“Today there will be an agreement on oil production between the producing countries adhering to theOPEC”. At 10 this morning, an hour before the start of the cartel summit in Vienna, OPEC secretary general Mohammed Barkindo launched this message, arousing the optimism of the markets. Brent oil soars 6% to $49,0.
They rip off Piazza Affari Tenaris (+2%) ed Eni (+1,6%). It does even better Saipem (+3,7%): 800 million euros of extra cash could come from the arbitration on the South Stream project. Equita Sim estimated that, in the best scenario, with a collection of 100% of the requested amount, "we would have an impact on our valuation of 0,07 euro per share, or +15%".
The Exchange of Milano accelerates with the FtseMib index rising by 1% around 16.700 points. The other European stock exchanges also moved up, but only between 0,2 and 0,3%. Only Madrid is down slightly. TO London Royal Bank of Scotland loses 3,4%: Bank of England said RBS needs to strengthen capital buffers, having been failed the annual stress tests conducted on seven British institutions.
Slow it down spread Btp/Bund at 173,5 basis points compared to 175 at yesterday's closing. Merit in particular of the dam promised by the ECB in the event that a possible victory of the no in the referendum. Mario Draghi, in an interview with Paìs, said that "despite the crisis we managed to maintain our course at a level compatible with our target of a rate close to 2% between 2018 and 2019".
Also featured today Mount Paschi, once again a champion of volatility: the stock is now gaining 4% (from +7%) on the wave of the possible entry of a large investor. Understanding earn 0,7%, Unicredit + 0,5% Banco Popolare + 0,6%.
Unipol +1,5%: Hammer Partners raised the target price to €4,4 from €3,6. Buy judgment confirmed. Generali +2,2%. In evidence Azimuth (+ 1,5%), Buzzi (+ 2,7%) and Telecom Italy (+1%), among the choices of Jefferies which published a report on the Italian Stock Exchange this morning.
According to analysts, the corporate profitability trend is improving in the presence of attractive multiples, ie with an average of one times the Book Value and a 4% dividend yield. Piazza Affari has also heavily underperformed since the beginning of the year: FtseMib -21%, Eurostoxx50 -7%. For these reasons, Jefferies recommends buying before the referendum vote, taking advantage of the "terrible" mood of investors.
Little move Fiat Chrysler (+0,2%): Fitch revised the outlook to “positive” from “stable” and confirmed the long-term issuer rating of 'BB-'.
Among the mid/small caps, Falck Renewables +6%: best title at Piazza Affari. The new industrial plan presented yesterday forecasts a tripled net profit in 2021 to around 45 million euros and an average annual growth in Ebitda of 11% to 201 million.
Mondo TV e Hobbyhorse +4%. Mondadori +2,7%: Borsa Italiana has ordered the attribution of Star qualification to the company's ordinary shares, which are expected to be traded on this segment from Wednesday 7 December.
Banca Ifis (+2,8%) obtained the go-ahead from the supervisory authorities, Bank of Italy and the ECB, for the acquisition of Ge Capital Interbanca without prudential measures.
