Major European markets are mixed, as the Greek stock market attempts to extend its recovery.
Oil prices remain high (Brent at $109.92), as do bond yields (France’s 10-year at 4.9570%) and the discount in New York futures (the S&P 500 down 0.18%).
The DAX stood at 25,305 points (-0.02%), the CAC 40 at 7,864 (0.33%) and the FTSE 100 at 10,716 (-0.25%). With the EuroStoxx Banks at 284.23 points (0.08%), bullish investors in Athens are trying to extend the rebound that emerged towards the end of yesterday’s session.
It was clear from the outset that the effort would focus on the banking sector and the shares of the four systemic lenders. The nearly €160 million in trading in Eurobank, National Bank, Piraeus and Alpha Bank was clearly driven by specific aims: first, to halt the decline — whether the move proves lasting or amounts to a “flash in the pan” remains to be seen — and second, to capture gains through intraday trading strategies.
The first orders in bank shares came at 3,020 points, with the level rising to 3,065 over the half-hour. By 11:00, 2.2 million bank shares had traded out of a total of 2.8 million, with activity concentrated in the leading sector, as was broadly expected.
Piraeus (9.898), National Bank (16.39), Alpha Bank (4.359) and Eurobank (4.486) occupied the top four places in the ranking, with buyers predominating.
Completing the top five was Capital Maritime Finance, with stronger buying interest in the €7.525-€7.597 range and supply being absorbed cautiously. The stock is taking a “baby steps” approach, with a clear effort to absorb shares coming onto the market from shorter-term investors.
The next group of four made for an interesting line-up: AKTOR (10), Metlen Energy & Metals (48.16), PPC (22.92) and Credia Bank (0.941).
Trading worth €28.4 million was recorded in the opening half-hour, including €4.78 million in pre-arranged trades. At 10:43, 150,000 shares in Papoutsanis changed hands at €3.30, followed by two trades in Eurobank and Alpha Bank.
The FTSE 25 traded in a range of 6,688-6,727 points, with buyers holding a clear edge in the opening half-hour and taking positions in a number of large caps.
PPC shares stood at €22.78 (1.24%), ElvalHalcor at €3.435 (1.35%), Viohalco at €15.64 (0.77%), Cenergy Holdings at €21.94 (1.27%) and EYDAP at €13.68 (0.88%), a new high.
Sarantis (10.96), Intracom Holdings (3.15) and IDEAL Holdings (5.40) stood out among FTSE Mid Cap stocks, although sentiment across the mid/small-cap segment remained subdued.
Advancers outnumbered decliners 58 to 33.