Euronext Spikes to All-Time Highs On 54% Profit Jump for 2nd Quarter

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Written By: Eno Eteng (MSTA)
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    Summary:
  • Pan-European bourse Euronext sees a 54% jump in its 22nd quarter operating profits, as well as a 0% year on year increase in cash transactions.

Euronext, which is the stock exchange operator that covers several European markets (Netherlands, Belgium, Ireland, France and Portugal), reported a jump in its 2nd quarter profits by nearly 54% to $96.6 million, on the back of heavy trading volumes and market volatility at the height of the coronavirus pandemic. Revenues came in at 210.7 million Euros. The bourse also reported a 20% spike in cash-based trading on a year on year basis, with volumes hitting 10 billion Euros. 

The CEO of Euronext, Stephane Boujnah, has also announced that Euronext would complete the acquisition of VP Securities is expected to be completed in early August. 

The Euronext is up 0.53% on the day as it surges towards new record levels. 

Technical Outlook for Euronext

The all-time highs of 99.9 were attained earlier today, but the index has pulled back slightly and now trades at 95.25. A break above the all-time high brings the index closer to the next possible upside targets, which are the 100.00 psychological level, as well as the 113.85 price level, which is the 100% Fibonacci extension level from the swing low of 19 March to the swing high of 20 May 2020. 

On the flip side, failure to break the all-time high could allow for a pullback towards the nearest support at 94.00. A breakdown of that price area brings in 90.95, with 88.50 remaining relevant if the index extends this pullback further.

Euronext Daily Chart

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.

Published by
Written By: Eno Eteng (MSTA)