EUROCORP

Financial Morning News 31/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,327.87 posting profits of 0.98%, in a turnover of €100.45mn.

The omnibus bill containing liberalization measures and other reforms that Greece needed to pass to receive its next bailout tranche squeezed through Parliament at just after midnight on Sunday but the vote led to the government’s majority dwindling further.

The eurozone finance ministers are expected to discuss tomorrow the release of further rescue loans to Greece at an informal summit in Athens starting tomorrow. The Finance Minister Mr. Yannis Stournaras indicated that, although eurozone finance officials will discuss the question of aid to Greece at the Athens Eurogroup, a final decision on the release of up to €12bn in aid is to be taken at a scheduled summit of EU leaders on April 15, with the disbursement expected two days later. This would provide Greece with adequate funding to pay down some €10bn in bonds due to expire in May. The Prime Minister Mr. Antonis Samaras called for swift action to reduce Greece’s debt.

Corporate Impacts

  • OPAP, ABAJ, Ellaktor, FF Group: FY’13 results
  • Eurobank: Under the proposed legislation, the HFSF can give the green light to new share offerings by the banks at prices that are lower than those in previous recapitalisations. This move opens the way for the planned capital increase of Eurobank, which needs to cover a €2.945bn capital shortfall that the BoG’s stress test revealed this month. Note that the bank was recapitalised by selling shares to the fund at €1.54 each. Under the draft law, the fund’s board can decide on the price of the share offerings based on a fair value evaluation by two independent financial advisers, taking into account prevailing market conditions.
  • Alpha Bank, Piraeus Bank: The two decided the capital increase of €1.2bn and €1.75bn respectively on Friday in order to buy back the preferred shares from the government and cover the capital shortfall revealed in a stress test by the central bank earlier this month. Alpha Bank said that the 42% of the funds was placed with British investors and 45$ with US funds. Note that Piraeus Bank will offer 10% of the share issue to local investors next week at €1.70.
  • Technical

    FTSE 25 April future:

      Support levels: 422-416-410. Resistance levels: 435-440-448.

    General Index:

      Support levels: 1,315-1,300-1,280. Resistance levels: 1,350-1,380-1,400.

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