A rebound in European bank stocks, with DBRS helping to sustain the upward correction on the Greek stock market.
Oil prices and bond yields moved within narrow ranges, while S&P 500 futures in New York held at a slight discount; markets in Paris and Frankfurt had built up a sizeable lead.
One index was down 0.11% at 7,736 points; the CAC 40 stood at 7,886 (up 0.61%), the DAX at 25,490 (up 0.74%) and the Euro Stoxx Banks index at 286.13 (up 0.69%). In Athens, bulls in the banking sector took an early lead and have held it.
The banking index started at 3,020 points and, on steady inflows from the opening trade, climbed to 3,065 earlier.
During the session, an analysis by DBRS Morningstar was published, saying the domestic banking sector is expanding its quality assets at a faster pace. Dividends are 36% higher, according to the agency, an attractive enough prospect to draw foreign investment capital.
As in yesterday’s session, most trading and turnover was concentrated in the shares of the four systemic banks. Earlier, of the 18.4 million shares traded, 13.3 million were in National Bank of Greece, Piraeus Bank, Eurobank and Alpha Bank.
National Bank of Greece at €16.28 (up 0.05%), Piraeus Bank at €9.988 (up 0.37%), Eurobank at €4.463 (up 0.08%) and Alpha Bank at €4.39 (up 1.34%).
Bank of Cyprus shares were at €10.30 (down 0.20%), Optima Bank at €13.47 (down 0.17%), while Credia Bank bucked the trend, gaining 3.25% to €0.955.
The make-up of the top 10 was interesting, also reflecting interest from shorter-term investors. GEK TERNA was at €38.44 (down 1.08%), with steady selling in the stock; one broker linked this to the forthcoming issue of a seven-year bond worth €500 million.
CMFC shares ranked sixth, with buy orders in the €7.525-€7.796 range. As we noted in our previous comment, the strategy has been one of ‘baby steps’, with “strong hands” having absorbed yesterday’s selling, down to €7.46.
Next came Cenergy Holdings at €22.10 (up 2.03%), Jumbo at €27.08 (up 0.08%), Motor Oil at €67.40 (down 2.40%) and HelleniQ Energy at €18.46 (down 3.25%).
The FTSE 25 was in the 6,670-6,727 range, with buyers holding the upper hand steadily from the start of the session.
ElvalHalcor shares were at €3.395, PPC at €22.90, Metlen at €48.26 and TITAN at €47.18, while EYDAP hit a new high of €13.64.
The trend improved noticeably from 2.45pm onwards, with some leverage in selected mid-caps. Alter Ego Media (€6.48), Europe Holdings (€1.348) and AVAX (€3.28) were notable examples in this category.
At 3.20pm, turnover stood at €143 million, including €20.9 million in pre-arranged trades. The number of risers and fallers stood at 56 and 57, respectively.