It was the sixth consecutive session for Axa SA (ADR) (OTCMKTS:AXAHY) trading in the same narrow range of $26.25-$27.00 and finally the stock finished the last trading session with a minor loss of 0.34%. The volume of the day surged to new 52 week high of 1.2 million, far more than the daily average of 170,000. The surge in volume would be the a worry for the bulls as frequently an increased volume in a sideways range, especially at the higher levels, results into a breakdown. The bulls need to protect the area above $26 to keep the upside hopes alive.


Axa SA (ADR)(OTCMKTS:AXAHY)’s Chairman and CEO Henri de Castries highlighted the main takeaways from the financial performance achieved in the first half of fiscal 2015. He called the first half as a strong period for AXA. It was a strong period in terms of revenue and growth in earnings wherein the company witnessed a continued transformation so as to prepare to face the new challenges in the industry.

The highlights

Axa reported that revenues were encouraging in the three different segment including Life and Savings, Health and Protection, and also in P&C. The P&C cycle is seen as getting more difficult in coming period following which growth can be lower in the respective segment. Revenue and asset gathering are performing well on the asset management aspect of the operations, where the net flows are approaching the highest ever for a semester. It was a period of earnings progression as EPS, on an adjusted basis, is surging by 12%, which supports the future dividend capacity.

The transformation

Axa CEO called 1H2015 as a period of continuing transformation of entity along different lines. Considering the geographical parameter, the company completed major agreements in emerging countries. Brazil was targeted for commercial lines while General and Life businesses performed well in Egypt. It was a period when the company has accomplished major plans in more mature nations, with the confirmation of the Genworth acquisition which will boost company’s Protection offer in numerous countries. For record, it is doubling Axa’s market share.

Castries stated that 1H2015 marked a transformation semester on the digital and data front, as the company established Innovation Labs, and implemented various measures to transform the Group. On the CSR aspect, the announcements that management have made to turn AXA participate actively in the discussion on climate change and the proposed measures is going to be helpful for society, company and its clients.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg,,, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.