LAST UPDATE 14:10
by Manos Hachladakis
Athens Avenue is now engaged in balancing exercises, after the margin it initially granted to sellers, it sees buyers reappearing and with selective moves “gnawing away” part of the losses.
In particular, the General Index now moves to 1,445 units with -0.25% and the turnover to 52 million euros, while 12 million pieces have been traded.
The banking index has pared morning losses (up -1.38%) to -0.17% with a move at 1,262 points, the FTSE is now around unchanged at 3,532 points, as is the FTSEM mid-cap at 2,314 points.
The market yesterday entered trading with speed gained from the five-day mini-rally, reaching as high as (a new 13-year high) 1,462.68 points (+1%) but along the way saw, rather predictably, some selling in the final hour day with investors locking in some of the recent significant gains.
A trend that was followed by both the European indices at yesterday’s close and then the Asian markets today (-2.16% Nikkei) and is maintained at this time in Europe, with Athens Avenue also following it.
More generally, however, the Athens market with the movement of the last few days has now set the bar at 1,470 units (the next technical resistance) although it is likely to make a small rally at current levels before testing the breakout.
As Petros Steriotis notes, he is a Member of the International Federation of Technical Analysts (IFTA), “for the continuation we cannot ignore the buying signals that the AX itself offers through the price process. On the other hand, of course, we cannot ignore the dynamics that the next movements of securing profits or even hasty “exit” from the Capital Markets can acquire”. According to him, for the General Index, the “key” will be not to violate the March highs, which are now close supports.
On the dashboard
In the banks, which today still occupy 4 of the top 5 positions in terms of turnover, Alpha has now strongly differentiated itself with gains of 1.1%.
The rest also show recovery trends but still in negative territory, National Bank at -0.4%, Piraeus at -0.5% and Eurobank at -0.3%.
At the top of the turnover is Mytileneos but slightly down at -0.25%, with the market showing that it had both discounted the strong 1Q figures it presented before the open, with a 10% increase in its profitability and 12% in EBIDTA, but also the announcement for dual listing of the group in London.
In addition to Alpha, PPC has now “come ahead” with +0.9%, while supports in the market are still provided by ELPE at +0.6%, OTE at +0.5% and TERNA Energy, Jumbo, OPAP but with smaller profits.
On the other hand, Motor Oil and Cenergy that stood out yesterday, today see the sellers coming back with a drop of 1.2% the first and 1% the second, with Viohalco also recording losses of 1.2%.
Otherwise, Optima with a large package of 2.1 million retreats by 0.5%, while in the lower strata EKTER stands out with a 6.5% rally on an increased turnover of more than 620 thousand euros.
In the medium capitalization, Profile increases by 3% and Intralot by 0.5%, while Intrakat declines by 0.7% and Fourlis by 1%.
The wider picture on the board continues to show the lead of the sellers, where 67 stocks are moving down against 59 up.
It is noted that the title of Epsilon Net was suspended from trading (yesterday at +5.1%) after it confirmed that it is in discussions for a strategic cooperation with a foreign investor.
The image internationally
The US market closed marginally and mixed (+/- 0.11%) but is under fresh pressure due to dives in Meta and IBM shares.
Mark Zuckerberg’s giant left behind and by a distance the estimates of the market in the figures it presented for the first quarter, however the weak guidance it gave for the continuation was strongly problematic and it is moving with strong losses of 14%.
For its part, IBM briefly missed forecasts for its turnover and recorded a sharp drop of 9%.
Against this backdrop, Nasdaq futures are down 1%, the S&P 500 is down 0.65% and the Dow Jones is down 0.5%.
It is noted that within the day (15:30 Greek time) the first estimate for the GDP of the United States in the first quarter will be announced.
In Europe, the British FTSE 100 diverges positively with gains of 0.6%, however the German DAX moves to -0.7%, the French CAC to -0.95% and the pan-European Stoxx 50 to -0.85%.
The US 10-year bond yield (4.642%) remains steady above 4.6% with the US 2-year yield at 4.927%, while the Greek 10-year bond sees its yield at 3.505%.
Finally, oil remains unchanged today, Brent at $88.2 a barrel and WTI at $82.9.
