The first hour of trading in European markets opened with sellers in control.
Initially, investors on Euronext Athens partially priced in the new turmoil in the Persian Gulf.
S&P 500 futures on Wall Street traded at a discount; the VIX/CBOE jumped to 16.81, as did oil futures prices (Brent at $96.05), bond yields (10-year at 4.515%), and so on, with the result that sellers prevailed in Frankfurt, Paris, and elsewhere.
The shift toward profit-taking by traders was expected, as they locked in gains from the short-term rebound over the past two days.
Among the first sectors to come under pressure across Europe was banking, with the EuroStoxx Banks index down 0.53% to 273.77 points. It was known from the outset that the bulk of the sell-offs would occur in sectors that had outperformed since the recent lows; for this reason, as far as we are concerned, the first orders during the pre-market session were for all four systemic stocks.
Undoubtedly, the highlight of the day is the “debut” of the “new PPC”, as the introduction of the new shares brings its market capitalization to over €12.5 billion, moving it up to fourth place in the relevant ranking—and, in fact, within nearly €600 million of National Bank of Greece. A sign of the times, confirming the new role being played by both the PPC Group and the broader energy sector. Upheavals in terms of market capitalization, with significant implications for investors in this new era of Euronext Athens.
Orders for PPC shares are at €20.66–21.12, with buyers and sellers actively trading. It ranks first in the relevant index, with a higher trading volume than Piraeus Bank, Alpha Bank, and Eurobank. Due to PPC, there is increased buying interest in ADMIE shares, with orders continuing up to €3.91—a new all-time high.
Trading volume of 2.95 million shares, with 1.52 million in banking stocks. Turnover at 31.45 million shortly after 11:05 a.m., with sellers dominating in banking stocks, blue chips, and the majority of mid-caps.
Piraeus Bank shares were at €8.74, Alpha Bank at €3.703, Eurobank at €3.832, and National Bank of Greece at €14.35.
Austria Card shares were a standout in the sector, with increased trading volume, trading in the range of €9.64–9.76.
Long positions in European oil and refining group shares are benefiting from the current market conditions, with a trend reversal and inflows also seen in Motor Oil (35.48) and HelleniQ Energy (10.02).
The long trend for Optima Bank shares remains active, with new orders up to €10.70—following a new all-time high of €10.89 yesterday.
The ratio of shares with positive to negative performance stands at 44/53, with Lavipharm (1.772), EKTER (4.63), and Domiki Kritis (3) standing out among the mid-caps.
Trading volume stands at 39.9 million euros, with the 45-minute mark having passed.