Eoin Treacy's view The New Europe Blue Chip Index is comprised of companies with a focus on Eastern Europe excluding Russia and that pay reliable dividends. It currently yields 4.65% and has a P/E of 10.75. The region was among the hardest hit during the August/September correction but most indices have at least stabilised. The NTX found support in the region of 859 from mid-September and rallied to break the progression of lower rally highs three weeks ago. IT has now pushed back above the 200-day MA and a sustained move below 950 would be required to question medium-term scope for additional upside.

(Please note: Bloomberg has changed the way it displays fundamental data for indices with negative values. Previously it simply showed N/A when an index had a negative P/E, Price/Book or Price/Cashflow. Now it displays the negative figure. This means that the rankings in our monthly report have been changed somewhat because the negative numbers appear first when sorted in ascending order.

All data quoted above originates in Bloomberg. We realise that some of the data displayed is inaccurate for some indices, particularly where ADRs are included. However, I have endeavoured to remove those indices which were most problematic. We continue to publish these tables because the data is generally accurate and going forward we will continue to weed-out the less reliable data sets as subscribers highlight them for us. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)