THE MEDIOBANCA REPORT PUSHES THE BANKS
CITIGROUP PROMOTES ENI. FINMECCANICA FLY
Better than expected the European manufacturing index, which rose to 45,9 points in September (44,4 in August). In Italy too, the PMI index, at 45,7 points, marks the highest since March, up on both August and forecasts.
After starting downwards, the European stock exchanges have taken the road to the upside. In Milan, the best, the FtseMib index rises by 1,67% to 15348, followed by Frankfurt +1,11%, Paris gains 1,27%, London +0,94%. Madrid lagged behind +0,52%.
On the government bond market, little moved spread at 358 (-4 basis points), the yield on the 5,07-year BTP is XNUMX%.
Good indications from the macro data. The European PMI manufacturing index rose to 45,9 points in September from 44,4 in August. In Germany, the PMI index rose to 47,4 points.
The most effervescent stock in Milan is Finmeccanica + 3,52%. The Cassa Depositi e Prestiti is organizing an Italian consortium to take over Ansaldo Energia, in competition with the offer of the German Siemens. The other subsidiary, Ansaldo Sts, rose by 2,28%.
Negative StM which drops by 0,6%.
Among the banks, Unicredit gains 2,6%: a report by Mediobanca claims that Italian banks will be able to benefit on the Stock Exchange from any decision by Spain to ask for help from the ECB to contain spreads. The favorites are Unicredit and Banca Popolare di Milano + 2,23%.
Looking at other banks, Ubi salt by 3%, Banco Popolare + 2% Understanding + 1,86%.
Generali rises by 2,77% to 11,5 euros. The title of the insurance group rises on a day of strong increases for financials. The European insurance index rises by 1,5% preceded only by that of banks (+1,6%). Financials rallied after two weeks of weakness amid renewed fears about eurozone stability. From the highs of 14 September, Generali lost 12,2%.
Good upside from Camfin +6,6% on rumors according to which Andrea Bonomi, the financier at the head of the Investindustrial fund, could buy a share.
Eni rises by 1,59% to 17,33 euros. Citigroup advises taking advantage of the drop in prices to buy shares in the Italian oil company.
According to the American bank, investing in the six-legged dog at these prices is an opportunity not to be missed for any reason: Eni offers much more interesting growth prospects than those of the European majors of the same rank.
Saipem announced on Friday that it had been awarded new drilling contracts totaling 200 million euros.
In onshore drilling, Saipem has acquired contracts for the lease of 6 rigs in South America and Italy from various customers (lasting between five and nine months, starting from June 2012). The order backlog amounts to 8,5 billion.
