Mixed trends in European markets, with attention focused on the ECB meeting and the futures market on Wall Street.
The S&P 500 futures premium, following yesterday’s sharp correction, is a reason for investors in Frankfurt and Paris to regroup as they await Lagarde’s remarks.
A slight pullback in oil prices, bond yields, and indices such as the VIXA/CBOE, with the trend extending as far as Athens.
Investors were cautious at the start and throughout the session, with a slight advantage for buyers in bank stocks and specifically blue chips, resulting in the DTR closing at 2,661 (0.55%), while the FTSE25 stood at 6,032 (0.28%), with turnover approaching €20 million.
Trading volume of 2.28 million shares, with 1.33 million in banking stocks, and a pre-arranged order for 400,000 shares of Optima Bank at €10.30 (total value €4.12 million) Turnover reached 5.23 million euros, driven by block trades following an order for 48,300 shares in OTE.
Mixed trends in index stocks, sluggish in mid-caps, with the bulk of orders in Eurobank (3,938), National Bank (14,43), Piraeus Bank (8,78), and Alpha Bank (3,804).
Meanwhile, inflows continue into specific blue-chip market leaders, with PPC topping the non-banking sector rankings again today. The stock hit new highs at €22.38–22.56.
Inflows are also seen in OTE—at 18.77–19.06—also at new local highs—as well as in Allwyn at 13.64 euros, HelleniQ Energy at 10.28 euros, TITAN at €49.12—with NBG Sec deeming the discount unjustified and raising the target price to €65—AIA at €10.24, ElvalHalcor at €4.835, Jumbo at €22.80, etc.
The picture is satisfactory in the half-hour session, with the regrouping of forces yielding—in part—results, as the trend in banking stocks follows the EuroStoxx Banks reaction toward 268.36 (0.98%) at 11:05 a.m.
As was known in advance—and mentioned in the pre-market commentary—traders on Euronext Athens would synchronize with their counterparts in Europe, and their strategy in the banking sector would follow the European trend. It remains to be seen whether the recovery attempt will continue; most likely, it will remain active as long as Wall Street futures point to an upward correction.
For now, the ratio of stocks with positive to negative performance stands at 60/33, with AEM (5.56), ELLAKTOR (1.372), Intracom Holdings (3.57), and Quest Holdings (7.70) standing out from the FTSEMidCap.