The modest upward trend on European stock markets is holding, led by the banking sector, while investors are seeking to consolidate the 2,600-point level on the Athens Stock Exchange.
S&P 500 futures are little changed, Brent is trading at $114.32, the yield on France’s 10-year bond stands at 4.93%, and Paris’s CAC 40 is up 0.84% at 7,954 points. The DAX is at 25,913 points, up 0.82%, while the Euro Stoxx Banks index is down 0.82% at 278.97 points.
Investors have maintained a positive stance since the pre-opening session. The Banking Index has traded in a range of 2,983-2,038 points, on an upward trajectory, with significant order flow as investors await third-quarter results.
Eurobank kicks off the results announcements, followed by Piraeus and Alpha Bank, with National Bank of Greece reporting next Wednesday. In recent days, international and domestic brokerages have published reports, with consensus forecasts for Eurobank pointing to net interest income of €706 million and net profit of €401 million for the third quarter.
Analysts at JPMC estimate profit at €419 million, while some members of the investment community are hoping for a more generous profit distribution. Trading has picked up as investors position themselves ahead of the Q3 results, with activity from managers of foreign funds as well as shorter-term investors.
More than 22 million shares changed hands, of which 17.3 million were in the banking sector. National Bank shares were trading at €15.925 (up 1.89%), Piraeus at €9.848 (up 0.57%), Eurobank at €4.423 (up 1.08%) and Alpha Bank at €4.45 (up 2.23%).
Total turnover exceeded €200 million, including €21.5 million in pre-arranged trades. The FTSE 25 is trading in a range of 6,654-6,713 points. Orders in Coca-Cola HBC shares are at €55.80-€56.70, while OTE shares are trading at €18.54-€18.98 ahead of the company’s own results announcements.