Citigroup shares gain the most in two months on Monday, bank boosts operations in France, memo shows

July 10, 2018 10:28 am

According to a report by Reuters, citing an internal memo by Citigroup, the US bank is bolstering its operations in Paris ahead of Britain’s exit from the European Union.

Citigroup shares closed higher for a third consecutive trading session in New York on Monday. It has also been the sharpest daily surge since May 8th. The stock went up 2.68% ($1.80) to $68.94, after touching an intraday high at $69.05, or a price level not seen since June 11th ($69.17).

Shares of Citigroup Inc have retreated 7.35% so far in 2018 compared with a 4.14% gain for the underlying index, S&P 500 (SPX).

In 2017, Citigroup’s stock surged 25.21%, thus, it outperformed the S&P 500, which registered a 19.42% return.

Pierre Drevillon has been appointed as Citi’s new head of mergers and acquisitions for France. Previously, he headed UBS’s M&A operations in France.

At the same time, Gregoire Haemmerle has been appointed as Citi’s head of corporate and investment banking in France. He previously was the head of advisory for France, Belgium, Luxembourg and Switzerland at UBS.

The memo also revealed that Luigi de Vecchi, Citigroup’s Chairman for continental Europe, would be relocated from Milan to Paris in order to oversee the expansion of operations in France’s Capital City.

At present, Citigroup has about 160 employees in Paris.

The bank has said it intends to hire 150 people in roles within its sales and trading operation in Frankfurt and also to add 100 jobs spread across its hubs in Madrid, Milan, Dublin, Amsterdam, Luxembourg and Paris.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $83.00, with a high estimate of $101.00 and a low estimate of $62.00. The median estimate represents a 20.39% upside compared to the closing price of $68.94 on July 9th.

The same media also reported that 14 out of 28 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Citigroup stock are presented as follows:

R1 – $69.08
R2 – $69.23
R3 (Range Resistance – Sell) – $69.37
R4 (Long Breakout) – $69.80
R5 (Breakout Target 1) – $70.30
R6 (Breakout Target 2) – $70.53

S1 – $68.80
S2 – $68.65
S3 (Range Support – Buy) – $68.51
S4 (Short Breakout) – $68.08
S5 (Breakout Target 1) – $67.58
S6 (Breakout Target 2) – $67.35

By using the traditional method of calculation, the weekly levels of importance for Citigroup Inc (C) are presented as follows:

Central Pivot Point – $66.84
R1 – $67.79
R2 – $68.43
R3 – $69.38
R4 – $70.32

S1 – $66.20
S2 – $65.25
S3 – $64.61
S4 – $63.96

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