The positive climate in the international markets combined with the good profitability performance of the banks give a boost to the ASE
The stock market closed the week ending with a gain of 1.63%, led by the banking sector.
The positive climate in the international markets, especially in Wall Street, in the wake of Trump’s victory in the American elections, combined with the good earnings performance announced by the listed companies and especially the banks, formed a positive momentum for the stock market.
Strong profitability for the nine months of 2024 has been announced by systemic banks, leading their managements to raise full-year targets, while paying higher dividends and “wiping out” DTC (deferred tax) 8 years earlier (in 2033 from in 2041).
The international houses once again gave a vote of confidence to banking shares, noting that their valuations are attractive.
For the National Bank, JP Morgan gives a target price of 9.70 euros (closing 7.5160 euros), Morgan Stanley 10.25 euros and Jefferies 11 euros.
For the Eurobank share, JP Morgan gives a target price of €2.80 (today’s close €2.0450), Jefferies €2.90 and Morgan Stanley €2.63.
For Alpha Bank stock, UBS maintains a target price of €2.32 (today’s close of €1.5020) and JP Morgan gives a target price of €2.30.
For the Piraeus share, Goldman Sachs maintains the target price at 5.40 euros (today’s closing at 3.81 euros), Deutsche Bank gives a price of 5.00 euros, and Jefferies at 5.60 euros. JP Morgan maintains the target price at 5.90 euros, Citi at 5.20 euros, Morgan Stanley at 5.39 euros and UBS gives a target of 5.70 euros.
The General Price Index closed the week at 1,413.13 points, compared to 1,390.49 points the previous week, marking a weekly increase of 1.63%, while since the beginning of the year it has recorded gains of 9.28%.
Technically if the market’s uptrend continues, the 1,420 zone is an important supply area, a strong resistance point, breaking which will require more trading activity.
The FTSE/ASE 25 large-cap index closed the week up 2.34% and since the beginning of 2024 is up 10.11%.
The FTSE MID mid-cap index closed down 0.45% for the week, with a small year-to-date gain of 0.25%.
The banking index closed the week with a rise of 5.07%, while since the beginning of 2024 it has gained 15.87%.
The total value of transactions in this week’s sessions was 584.874 million. euros, while the average daily transaction value was 116.975 million. euros against 145.361 million euro.
The total market capitalization in the week ending increased by 217 million. euros and amounted to 108.617 billion euros, while since the beginning of the year it has increased by 20.729 billion. euro.
