Roman Skalický (Lutherus)
Markets  |  September 14, 2012 12:22:41

Bernanke bulls released from their pens

Beginning the week was over dominance of positive sentiment in the key exchange floors of the world marked by nervous investors. That caused Wednesday's upcoming performances vision bank Union Parliament J. Barroso, President of the EC and the subsequent decision of the Federal Constitutional Court in Karlsruhe, which confirmed the fact that Germany may adopt the European Union fiscal pact and a permanent rescue fund ESM, thus opening the way to Fund to support countries affected by the debt crisis could work in accordance with the policy intentions. These two reports were reflected in Wednesday's session mainly positive reactions in financial titles that the sectoral indices significantly strengthened.Another equally important milestone for the markets were the outputs of the Fed meeting, especially subsequent B. Bernanke's speech at a press conference on Thursday evening. Despite the fact that up to two thirds of economists expected performance of a new round of stimulus measures, impressed by the scope of QE3 in the form of a time-unlimited bond purchases worth 40 billion USD per month, in addition to possible increases in case of need, as a catalyst, which surpassed all expectations and gave significant direction markets to the North.

Similarly, this was also on the PSE, which each day followed developments in the main European markets. From Monday's opening value of 955.9 points PX index traded lower volumes ranged around 946-966 points. Friday's session him out of that state sent to the current level of over 972 points (+2,02%). Most of today reinforce Erste Bank (+6,05%), CME (+4,42%) and surprise even NWR (+4,34%). For several companies traded in the SPAD occurred in the course of the week, an interesting development. Shares of CME, which gradually strengthen despite the relatively high proportion of open short positions in the U.S. within days of each show interesting growth potential for a longer time horizon. Conversely Commercial Bank has so far unsuccessfully trying to overcome the resistance boundary CZK 3,900.For Orco shares, through a successful exchange the bonds into shares and buying 8,000 shares of its CEO Otto, prevailed in the first half of the week significant sales.

During the week, was also published several new recommendations. VIG received on Monday from Credit Suisse target price increases from 39.5 to 40.6 EUR retained recommendation "neutral" on Friday after Nomura initiated coverage of this title with the recommendation to "buy" and target price of EUR 45. In contrast, reducing price targets occurred on Monday at NWR (Jefferies lowered target to 3.25 from 3.75 GBP recommendations "hold") and Tuesday at CEZ shares (Goldman Sachs lowered target of 960 918 CZK, recommendations "neutral" ).While most of the week NWR oscillated in space CZK 87-89 on Friday and woke up to a growth rate of over 90 CZK, CEZ gradually declined through to the price of CZK 740, where the title was stabilized. Today's session has "survived" without significant changes (+0,12%)

With regard to the long prevailing positive sentiment of investors and on a clear effort to address the situation of the European structures within the EU and the U.S. FED expect in the coming days superiority of bulls on exchange floors.


Ing. Milan Andrys


Tyto zprávy pro vás vytváří Lutherus s.r.o. investiční zprostředkovatel registrovaný Českou národní bankou

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