AUCTION OK BUT RATES CONTINUE TO RISE. ENEL SENDS THE BUSINESS SQUARE IN TILT
The Treasury is still filling up but at an increasing cost. This is what emerges from today's auctions on 3 and 15-year BTPs. The Treasury placed 3 and 15-year BTPs for 5,323 billion euros, against a maximum target of 5,5 billion, but had to offer higher rates. The average yield on the 2028 BTP rose to 4,90% from 4,805% in February, without therefore breaking through the 5% threshold. The yield on the 2015 BTP rose to 2,48% from 2,30% a month ago.
The BTP/Bund spread rose to 317 basis points. Electricity blackout in Piazza Affari. Enel loses 4,85% after 2012 results: the company closed 2012 with a profit of 865 million after the write-down of goodwill for 2,575 billion, of which 2,392 billion relating to the Spanish subsidiary Endesa. Net of extraordinary items, the group's ordinary profit was 3,455 billion, down 14,9%.
For the rest of the morning weak. Piazza Affari -0,79%, as has happened for too many days now, loses more than the other Stock Exchanges: London and Madrid lose 0,5%, Paris -0,39%, Frankfurt -0,07%. Fight the banks: Unicredit 0,2% salt, Understanding + 1,2% Ubi advances 1,2%, B. Popular -2%. Generali -1% on the eve of the dissemination of the results.
Enel's decline was partially offset by the sharp rise in Saipem which increases by 2,2%: SocGen raised the target price to 27 euros and confirmed the "buy" judgment. The parent company Eni slips down 0,3%. Enel Green Power +1%, Deutsche Bank raised the target price to 16 euros from 15,5 euros. Hold judgment confirmed. Fiat -0,6%, also down Finmeccanica -0,3%. StM it goes up by 1,4%.
Positive Lottomatica +1,7% after good results and the announcement of a dividend of 73 cents. Telecom Italy drops by 0,8%. Mediaset -1,8%. In luxury it dates cucinelli +3% after positive results. Tod’s + 0,4% Ferragamo -0,8%. Luxottica + 1,2%.
