Market Comment

The Greek Market closed 3.26% lower yesterday, underperforming its European peers. The decline was driven by banks (-5.21%), with NBG losing 6.76% at €22.62 and 4.6m shares being traded. EUROB ended 7.09% lower at €9.57m with 3.3m shares traded, while Bank of Piraeus ended 6.42% lower at €10.50.
Trading volume stood at €356.7m. Decliners 200 advancers 24.
European and U S markets finished higher after positive economic news.

Results
BELA GA / First quarter 2009-2010 profits in line with estimates
Sales increased by 8.35% y-o-y, to € 116.53m from € 107.55m. Our expectations were calling for sales of €116m - €118m.

The Group managed to maintain the gross margin at high levels. The gross margins stood at 48.60% from 49.00% at the respective period last year.

EBITDA increased by 8.95% y-o-y to € 26.89m from € 24.68m at the respective period last year, above our estimates for ebitda €26m-26.5m.

This performance is attributed to the group’s effort to constrain expenses during the first quarter. Group’s net profit increased by 12.02% y-o-y to € 17.53m from €15.65m, in line with our estimates for profits €17m-18m

Also the performance of stores in Bulgaria and Cyprus and had helped its results.

The retailer reiterated its target for 6% growth in profits.

Greek Economy
Greece's central bank has advised some Greek banks to show restraint when participating in the ECB's one-year liquidity injection in December. It said the advice was aimed at making it easier for Greek banks to exit one-off European Central Bank measures when they end.
The 10-year Greek/German bond yield spread blew out more than 10 basis points to 157 basis points earlier on Monday, and traders said this was largely due to speculation that the Bank of Greece had ordered Greek lenders to abstain from the ECB's next 12-month tender in December.

World Economy
European Monetary Union

Consumer Price Index (YoY) (Oct) fell 0.1% in line with estimates (September –0.3%)
Consumer Price Index - Core (YoY) (Oct) increased 1.2% in line with estimates September 1.2%)

Consumer Price Index (MoM) (Oct) increased 0.2% (estimates: 0.3%, September 0.0%)

United States

NY Empire State Manufacturing Index (Nov) at 23.5 (estimates 29.9, September 34.6)

Retail Sales (MoM) (Oct) increased 1.4% more than estimates (September –2.3%)
1.4% 0.9% -2.3%

Retail Sales ex Autos (MoM) (Oct) increased 0.2% less than estimates (September 0.4%)
0.2% 0.4% 0.4%