EUROCORP

Financial Morning News 03/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,014.53 posting profits of 1.98%, in a turnover of €144.87mn.

The IMF agreed to disburse €1.7bn to Greece under its second bailout program. IMF Managing Director Christine Lagarde said that Greece needs to focus on improving tax collection. Please note that the troika’s technical teams are due back in Greece tomorrow to start their latest review of the Greek adjustment program.

Τhe European Financial Stability Facility (EFSF) disbursed €7.2bn to Greece as part of the €50bn recapitalization of its banking sector. The money was transferred via a cashless operation in two separate series: €3.6bn in 11-year Floating Rating Notes and €3.6bn in 12-year. Please note that Greece has now received a total of €48.2bn in EFSF bonds out of the €50bn committed for the recapitalization of its banking sector.

The head of the Eurogroup Mr. Jeroen Dijsselbloem met in Athens with the Greek Prime Minister Mr. Antonis Samaras and the Finance Minister Mr. Yannis Stournaras and he said that he is very optimistic about the way that program is being executed. He expects growth to begin next year and is aiming for a primary surplus this year. Once it has a primary surplus, it has said it could seek further debt relief, but the matter would be discussed in April next year.

Corporate Impacts

  • Alpha Bank: The demand for the capital increase exceeding the required amount of €550mn by 1.5 times and thus it avoids being nationalized after its recapitalization. The details of the increase will be announced today. Both the new shares and the buyback warrants will be credited to shareholders’ accounts on June 7 and their trading on ASE will begin on June 10.
  • NBG: The bank launched an offer to buy back its US-listed ADS preference shares for a total of $281mn and it is offering to buy back up to 22.5mn American Depository Shares out of the 25mn outstanding for $12.50 each, at a 50% discount to their nominal value. The buyback will boost its Core Tier 1 capital by 175mn.
  • EYDAP: It reported Q1’13 profit of €25.7mn vs. €6.3mn profit of a year earlier, helped by a change in the corporate tax rate. The revenue reduced to €73.1mn from €76.1mn in 2012. The stock will be added to FTSE/ΧΑ Large Cap index today.
  • Eurobank: The stock will be deleted from the FTSE/ΧΑ Large Cap index today. In other news, the bank announced net operating losses of €245mn in Q1’13 vs. €295mn a year earlier, with an increase recorded in profits from operations abroad and in deposits in Greece and a reduction in total provisions and operating costs. The net profits amounted to €375mn, thanks to the one-off factor of the deferred tax.
  • Technical

    FTSE 25 June future:

      Support levels: 334-328-320. Resistance levels: 350-358-366.

    General Index:

      Support levels: 979-950-936. Resistance levels: 1,030-1,055- 1,072.

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