Without coming into contact with the positive sign, he moved General Index during today’s session, an image that was probably considered expected by most analysts, after yesterday’s “emptying” of the DG from the day’s highs.
It is worth noting that GDXA did not get help from most of the top-heavy securities, while the picture was relatively better in mid and smaller capitalization, from stocks that claimed higher valuations, combining the bullish effort with relatively satisfactory trading.
In other features of today’s meeting, the distinct decline in turnover (the lowest of the last three meetings), despite the significant help from the “packages”.
“The fermentations continue and the announcement will not be a surprise and other business agreementsuntil the end of the current week” said, among other things, the post-conference commentary of April 23.
“Three bullish sessions in a row for Epsilon Net, amid rumors of possible share reshuffles. It remains to be seen whether the information from brokerage firms that report as best scenario is the announcement of another dealwhich will pull higher the sector in general, until the end of the current week”, stated yesterday’s post-conference commentary and all of the above leaves no room for doubt that the Greek Stock Exchange “is moving in the constellation of deals”, with the information from brokerage offices stating that “it is not excluded that the current week will end with another business agreement”.
Beyond that, Epsilon Net confirmed today the negotiations for strategic cooperation with a foreign investor. Following the Listed Company’s announcement, its shares were temporarily suspended from trading.
If the deal is reached, which is the most likely scenario, it is considered almost certain that this development will activate upward reflexes for the entire IT branch.
On the other hand, it may be in progress controlled correction, however, the strong corporate results announced by a significant number of Listed Companies, combined with the business deals being announced, could limit the downside, unless there is a significant reversal in international stock market sentiment.
Home Market found just yesterday to new 13 year highswith the General Index coming from an uptrend with cumulative gains of 6.73% and many shares from multi-year or even historical highs and any controlled correction is considered welcome.
It remains, technically, the upside target of 1470 units for the General Index.
It is worth noting that during today’s controlled correction, the Market reflexively displayed and “subsidized” securities of Companies, which created small, or larger positive surprises, than the results they announced.
According to a long-time Market analyst, “with Fed rate cut expectations pushed back beyond June, corporate results take on more weight“.
The principals move with mixed signs European Markets, with the British FTSE 100, insisting on recording new historical highs, while the NYSE started today’s trading in the “deep red”.
Attention to remaining sessions and stocks involved in the entry or exit scenarios from the index high capitalization (the next revision will be based on the average total capitalization of April and not on the basis of the total capitalization of the last session which was valid until now).
For those with a longer investment horizon, it is recalled that on the evening of May 14, 2024, the announcements for the restructuring of the MSCI indices of the quarterly review. Any changes will be implemented on June 3, 2024, with investors taking their positions by 5/31.
In a new upward movement the returns on bond purchase, for all Publishers. More specifically, the yield of the American 2-year bond is at 5.01%, at 4.72% that of the corresponding 10-year bond, at 3.504% the yield of the Greek 10-year bond.
Attention, if the upward “convoy” of returns continues, it cannot be ruled out strongly corrective movement in the Stock Markets, with what this may entail for the Greek Stock Exchange.
THE General Index it moved permanently with a negative sign, falling to 1434.89 points (-0.95%). At 17.00 it was at 1436.85 (-0.82%) and finished trading at 1435.19 points, with daily losses of 0.93%.
The turnover at 142.9 million, of which 44.3 million concern pre-agreed transactions (OPTIMA, KAMP, MYTIL, EUROB, NGE, DAA, PEIR, SAR, TENERG), while PEIR, EUROB and NGE accounted for 55% of the total gross transaction value.
Of the total turnover of 142.9 million, 130 million relates to transactions in FTSE25 shares.
Analysts’ estimates
“Nearest support is the local top of 1437 units and resistance at 1463 units“, According to AHEPEY circle.
“Base effort under 5 for the INKAT title, with sellers keen on any reaction. It makes sense with the move he has made that it takes time. 5.15 close resistance and ‘stop’ to ‘short’, in Intraday close, with 4.92 being main support. If one title can make a difference and help DG to continue, it is OTE’s. He is missing a retest of the 14.50 level if he wants to try a bullish rally. 13.76 is main support while the daily ‘stop long’ is at 13.30 at the close of the day“, she notes Fast Finance AEPEY.
“Losses in most International Markets due to negative Wall Street momentum, which was affected by unsupportive corporate results“, she points out Eurobank Equities.
“Market tried to digest recent gains today with some profit taking taking place” says the Optima Bank.
“We expect the market to digest current levels, with fresh Q1 corporate results and corporate deal news limiting downside margin“, she notes Beta Sec.
