Mixed trends in European markets, gains on the Greek stock market.
With Wall Street closed for a holiday, trading volume has slowed significantly from Frankfurt and Paris to London and Athens.
With the EuroStoxx Banks index at 300.18 (0.17%), long positions are finding it relatively easy to sustain the upward momentum, yielding positive results. The DTR stands at 2,860 (1.28%) with 4.4 million shares traded out of a total of 8.8 million shares, clearly targeting the 2,900-point range.
The “peak” stands at 2,902.36 points, with reaching it—and consequently setting a new high—within reach. Analysts from both foreign and Greek firms are pointing in this direction, with those at Eurobank Equities basing their revised targets on the strong quarterly figures.
Trading volume was less than 80 million euros shortly after 1:30 p.m., with 7.8 million euros coming from pre-arranged orders. Turnover, trading volume, and block trades were all significantly lower than in the previous four trading sessions.
It is encouraging to see interest and liquidity flows spreading beyond the banking sector to more blue-chip stocks and, specifically, mid-caps.
GEK TERNA shares topped the list, continuing the trend seen in recent sessions. They reached 46.46 euros, with increased trading volume suggesting a break above the 47-euro high.
Buyers dominated trading in Piraeus Bank (9,354), National Bank of Greece (15,825), Eurobank (4,298), and PPC, rounding out the top five. It reached a new high of 23.96 euros, with a further gain of 2.74%, maintaining an upward trend across all major time frames.
Alpha Bank shares traded at 4.073 euros, Cenergy Holdings at 22.58, Metlen Energy & Metals at 42.24, and Jumbo at 23.28, with long positions holding the advantage across the board. The same applies to Motor Oil (41.84), OTE (19.01), and Allwyn (14.27).
The FTSE 25 is trading around 6,428 (1.13%), while Coca-Cola HBC shares (59.50) are also trending higher.
Among the FTSE Mid Cap stocks, ADMIE stands out, rebounding to 4.54 (1.11%) following the latest significant correction; Ideal Holdings is at 6.28 (1.78%), PPA at 45.90 (0.99%), and Alter Ego Media at 6.10 (1.18%). As an indication, 65 stocks are trading in positive territory, compared to 47 in negative territory.