Share

Eurozone indices pause after two-day rise

London - Eurozone shares marked time on Tuesday after a two-day rise that left some key regional indexes in "overbought" territory on a technical basis.

An unexpected rise French industrial morale helped put a floor on the market, however, building on a strong German business sentiment survey on Monday.

At 10:11 the eurozone Euro STOXX 50 was flat at 3 213.10 points. Germany's DAX was up 0.1% while France's CAC was flat.

All three indexes closed in "overbought" territory on Monday, based on their 7-day Relative Strength Index, a momentum indicator which compares the magnitude of rises and falls in prices.

"The market was pretty 'overbought' so a small pullback (in the Euro STOXX 50) from here towards 3 190 is normal," said Roelof-Jan van den Akker, a senior technical analyst an ING in Amsterdam said.

"A short-term consolidation making a higher bottom for a couple of weeks before the next rally starts would be my most likely scenario."

The broader FTSEurofirst 300 index of pan-European shares was down 0.1% at 1 385.96 points.

Kingfisher fell 2% after Europe's No. 1 home improvement retailer posted an 11.8% decline in third quarter profit, hurt by a weak French market and foreign currency movements.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.92
-0.1%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.45
+0.1%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.1%
Platinum
911.00
+1.6%
Palladium
1,008.15
+0.6%
Gold
2,222.89
+1.3%
Silver
24.90
+1.0%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders