July got off to a start with slight losses and marked the “first” trading day of the second half of the year in European markets; the General Index on the Greek stock market fell below 2,450 points.
S&P 500 futures are down 0.26%, at 7,467 points. The DAX 30 stood at 25,019 (0.09%), the CAC 40 at 8,365 (-0.42%), and the EuroStoxx Banks at 291.24 (-0.84%), partly explaining the selling pressure on Euronext Athens.
The pre-market session revealed an intention to partially liquidate positions in bank stocks, resulting in the first orders being placed at slightly lower levels. The index opened at 2,752 points, with a small downward gap, and fluctuated within a range of 13 points in negative territory. A turnaround began at 11:10 a.m., led by Eurobank.
A significant portion of orders were for GEK TERNA shares, with trades ranging from 44.02 to 43.40 euros, following yesterday’s correction and due to the ex-dividend date for the 0.4092 euro/share dividend. This was compounded by any buy orders that appeared on the board, prompted by the news that management is proceeding with a mini capital increase.
Order flow was moderate for the shares of the four systemic banks, with sellers initially dominating the market but buyers gaining ground shortly after 11:10 a.m. in Eurobank. As the stock rebounded from 4.114 to 4.209 euros, the trend also shifted for the DTR, which gradually moved toward 2.777 (0.47%). Alpha Bank followed suit after 11:15 a.m., with orders moving from 3.91 to 3.975, covering the dividend (0.065 per share) as soon as the 45th minute concluded.
Another encouraging sign was the buying interest in National Bank shares, which rose from 14.955 to 15.20 euros, with Piraeus Bank following suit with orders at 9.114 euros.
Although it is the start of the first trading session in July, the balance of buyers and sellers in the shares of systemic banks during this brief period bodes well for those looking to the sector. It is too early for any definitive assessment, but many believed that July could mark a turning point, with a shift in interest and capital from the energy sector to the banking sector. It’s still too early, and the sample size is minimal—just 2.85 million shares out of a total trading volume of 4.26 million shares—but we’re noting it nonetheless.
Alongside the shift in trend in the banking sector, a similar shift was observed in certain blue-chip stocks, with the FTSE 25 rising from 6,194 to 6,233 points by the end of the first hour.
Buyers dominated in Motor Oil (38.72), Allwyn (14.055), Jumbo (22.60), AEGEAN (12.77), Metlen (40.96), ElvalHalcor (5.01), and Lamda Development (6.70).
At 10.70 (-3.71%) HelleniQ Energy shares, following the dividend ex-date (0.40%); Cenergy Holding at 22.72 (-1.32%); and PPC at 22.88 (-0.52%) among the stocks where sellers were in the majority. OTE also saw a decline due to the dividend.
The stock ratio stood at 47/57, with a positive/negative sign shortly after 11:30 a.m. Trading volume reached 45 million—up after 11:15 a.m.—with block trades totaling 4.05 million euros.