to €8.3mn from €24.1mn a year earlier, amid an ongoing slump in its core Greek market and weakness in many of the other countries where it operates. EBITDA fell to €77.7mn in the second quarter from €94mn, while the turnover rose 6.1% to €322.5 million.
      • Technical

        FTSE 20 September future:

          Support levels: 226-220-214. Resistance levels: 236-242-250.

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