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Friday, 11 Decemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange
Market Comment
General Index picked up yesterday closing +5.2% on a total turnover of €341m.
Banks soard 7.31%. Titan soared 9.67% at 21.21 euro followed by Mytilineos
(+8.40%), ATEBank (+8.33%), Hellenic Postbank (+8.00%), Alpha Bank
(+7.82%), NBG (+7.12% at 18.21 euro) and Piraeus Bank. Eurobank, Bank of
Cyprus and CCH rose more than 6%, PPC and Intralot added 5.13% and 3.35%
while OPAP, ELPE, MOH, and HTO posted smaller gains. Ellaktor was the
only blue chip to decline (-0.83%). 10YR Bond Spread down to 227 as fears for
Default ease off. Positive trend continues today. Focus will be on November’s
US retail sales (expected to advance by 0.6% m/o/m).
Greek Macro
- Greece will not need financial help from peers in Europe and there is no
danger of its budget woes leading to a break-up of the euro zone, European
policymakers said on Thursday.
Soros said he was sure the Greek government would not be allowed to default
on its debts despite growing budgetary difficulties and market concerns.
ECB Governing Council member Yves Mersch said he felt confident the Greek
authorities were aware of the gravity of the situation, and that they would put in
place necessary measures.
ECB Governing council member Ewald Nowotny, who also heads Austiria’s
central bank, said there is no risk of a euro zone breakup due to recent fears that
Greece could default on its debt.
- Unemployment rate in September 2009 was 9,1% compared to 7,4% in
September 2008 and 9.0% in August 2009, Greek National Statistical Service
said.
- The Industrial Production Index (IPI) in October 2009 fell by 9.2% on the year,
according to provisional results released Thursday by the Greek National
Statistical Service. A year earlier, the annual rate of change of the IPI was -
4.6%.
Corporate News
Bank of Piraeus / The bank’s chief IR, told Reuters, it had no plans to merge
with Cyprus-based lender Marfin Popular Bank.
Vovos / After press reports saying that Vovos was given the green light to build
a shopping mall in Votanikos, the Energy and Environment Ministry clarifies
that these reports are absolutely inaccurate and do not reflect reality.
Motor Oil / Mytilineos said they cancelled the country's first private liquefied
natural gas import because the natural gas grid operator delayed approving it.
The firms said in a statement they could not take delivery of the 65,000 cubic
metre shipment, jointly purchased from Italy's ENI, because state-controlled grid
operator DESFA failed to sign a contract providing access to its network.
PPC / aims to play a leading role in renewables, its new chief designate said on
Thursday.
World Economy
United Kingdom
BoE Interest Rate Decision leaves rates unchanged to 0.5%, according to
estimates
United States
Initial Jobless Claims (Dec) at 474K above estimates for 465K (November:
457K)
Trade Balance (Oct) $-32.90B (consensus: -$36.9B September: -$36.5B)
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