“This morning, Mytilineos announced the 1st quarter of 2024, with EBITDA standing at 252 million euros, 12% higher compared to the same period last year. Growth driver is the Energy sector with a 73% contribution to operating profits and significantly increased operating margins. The Group is considering listing its shares on an International Stock Exchange, including the London Stock Exchange, within the next 12 – 18 months. The balance point for the GDXA is the area of 1410 – 1400 units“, she emphasizes Depolas Investment Services.
“The ‘ribbon’ of the Greek Stock Exchange ‘spoke’ in the last bullish sessions, with the General Index at a 13-year high and leaving behind for the time the liquidation levels due to the Middle East conflictsays o Petros Steriotis.
The looming retreat of geopolitical risk as well as the “wild card” of interest rates that Central Banks can “play” when the international financial or military environment “goes awry”, relieve the “longs” and put a “security cushion” under stock valuations.
At A.A., the total capitalization it once again crossed the 100 billion euro mark, an amount that we highly appreciate, given the recent past, but on the other hand we point out that it is particularly small for International Portfolio Managers who are looking for highly liquid Markets.
For continuity, we cannot ignore the buying marks which A.A. itself, through the process of prices, offers.
On the other hand, of course, we cannot ignore the dynamic that the next moves to secure profits, or even hasty “exit” from the Capital Markets they can acquire.
Henceforth we expect the publication of corporate results in the Developed Economies, with the said procedure for the Greek Listed Companies “suffering” from… a time delay.
diagrammatically, the search for ‘tops’ for securities making new highs, it is particularly difficult and costly. For the General Index, the ‘key’ will be not to breach the March highs, which are now close supports”, according to Mr. Steriotis (Member of the International Federation of Technical Analysts – IFTA).
The picture in high capitalization
In the first place of the capitalizations of A.A., EEE (11), followed by EUR (7,4), EGE (6,9), OPAP (6), OTE (5.9), MYTIL (5,4), PIR (4.9), PPC (4.3), BELA (3.9), ALFA (3.8), MOH (2.9), ELPE (2.5), TITC (2.2), TENERG ( 2.1), GEKTERNA (1.7), BIO (1.4), CENER (1.4), LAMDA (1.2) and ARAIG (1.1 billion euros).
Of the shares of the four systemic Banks, both signs changed Alpha Bank (+0.25%), did not come into contact with the “green” h Eurobank (-1.34%), while permanently with a negative sign moved the National (-1.25%) and Piraeus (-1.97%).
Always with a negative sign moved the sectoral index of Banks, falling to 1247.06 points (-1.38%). At 17.00 it was at 1252.41 (-0.96%) and finished trading at 1249.87 points, with daily losses of 1.16%.
DTP has given daily buy signal, which is negated by a return and close below 1153 units (daily “stop long”), with the next resistance located at 1300 units. In case of a correction, the next supports at 1124 – 1120, 1099 and 1086 – 1085 units (the two 200-day EMAs are crowded).
Staying in the industry, “the improvement of all its key dimensions Banking sector it is undeniable. However, the maintenance of inflation at a still high level, combined with the ECB’s increased key interest rates and the slowdown in the pace of economic growth, is testing the resilience of Households and Businesses and may contribute to the creation of new non-performing loans (NPLs)”. points out the report of the Bank of Greece on financial stability.
The final picture on the non-banking 25th is not remarkably better, where only the BELLA (+0.56%).
THE Mytileneos announced Q1 2024 key financial figures: 10% increase in net profit after minority interests to €158m, compared to €143m in Q1 2023. Accordingly, earnings per share stood at €1,141 , increased by 10% compared to the corresponding period of the previous year. The turnover amounted to €1,143 million., compared to €1,358 million in Q1 2023, a decrease of 16%, a result of the de-escalation of Energy prices. Net borrowing, on an adjusted basis, amounted to €1,592 million, from which an amount of €607 million has been excluded, relating to non-recourse borrowing.
The Listed Company is considering the possibility of listing its shares on an International Stock Exchange, including the London Stock Exchange, within the next 12 – 18 months, which will also remain on the Domestic Stock Market.
Despite the satisfactory results, her title MYTIL (-1.51%), completed a second consecutive falling session. The first support at 36.14 euros (simple 200-day KMO) and the next one at 35.02 euros (daily “stop long”). The first resistance at 38.96 euros.
Its title completed its second consecutive bearish session Viohalco (-3.14%), which today moved permanently with a negative sign. The first support at 5.55 euros (exponential 200-day KMO) and the next one at 5.03 euros (daily “stop long”). The first resistance at 5.75 euros (200-day simple KLMO).
