EUROCORP

Γιορτάζοντας 25 χρόνια της EUROCORP

Financial Morning News 31/12/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,158.03 posting losses of 0.62%, in a turnover of €138.78mn.

The German Finance Minister Mr. Wolfgang Schaeuble stated that Europe will not abandon the Greek people and that the assumption of the EU presidency is a great opportunity for the country. He rejected the option that Greece would use the EU presidency in order to negotiate with its foreign creditors, saying that the only people responsible for the supervision of the reforms is the Troika. He also excluded any new cut of Greece’s debt, but he implied possible further aid.

Corporate Impacts

  • MLS:According to reports, investor from Qatar bought 150mm (1.21%) of company’s shares at €3.30 per share.
  • NBG:Only 31.046 warrants were exercised, corresponding to 255.410 common shares (0.011% of the total share capital).
  • Technical

    FTSE 25 January future:

      Support levels: 380-372-365. Resistance levels: 395-400-408.

    General Index:

      Support levels: 1,150-1,140-1,130. Resistance levels: 1,185-1,200-1,230.

Financial Morning News 30/12/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,165.24 posting significant profits of 4.78%, in a turnover of €130.84mn.

The Finance Minister Mr. Yannis Stournaras appears keen to complete the next round of economic reforms pledged to the troika before a Eurogroup summit on January 27. He said that Greece cannot hold the EU presidency and have unresolved issues with the troika. Troika envoys are expected to be in Athens on January 13. The key issues on the agenda of talks are expected to be a projected fiscal gap for 2014, which the troika estimates at around €1.4bn.

The Bundesbank chairman Mr. Jens Weidmann ruled out another haircut to Greece’s state debt, urging Greece instead to press on with reforms to their completion.

The total value of exports in October came to €2.32bn vs. €2.57bn a year earlier. Excluding fuel, the drop is down 2.3% y-o-y. Imports fell to €4.17bn from €4.53bn a year earlier. The trade deficit fell 5.7% in October from the same month last year, while in the first 10 months of the year it dropped 13.1%.

Corporate Impacts

  • OTE:The company will hold an EGM today, during which the telecom’s governing board will put up for approval its proposal for a €0.44 increase in its share price due to the capitalization of reserves from non-taxable profits of previous years.
  • Cypriot Banks:According to the Cypriot Finance Ministry data, the budget deficit in the first 11 months of the year was €150mns less to €596.5mn (3.63% of GDP) than in the same period last year due to the smaller-than-expected recession.
  • Technical

    FTSE 25 January future:

      Support levels: 380-372-365. Resistance levels: 395-400-408.

    General Index:

      Support levels: 1,150-1,140-1,130. Resistance levels: 1,185-1,200-1,230.

Financial Morning News 27/12/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,112.08 posting losses of 1.05%, in a turnover of €243.92mn.

The budget’s 2.7-billion-euro primary surplus for the first 11 months of the year was maintained. Both revenues and expenditure are within the target, bringing ever closer the achievement of a primary surplus for the whole of 2013, which would allow the government greater leverage in negotiations with its international creditors. Tax revenues amounted to €39.5bn, beating the target by €8mn, while expenditure amounted to €39.2bn against an 11-month target for €39.7bn.

Corporate Impacts

  • Eurobank Properties:The company announced the sale of one of its assets that is based in Ukraine tor €3.3mn, which entailed capital gains of €280k given the price of its acquisition. In other news, the company acquired three logistics units at Aspropyrgos for €17mn.
  • Cypriot Banks:The IMF warned that Cyprus’s efforts to extricate itself from its massive debt could weigh on output for the next decade, in a review in which it said Cyprus was well on track in its economic adjustment program.
  • Technical

    FTSE 25 January future:

      Support levels: 365-360-356. Resistance levels: 380-388-394.

    General Index:

      Support levels: 1,100-1,080-1,050. Resistance levels: 1,140-1,170-1,186.

Financial Morning News 13/12/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,186.93 posting losses of 0.84%, in a turnover of €76.48mn.

Greece’s central government posted a primary budget surplus of €1.2bn between January and November. The reading excludes bond profit returns of €1.5bn from European central banks to Athens, under the terms of its international bailout.

Corporate Impacts

  • Folli-Follie:Dufry will pay €175mn in cash and €153mn in shares to buy the remaining stake (49%) in the duty free business of the group. Please note that Dufry has acquired the 51% of HDF in April this year for €200.5mn.
  • Greek banks:The central bank chief Mr. George Provopoulos said that there is no chance of a haircut on deposits in the foreseeable future, given that banks have not yet made use of significant capital buffers and will create additional ones from the sale of non-core banking activities.
  • Technical

    FTSE 25 December future:

      Support levels: 382-376-370. Resistance levels: 395-400-408.

    General Index:

      Support levels: 1,170-1,150-1,130. Resistance levels: 1,200-1,230-1,260.

Financial Morning News 11/12/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,200.67 posting profits of 1.50%, in a turnover of €92.76mn, after the successful completion of the tender for Astir Palace Hotel, which will go to the Jermyn Street Real Estate Fund.

The Finance Minister Mr. Yannis Stournaras is optimistic that the government may still come to a deal with the troika by the end of this month and clinch the disbursement of the next tranche of bailout funding of €1bn. He was also optimistic about the size of an estimated fiscal gap next year, the size of which his another issue splitting Athens and troika (CNBC).

Greece sold €1.625bn T-bills at an auction yesterday, while its borrowing cost remained the same as last month at 4.15%. The bid-to-cover ratio was 2.11 vs. 1.86 on November 5 (PDMA).

The Industrial Production Index posted a decline of 5.2% in October after a 3.9% rise that was posted in the same period a year earlier (ELSTAT).

Corporate Impacts

  • HELEX:«The London And Amsterdam Trust Company Limited» increased its stake to the company to 5.01% from 4.97% previously.
  • Technical

    FTSE 25 December future:

      Support levels: 388-380-374. Resistance levels: 400-408-414.

    General Index:

      Support levels: 1,180-1,170-1,150. Resistance levels: 1,210-1,230-1,260.

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