European markets opened lower despite a sharp drop in oil prices.
International developments are in focus, with Tuesday’s midterm elections in the spotlight. Brent was at $109.69, WTI at $100.31, the US 10-year yield at 4.93%, and S&P 500 futures up 0.22% at 7,612 points.
Investors were cautious in Frankfurt and Paris, while trading was mixed in the first hour. The EuroStoxx Banks stood at 276.32 (0.03%) and the corresponding Oil & Gas index at 612.12 (-0.50%), both indicative of the strategy being followed in this early period.
The Greek stock market opened more or less as expected, with cautious orders in bank shares and large caps across the broader energy sector. The trend was evident in trading, with buyers placing orders in National Bank, Alpha Bank and sellers targeting mainly Motor Oil, HelleniQ Energy.
The opening and the first 15-20 minutes unfolded more or less as the market community expected, with the key question being whether the General Index could hold above 2,600 points.
Order flow was modest, with no pre-arranged trades, as buyers and sellers gauged each other’s intentions.
Following the announcement of the major Metlen-SHELL agreement to supply LNG, activity picked up in the company’s shares. Orders were placed at €48-€47.70.
National Bank shares stood at €15.88, with buyers holding a slight advantage. Alpha Bank was at €4.459, with sellers regaining the lead shortly after 10:45, prompting the banking index to turn lower to 3,019 from 3,036 points. The 3,600-point area is the reference level; it remains to be seen whether it can provide support for the sector index over the coming week or whether further selling will push prices lower.
Coca-Cola HBC shares stood at €57.10, up 1.15%, reflecting inflows as investors positioned ahead of the company’s quarterly/nine-month results, due to be announced midweek.
The FTSE 25 stood at 6,698 points, with marginal losses. Alongside Coca-Cola HBC, buyers were also in the ascendancy in Jumbo (27.08), ElvalHalcor (3.525), Metlen Energy & Metals, AEGEAN, EYDAP, Bank of Cyprus.
The battle between buyers and sellers is clearly playing out in shares of the systemic banks, as buyers carefully absorb the supply from sellers.
EXAE shares rose sharply, gaining 3.27% to €11.36, while Quest Holdings fell 3.44% to €7.26, for reasons Chameleon analysed earlier.
The ratio of shares advancing to those declining stood at 43 to 35.