The week starts with a minus sign for Business Square, which in mid-morning dropped just under half a percentage point, to 19.309 points.
The Ftse Mib is mainly weighed down by bank stocks, which do not react well to the indications released on Friday with the results of the EBA stress tests. Among the worst performances of the main list are those of B for Bank (-3,67%), Intesa Sanpaolo (-2,11%) And Bpm bank (-1,79%). Bad too Ubi (-1,5%) And Unicredit (-1,2%). Among the small shares, Banca Carige -2,13%.
In the same minutes, the shares soared against the trend fca, which gain 1,7%, to 14,418 euros, posting the best rise in the Ftse Mib, despite the marked decline in Italian registrations recorded in October.
The shares had begun the recovery phase in recent days, especially after it emerged on Thursday that the car manufacturer recorded a 16% increase in American registrations. A series of positive judgments rained down immediately, primarily that of Morgan Stanley, which indicated a price target of 23 euros.
On the other hand, on Friday after the markets were closed, it emerged that the Italian car market in the month of October recorded an annual drop in sales of new cars of 7,42%. In the period January-October 2018 the change was negative by 3,21%. FCA did worse, posting a 16,8% drop in sales. Thus the market share was reduced to 23,39% from 26% a year ago. In the January-October period FCA registrations decreased by 11%. In detail, sales of Fiat-branded cars went particularly badly in October, down by 20,73%, with a market share down to 15,37%. Furthermore, Alfa Romeo registrations have slipped by 42%. Sales of the Chrysler/Jeep/Dodge brands are good, up 7,3, with a market share of 3,67%
On the other hand, the volumes recorded by the group in our country now account for less than 10% of total turnover and represent less than half (around 40%) of the Europe, Middle East and Africa area alone. The bulk of sales are made by FCA in the United States, with volumes exceeding 50%. And in the month of October in the States, FCA boasted a leap in registrations of 16%, higher than expected.
"The weakness of FCA registrations in October - write the analysts of Equita - comes after the collapse of September (-40%) which we believe is still attributable to the effects of the entry into force of the obligation to sell only cars with new engines Euro 6C and 6D temp, the homologation of which for many has been delayed, especially the disposal of stocks”. The Sim maintains the 'Hold' recommendation on FCA shares, confirming the target price at 17,8 euros (it had reduced it by 4% in recent days after the publication of the third quarter accounts, given that, the experts explained, debt in the third quarter increased to 189 million euros).
Also in recent days, however, Morgan Stanley raised the target price on the FCA to 23 euros, just after the data on car sales in the States and Brazil. In fact, the automaker saw Brazilian sales fly by 31,3% against a market that increased by 24,5% year on year.
