CAMPARI RETURNS APPETITE TO THE STOCK EXCHANGE
CAMFIN FLIES, FONSAI AT SNAIL'S STEP
After a timid start, the European stock markets are up by mid-morning. In Milan, the FtseMib index rose by 0,66% to 15.200, while London and Frankfurt rose by 0,56% and 0,51% respectively. Paris +0,53%. Wall Street will be closed today for holidays.
Il ten-year BTP it is trading at a yield of 5,78%, the spread slightly improving to 444 points (-4 basis points).
Tomorrow the ECB, in view of the meeting of 6 September, will send the various hypotheses of intervention to the national central banks to reduce the spreads of sovereign bonds. According to the press, the supervision of the International Monetary Fund (IMF) could be introduced for countries that apply for aid from the ESM fund and therefore these countries may have to submit to the guidelines of the IMF. The ECB will not publicly declare any cap on spreads or yields and will limit itself to buying short-dated bonds.
Camfin continues to fly to Piazza Affari, with the share jumping by 9,02% to 0,45 euro, after having reached an increase of 14,2%, on the scenarios opened by the clash between Marco Tronchetti Provera and the Malacalza family. 13,1 million shares have already changed hands in Piazza Affari, equal to almost 1,7% of the share capital, against 14,8 million on Friday, when volumes on the stock had already exploded to about 16 times the daily average of the previous month.
Lo clash between Malacalza and Tronchetti, according to Equita analysts, “highlights a rift that we think leads to the separation of the two main shareholders of Camfin”. For the broker, on the other hand, a speculative scenario (with the possibility of a takeover bid) remains "improbable". Equita points out that "after last Friday's leap, the discount on the Nav fell to 54%" while remaining "still high".
Today, according to rumors from Il Giornale, the Malacalzas could come out of the closet indicating the reasons that led them to break with Tronchetti in Gpi and Camfin, the holding companies through which the president of Pirelli controls the Bicocca group. During the week the clash will move within Gpi, which has convened a board of directors. Pirelli marks a slight increase of 0,46%. Prelios drops by 2,4%.
Rcs is suspended due to excess increases (theoretical variation +17%). Consob, which monitors share trading, would have detected a prevalence of purchases by day traders.
Runs in Borsa Campari, with a rise of 5,76% following the acquisition of Jamaican rum producer Lascelles de Mercado (LDM). The operation will cost the Italian group 414,75 million dollars (330 million euros), between the direct cash purchase of the 85% held by the current shareholders and the subsequent takeover bid on all the remaining shares. The opinions of Cheuvreux and Mediobanca were positive. Among the Italian blue chips, the increases are widespread in all sectors, starting with the banks: Unicredit rises by 1,21%, MontePaschi +1,61%, Banco Popolare +1,47%, Intesa +0,46%.
People of Milan +1,27%. Nomura today raised his rating to neutral from a veteran and raised the target price to 0,45 euro from the previous 0,30 euro. Among the Italian cooperative banks, Pop. Milan is the favorite of the Japanese broker. Since the beginning of the year, the stock is up 36%.
Tod's stands out with a gain of 3,7%, reaching 87,8 euros. The stock runs thanks to a report on the luxury sector by HSBC, the Anglo-Chinese bank has decided to raise the target price on Tod's from 81 euros to 90, promising a 2,5% upside on current prices.
The good indications arrived on Friday from Hermès also helped the sector, the French maison closed the first half of the year with a growing net profit by 15% and an operating profit of 22%.
Fiat +0,05%. Car registrations in Italy fell by 20% compared to the same period in 2011, while Brazil and North America did very well.
"August in Italy is totally in line with forecasts, down 20% compared to 2011," said CEO Sergio Marchionne in Turin. “I have never seen such a low number in my life, which goes in the opposite direction of North America and Brazil which are doing great.”
Muted start of the auction on the unopted share capital increases of Unipol and Fonsai. Up to now, 975 rights have been placed at a unit price of 5,12 euro, out of over 1,15 million valid rights offered.
As regards Unipol, 3.000 rights were instead placed at a price of €1,232 out of a total offer of over 5,73 million rights. Fonsai ordinary shares lost 0,39% at €1,025 and Unipol ordinary shares lost 0,86% at €2,07.
