Commerzbank: breathe easy in Frankfurt – THE SHAREHOLDER
Russia is again supplying gas through Nord Stream 1, but probably less than before the scheduled maintenance. A delivery stop seems to have been averted for the time being. Economically sensitive stocks such as Commerzbank are likely to push this forward today. Because a recession could still be averted.
Gas is flowing through the Nord Stream 1 Baltic Sea pipeline again. This was confirmed by a spokesman for Nord Stream AG on Thursday German press agency. However, volumes are lower than before the pipeline was shut down for maintenance on July 11.
“Extrapolated to the day, the gas supplies are 45 to 50 million cubic meters,” says Andreas Schröder from the market research company ICIS Handelsblatt. This would only be 30 percent of Nord Stream 1’s capacity. Before the maintenance, it was still 40 percent.
Meanwhile, the US bank JPMorgan has put Commerzbank shares under the microscope again. The rating remains “neutral” with a target price of EUR 8.20. In a recent study, analyst Kian Abouhossein included negative special effects from the Polish subsidiary mBank in his estimates for the financial institution. For this year he cut his adjusted earnings per share forecast by seven percent, but for the following years everything has remained more or less unchanged.
Commerzbank
(WKN: CBK100)
The stock is likely to continue its upward movement after the announcement of the resumption of gas deliveries. In addition, the ECB will initiate the turnaround in interest rates today. If the central bank is raising interest rates more than expected, this should carry further momentum. The stock is no longer a running recommendation.
Notes on conflicts of interest:
The Chairman of the Management Board and majority owner of the direct publisher of Börsenmedien AG, Mr. Bernd Förtsch, has taken an indirect position on the active securities mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Commerzbank.
Commerzbank shares are in the SHAREHOLDER depot.
With material from dpa-AFX.