Liams Last Post : Financials tumble again , markets range bound to down , positive sentiment evaporating..

Good Afternoon ,

 

The financials continue to be the big news with the Irish financials really strugling and very muh the laggards in the European Bank Sector indices. The Nordic Banks had a good day today with DNB up +3.76% and Nordea +2.98% , By comparison the Irish Banks down -10.2% in th case of Bank of Ireland and -11.6% in the case of AIB.  The UK banks were just a bit better than the Irish with the Spanish banks actually in marginal positive territory.  

 

We look ahead to Bank of Ireland results on November 4th. Maybve we can get something to work with but the change of sentiment has seen prices drop from the recent high of eur3.50 as recently as October 1. to the close todayo of 2.20  , a fall of -37% in one month.

 

The construction stocks also range trade with the UK stocks having given uop a lot of ground lately now trying to hold these levels as the mood grows more sombre. IN the US Vulcan is down -2.7% today as CRH at the end of the day closed at 18.30 , having traded as 18.90  until mid afternon yesterday.

 

Smurfit Kappa also surrendered some of its gains and fell -4.75% today.

 

Again , the only stocks wich look like they are making any relative progress are the food stocks wich are benefitting from the sector rotation, 

BP's Q3 results beat forecasts but the US consumer confide ce figure was weak so added to the two way pull on markets..

Markets look finely poised.  Many stocks are now back at their support levels , while some of the financials have begun to look like they are capitulating back through the support levels.

Again , we seem to be back in the 100 poits per day territory in the Dow Jones and there are some commentators noting a pick up again in the volatility of the Vix volatility index.  THis is from very low levels though but show that sentiment is fragile now.

Have a good evening

Liam

 

 

 

 

 

 

___________________________________________

Liam Boggan

　

Merrion Stockbrokers

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