Piazza Affari leaves behind the worst month of the year. In August, the Ftse Mib lost 7,6%, achieving the worst performance among the main European Stock Exchanges.
The others are also weak continental lists which however contain the decreases better: Madrid -4,68%, Frankfurt -3,39%, Paris, -1,54%. Outside the EU, London also fell by 3,49%.
To ballast Piazza Affari a lethal combination of factors that left no way out. On the one hand the surge of returns on government bonds and the rise of spread against the German Bund, of Spanish and Portuguese bonds which have plunged the banks, eroding their assets and in many cases causing double-digit declines. On the other hand, the collapse of the Morandi bridge in Genoa and the consequent political controversy over Autostrade and its parent company Atlantia, which then infected the entire infrastructure sector. As if that weren't enough, the difficulties of the TLCs - Telecom and Mediaset in primis - and the weakness of the utilities have completed a gloomy picture that risks turning black even in the month of September.
ATLANTIA IS THE WORST STOCK ON THE MILAN STOCK
Inevitably, the tragedy in Genoa on 14 August in which 43 people lost their lives weighs heavily on Atlantia's performance. The controversy over the revocation of the concessions and the reconstruction of the bridge, which according to Deputy Prime Minister Luigi Maio and the Minister of Infrastructure, Danilo Toninelli, it will be up to Fincantieri and not Autostrade, continues unabated and the home of the Benetton family continues to suffer even on the stock market.
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In August Atlantia shares lost 29,28%, dropping from over 25 to 17,95 euros and realizing the worst performance of the Milan Stock Exchange. In 31 days, 6,3 billion of capitalization went up in smoke. Atlantia's difficulties then had repercussions on others in the sector: Asthma left more than 24,8% on the plate, while Sias it gave up 19,7% of its value.
STOCK EXCHANGE: SPREADS AND RETURNS KO THE BANKS
Lo spread between BTPs and Bunds it reached 291 basis points. The differential between Btp and Bonos rose to 118 points, the one with the Portuguese OTs reached 159,8 basis points. It is no better on the yield front: that on the ten-year BTP recorded a substantial increase, reaching 3,24%, the highest level in the last 5 years. Clearly rising too two-year spread saware of the fears relating to the keeping of Italian accounts in the short term. The last session of the month closed with a spread of 204 basis points with respect to the same German expiry.
Alarming data for the Italian economy which sends the banking sector into deep red with the Ftse Italia Banks which leaves 15,22% on the ground. The August budget looks like a war bulletin. In the sector the worst stock is Bpm bank, which collapses by 28,7%. The other two big names are also bad: Intesa Sanpaolo -18,4% Unicredit – 18,2%, a double drop also for Bper (-20,29%). Outside the Ftse Mib, the decreases of Bank Ifis (-24%) And Ps (-21,3%).
STOCK EXCHANGE: TELECOM IN FREE FALL, POST AND UTILITIES ALSO DOWN
The fall of the title Telecom Italy seems hard to block. In the last session of the month, the shares they reached a low for the day of 0,545 euro, the lowest level since 1 September 2013. Since the beginning of the year, the drop has exceeded 24% mainly due to an August to forget in which the stock recorded a drop of 16,94 .XNUMX%, among the worst of the Ftse Mib.
Compromising Telecom Italia's stock market performance not only are the new rumors about the farewell of CEO Amos Genish, but also the internal war "to the last customer" between the big names in the sector, born with the arrival of Iliad in Italy.
In a context of weakness in the telecommunications sector (Ftse Italia Telecommunications -14,7%), it should also be noted the decrease of Mediaset, which lost 11,5%.
Down Poste Italiane (-16,76%), the utilities do badly, on which doubts also weigh on the future of the concessions given the government's intention to completely reshuffle the cards: A2a -5,7% Iren -14,3% Enel -10,4% Terna -5,6%.
STOCK MARKET: THE BEST TITLES OF AUGUST, JUVE REGINA
But August didn't bring only bad news. In the climate of tension that characterized the Milan Stock Exchange, the gallop of the Juventus, best stock of the month with an increase of nearly 40% (+39,98% to be precise). After exceeding one billion in capitalization, the shares of the Juventus club have not stopped their run, achieving an increase of more than 3% even in the last session of August after the Champions League draws.
Positive fashion in the wake of the records reached by French stocks: Moncler (currently best title of the year) +3,9%, Salvatore Ferragamo + 4,5% Tod’s + 10% Brunello Cucinelli + 6,79%. Within the Ftse Mib, increases of Campari (+ 5,49%) and Cnh (+ 3%).
