I have tried to find for news that may account for the 20% gap up ... but unable to find. Anyone knows?
I don't have any "news" as such, but a few observations: NBG fell from 3.45 on 19 March to 2.05 on 4 April. It was due for a bounce. Although NBG gapped up at the open, ETE in Greece rose gradually throughout the day, which suggests that there was no "news" relating to the move. The big four Greek bank stocks soared - it was not specific to NBG. Some people might be buying based on the announcement late last week regarding capital plans to be released on 20 April. For what it's worth, I don't think that was newsworthy, but people buying today could disagree with me.
"Greece clears state guarantees for new bonds-govt source" http://www.reuters.com/article/2012/04/11/greece-bonds-idUSA8E8DA02R20120411 "Desperate timesâ¦" (commentary piece) http://www.breakingviews.com/greeces-battle-to-save-its-banks-gets-creative/21011059.article "Greek Banks Propose Plan to Book Smaller Losses, Euro2day Says" http://www.bloomberg.com/news/2012-...lan-to-book-smaller-losses-euro2day-says.html
Greece's NBG posts 12.3 bln eur 2011 loss on debt swap http://www.reuters.com/article/2012/04/20/nationalbank-idUSA8E8E900K20120420 ATHENS, April 20 | Fri Apr 20, 2012 11:56am EDT Greece's largest lender National Bank on Friday reported a 12.34 billion euro ($16.3 billion) loss in 2011, hurt by a sovereign debt swap markdown and bad loans as the country's recession deepened. The group, also present in Turkey, said its Core Tier 1 ratio would fall to 6.3 percent, taking into account the use of a 6.9 billion euro stand-by facility provided by a state support fund (HFSF).
Landing page for full year results for 2011 http://www.ase.gr/content/en/Announcements/CompaniesPress/Press.asp?press_id=151298 which contains the relevant PDF file http://www.ase.gr/Files/For AseSite 2012_XA_A_8518_2.pdf
The PDF file mentions "The Total Capital Adequacy Ratio stands at 8.3% following the state guarantee of a capital injection of ââ¬6.9 billion from the Financial Stability Fund in the context of the recapitalization programme for Greek banks" Do you know anything more about the terms of this capital injection?
Annual report: http://www.rns-pdf.londonstockexchange.com/rns/8377B_-2012-4-23.pdf http://www.rns-pdf.londonstockexchange.com/rns/8377B_1-2012-4-23.pdf Both of these documents are available from the LSE web site: http://www.londonstockexchange.com/...rket-news-detail.html?announcementId=11182818 RNS Number : 8377B National Bank Of Greece 23 April 2012 Alternatively from Bloomberg, under ETE:GA http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=ETE:GA&sid=aN4qsInTpYTM
Here is a good summary of what happens in the coming weeks and months, now that the Greek election is over: http://www.zerohedge.com/news/greece-next-steps which quotes heavily from: http://blogs.wsj.com/eurocrisis/2012/05/07/at-a-glance-what-happens-next-in-greece/ "At a Glance: What Happens Next in Greece" by Matina Stevis
Still waiting for details of what type of shareholding the Greek govt will receive in exchange for the 6.9 billion EUR bailout: *** Title: "ECB Cuts Back Liquidity Support For Greek Banks -Report" http://www.nasdaq.com/article/ecb-cuts-back-liquidity-support-for-greek-banks--report-20120516-00051 "The ECB is cutting back support because Greece has been holding off on recapitalizing its banking system, despite receiving EUR25 billion in funds for that purpose, the paper says."
Not sure about the reliability of this, but for what it's worth: https://twitter.com/dlacalle/status/202763400013549569 EFSF TO APPROVE GREEK BANK RECAP PLAN NEXT 4 DAYS - EU SOURCE More banks rescue