The launch of the vaccination campaign has given new life to the stock market, but fears about the possible removal of monetary stimuli and the recovery of inflation have weighed down the bonds. He certifies it Assosim, the association of financial market intermediaries, in its traditional way semi-annual transaction report made by the associates on the markets managed by Borsa Italiana, EuroTlx, Hi-Mtf, Equiduct and by some intermediaries in the role of systematic internalisers.
Having made the necessary context analyses, Assosim elaborated its semi-annual rankings based on the volumes traded and the number of transactions carried out by the associated intermediaries. The data processed by the association show a stable photograph compared to previous two years: in the first half of 2021 Finecobank still dominates the stock market, while Banca Akros wins in the bond market.
THE STOCK MARKET
After the uncertainties of the first months, due to supply and organization problems, the Italian vaccination campaign has taken effect. The progress made on the administration of the anti Covid-19 vaccine has given new life to Piazza Affari with the Ftse Eb which closed the first half of 2021 with an increase of 12,9% compared to 2020 and the Ftse Italia Star which from January to June even gained 25,3%. At least until last month, fears related to the Delta variant seemed to have not dented investor confidence with the level of volatility which last month stood at 12,1% compared to 32,4% in June 2020.
Going forward with the data, the Assosim report underlines that the total exchange value on the Borsa Italiana stock market from January to June was equal to 311 billion euros, 10,3% less than in the same period of 2020, while the number of contracts traded, equal to 43 million, decreased by 11,19 ,XNUMX%. It also moves back trading concentration on the stock market managed by Borsa Italiana on Ftse Mib securities, with the percentage traded on the main index going from 89,20% in the first half of 2020 to 86,60% in the first half of 2021.
“On the Brexit front, after the first six months from the signing of the agreement for the UK's exit from the EU, the LSE Order Book recorded (compared to the end of 2020) a 17,00% drop in countervalues traded and a decrease of 22,00% in the number of transactions completed”, finally reports Assosim, also underlining the strong growth in countervalues (+64,43% to 1,9 billion) and in transactions on theAim Italy (686 thousand contracts, +61,21%).
THE BOND MARKET
The situation on the bond market was different, which closed the first half of 2021 in negative territory, weighed down by three macro factors: the fear relating to the timing of the removal of monetary stimuli by the central banks, the Fed and the ECB above all, the fears concerning the rise in inflation and the increase in interest rates in peripheral countries.
The result was a general decline: the DomesticMOT closed the first six months of the year with a -20,08% of exchanged values and -29,11% of the number of transactions; the EuroMOT it closed the period with -10,15% of exchange values and -15,94% of the number of transactions; the ExtraMOT recorded the worst performance with a drop in countervalues (-85,32%) and transactions (-92,35%). Only the market is going against the trend HI-MTF: +68,63% of volumes traded on behalf of third parties and +36,23% of transactions concluded on behalf of third parties.
THE OTHER MARKETS
The countervalues and the operations carried out on the markets in the first half-year were also down SeDeX (9 billion, -14,30% countervalues, with 1,2 million contracts, -22,93%) and ETFPlus (6 million contracts, -9,16%, for a countervalue of 64 billion euros, -16,14%) and the contracts traded on theIDEM (13 million contracts, -10,35%), with the exception in the latter case of Stock Dividend Futures (+134%) and Stock Options (+19,49%).
THE CLASSIFICATION OF THE SHARES
On the stock market, the ranking drawn up by Assosim through the aggregation of the volumes traded by the associated intermediaries on behalf of third parties on MTA, AIM Italia and EQUIDUCT, as well as on any systematic internalisers managed, is confirmed in the lead for the third consecutive year Finecobank, with a market share of 25,53%. In second place there is still Intesa Sanpaolo, with a share of 12,37%, followed on the third step of the podium by Banca Akros, with a share of 8,98%. Same positions also in the ranking by number of transactions, with Finecobank in first place with a market share of 22,15%, Intesa second with 13,56%, Banca Akros third with 9,11%.
THE RANKING OF BONDS
The ranking of Bonds was drawn up by Assosim by aggregating the volumes traded by associated intermediaries on behalf of third parties on DomesticMOT, EuroMOT, ExtraMOT, Eurotlx and Hi-MTF. He is on the top step of the podium Banca Akros, with a market share of 31,57%. Silver medal for Intesa Sanpaolo at 15,94%, while in third place we find Invest Bank with a share of 9,51%. In the ranking by number of transactions, the first two positions remain unchanged, with Akros at 23,75% and Intesa at 22,74%. Third is Finecobank with 9,85%.
