Major European markets are trading higher, albeit modestly, as investors take heart from a notable fall in oil prices (Brent at $109.7 a barrel) and from France having avoided a credit-rating downgrade by Moody’s Ratings.
More specifically, the agency kept France’s rating at “Aa3” with a negative outlook, which for now appears to be having a positive impact on the government bond market too, with yields on French government bonds falling.
The Greek stock market is seeking to follow the positive trend in Europe’s main markets. So far, the main indices have remained in positive territory, with the General Index testing levels around 2,555 points.
The banking sector is leading today’s rebound, as confirmed by the Bank Index’s 1.96% gain. It was, after all, the sector index that recorded significant losses during the previous two-day decline.
Meanwhile, following the election result in Brazil, ALWN shares are down sharply (-3.83%), while the stock dubbed EEE’s “bodyguard” has also been relegated to the sidelines today (-1.64%).
Among the strongest performers are Eurobank (+2.51%), Piraeus Bank (+2.18%), Viohalco (+2%), GEK TERNA (+2.39%) and PPC (+2.17%).
Just short of the first hour of trading, turnover stands at 43 million, of which 7.7 million relates to block trades (Motor Oil, GEK TERNA, PPC). The first technical hurdle is for the index to move back above 2,590 points.