EUROCORP

Financial Morning News 31/08/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 629.10 posting losses of 1.83%, in a turnover of €15.70mn.

The IMF spokesman Mr. Gerry Rice said that the IMF will continue to support Greece in its efforts to overcome the economic crisis. Troika will determine whether enough progress has been made on Greece’s economic reforms to unblock the next aid installment of €31.5bn.

The Prime Minister Mr. Antonis Samaras said that the government is close to finalizing the two-year €11.5bn euro package of spending cuts and added that package contains painful, necessary spending cuts and will be the last of its kind because Greek society can no longer take such austerity measures.

The Finance Minister Mr. Yannis Stournaras will meet with the German counterpart Mr. Wolfgang Schaeuble in Berlin on Tuesday. On Friday, September 7, the heads of the troika and the European Council’s Herman Van Rompuy are visiting Athens, with the latter having arranged to meet with Prime Minister Antonis Samaras. Mr. Stournaras will meet with the troika representatives on Sunday, September 9.

Economic releases

  • 08/31 Retail Sales y-o-y June
  • Corporate Impacts

    • PPC: It reported a H1’12 net profit of €18.3mn (est: €12.6mn), down 85.8% from a year earlier because of higher energy costs and a new lignite levy. The EBITDA fell to €483.4mn vs. €603.8mn, while turnover increased by 8.4% to €2.9bn. The net debt rose to €4.7bn vs. €4.3bn in H1’11. The company expects full-year EBITDA margin to be 16% -16.5%, as long as Greece’s macroeconomic environment does not deteriorate further.
    • BoC: It posted post-tax losses of €134mn in the first six months compared to €107mn in H1’11 because of provisions for bad loans and a Greek debt write-off. The provisions for impairment of loans reached €568mn (+210%), while profit before provisions was €360mn (-6%). The capital deficit as defined by the EBA is estimated at €730mn.
    • Technical

      FTSE 20 September future:

        Support levels: 222-218-210. Resistance levels: 232-240-246.

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