In Piazza Affari it is the day of Bpm bank. After some difficulty in pricing, the institution's stock entered trading with an increase of 10,75% and by the end of the morning it had gained 14,55%, to 3,133.
The wave of purchases was triggered by the news that, surprisingly, Crédit Agricole acquired 9,18% of the capital of Banco Bpm. The Milanese bank communicated it on Thursday evening, specifying that the operation "had not been previously agreed". Thus, the race to build Italy's third banking hub kicks off with a hostile French move.
The main European Stock Exchanges
And while Banco Bpm accelerates, the Milan Stock Exchange Slows. After starting the session with a recovery of more than two percentage points, the Ftse Mib was positive by 1,6% in the middle of the session. However, this is the best performance among those of the main European stock exchanges: in the same minutes Paris earn 1%, Frankfurt 1,2% and London 0,9%.
Purchases mainly rewarded energy, banking and securities related to financial services.
The other titles highlighted in Milan
Atlantia
Among the best stocks in Piazza Affari is that of Atlantia (+3,4%, at 21 euros). The shares are approaching the prices assessed by the consortiums which - according to press rumors - are ready to promote an offer on the holding company of the motorways and airports. In particular, according to the Messenger, the interest shown by Gip and Brookfield in March could lead the Benetton family to speed up the reorganization being studied in line with the Blackstone fund, with a move already straddling the Easter holidays.
Moncler
Also in the light Moncler, which climbs back to around 51 euros (+2,8%) after two sessions of decline thanks to the evaluation of Barclays analysts, who assign the stock an "overweight" evaluation, emphasizing its defensive value in the current context. The target price rises from 56 to 60 euros.
Team
Down Tim (-1,9%, the worst performance on the Ftse Mib) after that the Board has refused KKR access to a due diligence finalized to an offer for the group.
currencies
On the foreign exchange market, the euro-dollar exchange rate fell below 1,09, reaching a two-year low of 1,0860 (1,091 yesterday) just a few days after the meeting of the ECB's governing council. Euro/yen at 134,75 (135,2), dollar/yen at 124,05 (123,95). The ruble recovers positions and is traded at 79 to the dollar, returning to values prior to the start of the invasion of Russia.
spread
The spread between Btp and Bund travels up slightly, to 168 basis points.
Oil and gas
As for oil, prices are recovering after a week that saw Brent slide by 6% and Wti by more than about 2%. In London, the June Brent contract recovers 0,7%, to 101 dollars a barrel, while the May WTI rises by 1%, to 96.93 dollars.
The rush of gas does not stop: +4,4%, at 109 euros per megawatt hour.
Read also - Sanctions also on gas and oil: the European Parliament is asking to extend the embargo against Russia
