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Today in Piazza Affari and the other European stock exchanges there was another boring session. A day without big turns, in which there were no purchases, as used to be the case in the last sessions of the week. But something interesting, in the general monotony, happened in Piazza Affari. A rain of money in some actions kept the Milan Stock Exchange afloat. With the analysis of the ProiezionidiBorsa study office, let’s see what happened today on the stock charts.
Piazza Affari closed unchanged, but fared better than other European stock exchanges
The European stock exchanges have started today’s session lower. It’s not hard to imagine that it was profit-taking that drove prices down in the early hours of the day. As today was the last session of the week, those who did not want to leave open positions during the weekend sold.
But there is something that has happened that confirms an idea that we have been emphasizing for some time. In the middle of the day, looking at the trend of the main indices in Europe, you could see that there was a divergence. A half-point advantage of Piazza Affari over other European squares, particularly the one in Frankfurt. Advantage, let’s define it like this, that the Milan Stock Exchange brought at the end of the session. At the end of the index trading Ftse Eb (INDEX: FTSEMIB), closed with a fall of 0.03% (practically even) at 18,841 points. The Frankfurt Dax lost 0.5%, London’s Ftse 100 0.6% and the Euro Stoxx 50 Index fell around 0.5%.
A rain of money in some actions kept the Milan Stock Exchange afloat
Why did Piazza Affari do better today than the other European stock exchanges? Because today there have been many purchases of bank shares, in particular of Unicredit. The stock ended near the high of the day with an appreciation close to 4%, the best among first-class stocks. But Bper Banca also performed well, with a 2.4% increase and Intesa Sanpaolo, with a 1.2% increase.
The fact that these purchases arrived on Friday, therefore in a session generally dedicated to sales, should make us reflect. They cannot be purchases to cover short positions, because Unicredit would have stopped rising in the middle of the day. Instead, the stock closed near the highs for the day. Even if it must be said that the action did it in the first hour.
In conclusion
It was a session with no big ideas and no significant ideas, with the exception of the awakening of the bankers. It could be a sign for next week. However, the fact is that Piazza Affari and European stock exchanges are slowly falling in a bearish sideways movement. From this lethargy only a jolt could wake them up.
Deepening
To know the pluridiary analysis and the point of view of the international markets of the ProiezionidiBorsa Research Department, click here.
