Buyers are strengthening their positions on European stock markets as expectations of a deal grow.
Oil prices are falling further in the futures market, while S&P 500 futures are rising on Wall Street.
S&P 500 futures are trading at a premium of 1.12% at 7,548 points, the DAX 30 at 25,250 (1.25%), the DAX 30 at 8,242 (1.55%), the CAC 40 at 8,242 (1.55%), and the EuroStoxx Banks at 273.57 (2.43%) on Euronext Athens, longs are in complete control.
Led by the banking sector and supported by the majority of blue chips, the General Index is extending its move above 2,300 points. To be precise, the General Index stands at 2,314.17 (1.88%), with a turnover of 88.8 million euros (*) and 10.4 million shares traded —with 5.3 million of those in banking stocks.
A return to moderate trading volume—even compared to the week before last—as the latter is not considered particularly representative due to the PPC issue.
Turnover was moderate, but according to a broker, there was no substantial supply, which practically means that many investors are taking a more medium-term view of their positions in index stocks. Sometimes trading volume is a function of supply and demand, and according to the same source, sellers have slowed down. We will see starting tomorrow, with the listing of the new PPC shares, the “release” of liquidity from the rights offering, and the short-term trend leading up to the May “close” on Friday.
For now, the session’s development is as expected: inflows into bank stocks, following the sector’s rise across Europe, and positions in shares of companies that stand to benefit from a potential agreement. Among the bellwether sectors is that of airlines, with the EuroStoxx Europe Total Market Airlines index at 323.11 (up 2.84%), and the Greek representative AEGEAN rising 4.03% to 12.13 euros. I would remind you that the first noticeable short positions in the stock were taken on Friday, an indication that some were “betting” on this specific possibility.
Steady inflows into PPC shares, heading toward new highs with increased trading volume. The stock is up 3.20%, with the highest trading volume in its sector.
Following are three banks and two top-tier blue chips, a clear sign that “smart money” has returned to the “big names” of the domestic business sector. Alpha Bank (3.698), Eurobank (2.851), Piraeus Bank (8.71), along with Metlen Energy & Metals (40.04) and GEK TERNA (42.40) stand out in this category.
National Bank shares are at 14.48, Credia Bank at 1.29, Jumbo at 22.60, Allwyn at 12.06, Cenergy Holdings at 25.18, and ADMIE at 3.83, with buyers dominating in all cases.
Liquidity is being released as Metlen shares surpass 40 euros, with Credia Bank inflows ahead of its inclusion in the FTSE25 index.
The ratio of shares with positive to negative signs stands at 77 to 38, with satisfactory leverage in specific mid-caps: Intracom Holdings (3.77), Ellaktor (1.416), Autohellas (10.90), etc.
(*) at 14:30, with block trade value at €3.29 million.