The biggest gainer, ironically after 2 double digit losses in a row, is Espirit gaining almost 10%. Despite all the management problems of late CLSA upgraded the
stock to buy but cut its target price by 26%, and stated “we would not recommend it a core holding for investors.”
European shares are on the rise at the moment, with banks leading the charge with expectation that central banks will intervene to prevent a Greek exit from the Euro. The FTSE is up .8%, Germany’s Dax is up 1% and France’s CAC-40 is up 1.6%.
I do not believe that Greece will exit the Euro, their currency would be exceedingly weak and make economic recovery unnecessarily rough. I think Greek Banks will surge Monday, similar to bank of Greece yesterday which jumped 31% and Spanish banks on Monday. The election is not a fix but a relief to a worry. It has made the markets quite entertaining though.
We are showing all commodities up this morning; gold, silver, crude and natural.
Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market.
Comments can be directed to ryghcw19@uww.edu