The European stock exchanges react to Covid and score a good session with important increases. The gains were spread across all stock exchanges of the Old Continent, including Piazza Affari, which rose also thanks to the strong appreciation of some stocks.
Here’s how the stock market closed today thanks to a flood of money that arrived in the second part of the session. Below is the analysis of the ProiezionidiBorsa Studies Office, regarding the salient events of the day.
A first part of the session dominated by the coverings
First of all, the final figure of the Milanese list, because never as in this case is it crucial to understand what happened today in Milan. At the end of the session, the Ftse Mib index (INDEX:FTSMIB) closed at 19,389 points, up 1.7%.
The positive result arose thanks to two fundamental elements. In the morning, the stock market was pushed by purchases due to coverings of bearish positions opened yesterday. In the afternoon it rose thanks to the opening of Wall Street in positive.
The hedges made the FTSE index rise in the beginning, but when they finished, prices fell back until all gains were canceled. Before 12.00, the Ftse Mib also fell negative, but the support of 19 thousand points contained the decline.
How the stock market closed today thanks to a river of money that arrived in the second part of the session
Fortunately, the first data on the opening of Wall Street reported some buying and prices climbed up to 19,250 points. Here they found the first resistance and stopped. Exactly as we expected in the comment article that anticipates the opening of the stock exchanges every morning and imagines the scenario that is going to open.
The resistance of 19,250 points was breached when, at 3.30pm, the US stock market opened higher. From that moment the buy orders started to rain and pushed the blue chip index up to 19,400 points. Again exactly as we wrote in this morning’s article.
Of course, all of the top 40 stocks went up, with the exception of one, Inwit. These include BPER Banca, which gained over 8% and Atlantia, which rose by another 4.7%.
For BPER it was a rebound that had been preparing for a couple of sessions. For Atlantia, the gain comes from the hypothesis of a positive conclusion for the company in the tug of war with the Government.
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