BOT AUCTION: 1,20-monthly BOTs BELOW XNUMX%, AT THE LOWEST SINCE SEPTEMBER. FINMECCANICA, TELECOM AND UNICREDIT TAKE PLACE OF BUSINESS
After the slow start, the European stock exchanges move upwards. The FtseMib index of Piazza Affari gains 0,4% supported by the increases of an exceptional trio: Finmeccanica +7,4%, Unicredit +1,9% on a par with Telecom Italia +1,9%.
The stock exchanges of Paris and Frankfurt are up 0,3%, London gains 0,1%. The euro is slightly strengthening to 1,335 against the dollar, from 1,331 at last night's close. On the government bond market, the ten-year BTP recorded a slight improvement with the yield falling to 5,07% and the spread with the Bund down to 318 points, from 321 yesterday.
Positive (and expected) positive market response to the Italian Treasury's auction offer of 8,5 billion 6-month BOTs, an amount lower than the 8,8 billion maturing. The Treasury placed the maximum amount expected, with yields falling to the lowest since September 2010. Average yield dropped to 1,119% from 1,202% on Feb. 27 placement. Demand exceeded supply by 1,51 times against the previous 1,36.
Tomorrow's test will be more challenging, when the Treasury will offer between 6 and 8,25 billion euros of 5- and 10-year BTPs and the new CCTeu. But, returning to Piazza Affari, the march of the superstars should be noted. Starting with the defense holding company. Tear of Finmeccanica the day after the presentation of the 2011 accounts which confirmed the expectation of a loss of 2,3 billion euros, linked to the cleaning up of the balance sheet. The stock, which at the start failed to make a price remaining for several minutes in the volatility auction, is now up by 7,42%. The group's Ebitda forecasts for 2012 were better than expected while yesterday the shares were also running on rumors of Hitachi Rail's interest in AnsaldoBreda and Ansaldo Sts +1,6%.
Telecom Italy earns 1,8%. Since last February 24, the day of accounts, the stock has gained 16% driven by the promotions of the business houses and the reduction of debt. Finally, Unicredit +1,9%. Analysts evaluate the results of the last quarter of 2011 with great interest, much better than expected. On the other hand, the market punishes Bpm -5% after the write-downs and provisions decided yesterday by the board of directors during a year in the red for 614 million. Expected for Banca Mps board of directors -1,4%. StM recovers +2,3% after yesterday's drop.
Positive for Piaggio +3,2%. Maire Tecnimont still down -1,7%. Backtracking by Telecom Italia Media -2%. Mediaset was also negative, losing 0,8%. The accident in the North Sea no longer penalizes Eni +0,2% and Saipem +1,6% promoted buyout by Bank of America. Crude oil prices are down in view of the possible placing on the market by the United States of strategic reserves. Wti is trading at 106,6 dollars, down 0,6%, Brent at 124,5 dollars (-0,7%).
