Manos Chatzidakis:

          Market Comment

After three negative sessions and cumulative losses 9.5% for FTSE-25 (General Index -6.2%) domestic market seems to approach a reaction node as volumes reduced and the daily balance between advancers/losers came to an equilibrium. However sharp correction in Asian markets earlier this morning may limit the range of reaction despite short term oversold picture in the banking sector. Thus we would expect another volatile session driven mostly by international trend.

           In the Spotlight

Greek Banks: Greek bank reliance on European Central Bank liquidity stood at EU60.9b at the end of April, compared with EU70.7b at the end of March, according to Bank of Greece. Emergency Liquidity Assistance, which is extended by the BoG was EU33.4b vs EU21.2b in March.

Greece/Building materials: Building materials' prices fell by 1.4 pct in April this year, reflecting lower fuel prices, Hellenic Statistical Authority (ELSTAT) said on Wednesday. This development attributed to a 13.1 pct decline in diesel oil prices, a 4.5 pct fall in windows, a 4.0 pct decline in steel pipes, a 2.9 pct fall in cement, a 2.8 pct decline in doors and an 1.8 pct decline in elevators, while on the other hand electricity prices rose 12.3 pct, bricks rose 4.9 pct and plastic pipes rose 3.4 pct.

Greece/Public debt: Greek central government debt at end of 1Q stood at EU309.4b vs EU305.5b at end of 2012. Cash reserves in 1Q stood at EU7b vs EU5.9b at end-2012.

National Bank: Today is the last trading day for National Bank as the number of shares will be reversed by 10:1 ratio. Trading will resume next Thursday 30/5 while the stock will be traded ex-rights. Rights will also start trading the same day.

OPAP (Results 3M 2013): OPAP will announce its 1Q13 results today after market close. 

According to consensus, the company is expected to announce a net profit of 39 million in the first quarter from 132 million the same period last year. Results are negatively affected by the new tax regime on gross profit (30%) the taxation of winnings from the 1^st euro and the agent strike (5 days). We expect Stihima to post high double digit reduction (20%) while Kino will post single digit reduction (~5%). A conference call with financial analysts will take place tomorrow at 16:00 Athens time. To join the call, you may dial in +44 (0) 800 376 9250 (UK) or +30 211 1802000 (GR) or +1 866 288 9315 (US).

OPAP	Estimates Q1 2013
In thous. Euro	2013	2013 E	Δ
Sales	1,065,230	883,750	-17.0%
EBITDA	184,379	59,850	-67.5%
(% of sales)	17.31%	6.77%	-1,054 bps
Net Income	131,906	39,050	-70.4%
(% of sales)	12.38%	4.42%	-796 bps

Greece/Current accounts: Greece's current account deficit shrank by 51 pct in the first quarter of 2013 to 2.3 billion euros, from 4.8 billion euros in the corresponding period last year, the Bank of Greece said on Wednesday. This positive development attributed to a reduction of the country's trade deficit by 1.35 billion euros in the January-March period, as exports receipts grew 4.1 pct and import payments fell by 5.2 pct in the three-month period.  In March 2013, the current account balance showed a deficit of 1.3 billion euros, down by 952 million (or 42.5 pct) year-on-year. This development is mainly due to declines in the trade deficit and the income account deficit. The trade deficit contracted by 365 million euros, mainly as a result of a 377 million decrease in the net oil import bill. Net payments for purchases of ships increased by 26 million euros and the trade deficit excluding oil and ships shrank by a mere 14.5 million euros on the back of a lower import bill (down by 91 million or 5.0 pct), while the corresponding export receipts fell in March (by 77 million or 6.6 pct).

Hellenic Postbank: The Bank of Greece has determined Hellenic Postbank SA’s funding gap is smaller than original estimate of EU4.09b according to press reports. New Hellenic Postbank will have assets of EU10.9b and liabilities of EU14.6b. Difference between liabilities and assets, or funding gap, to be covered by Greece’s bank recapitalization fund

Autohellas (Results 3M 2013): Autohellas reported Q1 revenues of € 29mn (-8%), EBITDA of € 12.4mn (- 10.6%) and net loss of € 4.8mn vs losses of € 1.1mn. OpCF after WC stood at € 7.1mn (-19.4%) due to 45% higher capex on vehicles, as the company gears up ahead of a good tourism season.

Autohellas	Results Q1 2013
In thous. Euro	2012	2013	Δ
Sales	31.477	28.996	-7,9%
EBITDA	13.801	12.340	-10,6%
(% of sales)	43,84%	42,56%	-129 bps
Net Income	-1.085	-4.773	-339,9%
(% of sales)	-3,45%	-16,46%	-1.301 bps

MLS: MLS Multimedia announced that an investment company based in Qatar purchased a 2.5 pct equity stake in the company after buying 310,425 shares from the company's main shareholder, Ioannis Kamatakis, at a price of 2.70 euros per share. Under an agreement signed between the Qatari company and MLS, the two companies will begin commercial activities in Qatar and other Middle Eastern countries. Under the new terms, the investment company has the option to buy another 2.5 pct equity stake in MLS Multimedia in the next 12 months.