Investors are taking a cautious but positive approach to European markets, partly driven by the premium on S&P 500 futures on Wall Street.
Whether driven by expectations of progress in U.S.-Iran negotiations or purely by a front-loading strategy—as May concludes (for investment purposes) on Friday and the five-month period “closes”— buyers were the ones who started the session with a slight edge, which they maintained until earlier.
With the DAX 30 at 25,328 (0.47%), the CAC 40 at 8,210 (0.48%), and the EuroStoxx Banks up 0.65% at 273.81 points, longs in Athens had a relatively easy start.
From the pre-market session, there was a clear appetite for new purchases in DEH, banking stocks, and specifically blue chips, which materialized from the very first orders in the Company’s stock in the range of 21.42–21.84 euros, with individual positions secured at these high prices.
The General Index fluctuated in the 2,352–2,362 range, within a relatively narrow band during the first half-hour, as according to a broker, it will take a few sessions for the situation to stabilize following the PPC rights offering.
Order flow was quite satisfactory; for example, in the first half-hour, turnover exceeded 30 million euros, with 5.32 million euros through pre-arranged orders and a total of 3.82 million 1.79 million shares were traded through banks.
Trading in PPC shares (11:00) totaled nearly 500,000 shares, ranking first today in the relevant category, with a noticeable partial liquidation of positions, likely by shorter-term investors.
At 8.934 (0.34%), buyers are dominating Piraeus Bank shares, as well as Optima Bank at 10.95 euros—a new all-time high. At 10:57, a block of 54,300 shares traded at €10.81, the second-largest after the 71,400 shares at €10.90 (10:38).
With a new round of inflows into Metlen Energy & Metals shares, up to €41.70—contributing to increased liquidity from long traders—a development that sustains the upward trend.
Orders for Jumbo stand at 22.86 (1.38%)—the expansion via Balfin is low-risk, according to Alexandra Gitsis. Motor Oil shares are at 36.58 (2.02%), driven by quarterly results; GEK TERNA shares are at 43.02 (0.86%)—following Santander’s target price revision —and Credia Bank shares are at 1.288 (1.26%) for Credia Bank—on track for the FTSE 25, according to Hamailontas.
Trading activity was satisfactory in certain mid-caps, with EYATH standing out. At 4.46 (2.18%) with increased trading volume, following yesterday’s session with a monthly turnover on paper. Interlife is at 6.84 (2.09%)—with market participants estimating that sooner or later it will become involved in the sector’s developments. Orders for Ideal Holdings stock are at 6.90—(pre)paring for the listing of “Attica Department Stores” on the stock exchange, with the relevant process set to begin following ADMIE’s rights offering.
The ratio of shares trading in the positive to those in the negative is 62 to 38 at 11:15 a.m., in the more or less expected development of the first hour of trading.