The mild upward trend in European markets continues, as the premium on Wall Street futures widens.
Brent is at $91.95, WTI at $88.96, the yield on the 10-year U.S. Treasury note at 4.527%, and the VIX/CBOE at 21.07 (-5.18%) The VIX/CBOE is down as traders return to a buying mood following yesterday’s sharp price correction.
The DAX is at 24,257 (0.17%), the CAC40 at 8,234 (0.68%), and the EuroStoxx Banks at 268.71 (0.89%); on the Greek stock exchange, long positions have the opportunity to recoup some of yesterday’s losses.
Order flow has been modest from the start of the session until earlier—indicative of this is the fact that shortly after 2:30 p.m., turnover had not even exceeded 90 million, less than in previous days.
With 55% of trading in bank stocks, totaling 10.6 million shares—with a proportionally higher volume of pre-arranged orders, at 20.5 million euros. Significant blocks of shares in Piraeus, Jumbo, Motor Oil, and Optima Bank could indicate a reallocation of positions among "strong hands."
At 2,687-2,638 and just a moment ago at 2,662 (0.57%) the General Index, with the "high" in the first half-hour, the "low" (in the form of a double bottom formation, at 12:30–12:45), and a characteristic fluctuation consistently in positive territory.
The composition of buyers is interesting, as they are not limited to the four systemic stocks and the usual 3-4 blue chips, but are actively participating in more stocks within the index.
The DTR stands at 2,661 (0.54%), with a fluctuation identical to that of the GD and buyers in Piraeus (8,772), Optima Bank (10.22)—in second place in the relevant ranking, with two large blocks of 420,000 and 200,000 shares at €10.30 and €10.20 respectively—Eurobank (3.933), GEK TERNA at a new high of 43.44 euros—National Bank (14.44), PPC at new highs of 22.58—where partial sales were made to lock in capital gains—ADMIE at new highs of 4.245 euros—on Tuesday, the “book opens” for the rights issue—OTE at 19.03 euros, Allwyn at €13.83—with a strong 3.13% gain—TITAN at €49.76, HelleniQ Energy at €10.24, etc.
The session is developing more as one of selective moves than as a general upward trend for the time being. A broader continuation of yesterday’s stock picking, with investors focusing accordingly on the targets set by professionals.
JP Morgan is revising its price target for PPC shares to €25, up from €21 previously. With gallium as the "key," BofA sets a target of 52 euros for Metlen Energy & Metals shares; NBG Securities considers 65 euros a reasonable price for TITAN; and Optima initiates coverage of Bally's/Intralot with a buy recommendation.
These individual target prices, while not having an overall impact, do set a trend for specific stocks.
At 56/52, the ratio of stocks with positive/negative signs, at 14:45.