EUROCORP

Γιορτάζοντας 25 χρόνια της EUROCORP

Financial Morning News 21/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 884.02 posting heavy losses of 3.66%, in line with most continental stock markets, on another tense day in terms of domestic politics, in a turnover of €41.94mn.

The stability of the coalition remained in the balance as the third meeting between the Prime Minister Mr. Antonis Samaras and his coalition partners, PASOK leader Mr. Evangelos Venizelos and Mr. Fotis Kouvelis of Democratic Left failed to yield a compromise on the closure of the state broadcaster ERT, with Mr. Kouvelis indicating that he might withdraw from the government. Mr. Samaras declared that his government would continue on its way toward reforms, with or without the support of the Democratic Left which today is expected to announce its secession from the coalition government.

The head of the Eurogroup Mr. Jeroen Dijsselbloem said that Greece’s emergency funding will not fall short calling on the Greek government to work to allow creditors to complete their latest review and disburse the next tranche of aid. In addition to this, the IMF spokesman Mr. Gerry Rice said that the IMF sees no financing problems with Greece as long as a review of its loan program is concluded by the end of July.

The Greek state asset sales fund said that it accepts the improved bid from Socar for purchase of 66% of gas-grid operator Desfa, but It gave no financial details of bid. Greece said that it was satisfied with an improved offer for Desfa and it would now proceed with all the «necessary procedures» to close the deal «as soon as possible.

The state budget deficit amounted to €3.84bn in January – May vs. a deficit of €10.87bn in the same period last year and a target for €7.06bn this year to May.

Corporate Impacts

  • MSCI: According to press reports, NBG, ΟΤΕ, OPAP, Alpha Bank, PPC, Jumbo, Hellenic Petroleum and Folli Follie will be included in MSCI Emerging Europe. The changes will be effective from the end of November 2013.
  • NBG: The stock will be deleted from Stoxx 600.
  • Technical

    FTSE 25 September future:

      Support levels: 290-284-276. Resistance levels: 310-318-325.

    General Index:

      Support levels: 864-845-810. Resistance levels: 910-935-950.

Financial Morning News 20/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 917.62 posting marginal losses of 0.04%, in a turnover of €37.87mn.

The political coalition leaders will meet again today (20:30) to resolve an impasse over last week’s closure of state broadcaster ERT.

The discussions between the government and the troika should resume by the end of June after «technical work» is completed. The lenders said in a statement that a mission from the troika that has been reviewing the government’s economic program has made important progress.

According to data released by the Association of Greek Tourism Enterprises (SETE), during the January-May period, the tourism sector observed a rise of 6.05% in arrivals compared to the previous year, while the tourism sector is hoping to accommodate some 17 million international visitors this year.

Corporate Impacts

  • Eurobank Properties: The Canadian investment firm Fairfax will raise its stake in the company to 42% percent from 19.1% today. Under the deal, the company will proceed with a rights offering of about €200mn at €4.80 a share, with Fairfax exercising its own rights and purchasing Eurobank’s rights for €20mn. After the capital increase Eurobank will hold about 33.5% in the real estate firm provided all other shareholders exercise their rights. As part of the deal, the two sides will agree that Eurobank will retain management control at Eurobank Properties until June 2020, with Fairfax represented at the firm’s board with customary veto rights.
  • OPAP: A privatization agency official said that Greece aims to sell its state lottery business by the end of June, clearing the way for country to privatize its betting monopoly OPAP. Please note that Greece agreed last month to sell a 33% stake in OPAP to Greek-Czech fund Emma Delta for €712mn, the first major privatization under its foreign bailout.
  • Cypriot Banks: An EU official said that the Euro-zone finance ministers are unlikely to make major changes to Cyprus’s bailout program, in response to a request from the Cyprus’s president Mr. Nicos Anastasiades for help easing a cash crunch at the island’s biggest lender.
  • Technical

    FTSE 25 September future:

      Support levels: 306-300-294. Resistance levels: 320-330-336.

    General Index:

      Support levels: 900-880-845. Resistance levels: 935-950-980.

Financial Morning News 19/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 918.03 posting profits of 1.16%, in a turnover of €54.98mn.

The political leaders are to meet again today to discuss a cabinet reshuffle and better coordination within the government. They aim at resolving a serious dispute over the closure of state broadcaster ERT, though a court decision appeared to offer a basis for a settlement.

Corporate Impacts

  • Eurobank: The shares start trading again today. In other news, the bank announced its successful hybrid bond buyback has boosted its Core Tier 1 capital by €307mn.
  • Frgigoglass: The company sold 1,800,785 shares at €5,00 per share yesterday.
  • Technical

    FTSE 25 September future:

      Support levels: 306-300-294. Resistance levels: 320-330-336.

    General Index:

      Support levels: 900-880-845. Resistance levels: 930-950-980.

Financial Morning News 18/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 907.47 posting losses of 1.27%, in a low turnover of €40.27mn.

The political leaders are to meet again on Wednesday to discuss a cabinet reshuffle and better coordination within the government. The PASOK leader Mr. Evangelos Venizelos said that a reshuffle is urgently needed, while the leader of the other junior partner in the coalition, Fotis Kouvelis said that all state broadcaster ERT channels must reopen immediately following a court ruling yesterday.

The German Finance Minister Mr. Schaeuble said that troika and Europe will continue to support Greece. Mr. Schaeuble will visit Athens shortly.

Moody’s said that Greece faces credit negatives from fraying political consensus caused by the state broadcast company closure and slippage from the privatization programme.

Corporate Impacts

  • Intralot: It started a series of meetings with investors, with the aim of issuing a projected €300mn five-year bond. Proceeds of this bond issue will be used to buy back €200mn of an old bond maturing this year. Citigroup and HSBC will be lead managers on the bond.
  • Piraeus Bank, Attica Bank: The trading of rights ends today, while the subscription period ends on June 25.
  • Technical

    FTSE 25 September future:

      Support levels: 300-294-286. Resistance levels: 316-324-332.

    General Index:

      Support levels: 880-845-810. Resistance levels: 950-980-1,010.

Financial Morning News 17/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 919.11 posting profits of 2.50%, in a low turnover of €47.19mn.

The Prime Minister Mr. Antonis Samaras is to meet the coalition partners Mr. Evangelos Venizelos of PASOK and Mr. Fotis Kouvelis of Democratic Left regarding the future of state broadcaster ERT at 7.30 p.m.

The Euro Working Group approved the disbursement of the next bailout loan tranche of €3.3bn to Greece, although the disbursement itself will not take place before the Eurogroup meeting on Thursday.

The heads of the troika met on Sunday with the Finance Ministry Mr. Stournaras, but no decision is taken. The main issues were the combating tax evasion and the restructuring of the tax collection mechanism. The top representatives of the troika are scheduled to leave Athens on Friday.

Corporate Impacts

  • NBG:It announced that it raised 10.8% of the funds needed to plug a €9.65bn capital shortfall, with about half, or €500mn, coming from foreign investors. As a result, the bank will not need to resort to issuing costly contingent convertible bonds (CoCos).
  • Hellenic Petroleum:The Azeri state energy company Socar said that it has started talks with the Greek government on purchasing the the natural gas transmission network operator DESFA, after being the only bidder in a failed tender for the asset sale.
  • Technical

    FTSE 25 June future:

      Support levels: 306-300-294. Resistance levels: 320-328-336.

    General Index:

      Support levels: 900-880-845. Resistance levels: 950-980-1,000.

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