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