ENEL -3, 3% SUFFERS THE SPANISH SHOCK
EUROPEAN PRICE LISTS DOWN, MILAN -1%
Business Square recovers, thanks to the bankers, after a strong downward start. The Ftse Mib index recorded a drop of 0,99% to 18832, after having touched a minimum of 1,7%.
The recovery was favored by the improvement of the data on the manufacturing industry. In November, according to the PMI survey, activity grew at the fastest pace for two and a half years, reinforcing expectations that the country could emerge from the longest recession since the war.
Contrast the other European Stock Exchanges: London falls by 0,66%, Madrid – 0,9%. Frankfurt -0,03% almost unchanged, while Paris fell by 0,33%.
The spread is practically stable at 234 points (-1 basis point) with a yield of 4,07%.
The red start, characterized by strong sales volumes, had some blue chips as protagonists: Enel -3,29%. The Spanish government on Friday presented an amendment to the electricity system reform bill which provides for the cancellation of the extraordinary government contribution of 2,2 billion euros to cover the 2013 tariff deficit and the annual contribution of 0,9 billion to cover of insular debt since 2014.
This means, according to an analysis by Mediobanca Securities, that the 2013 tariff deficit (including other interventions) will exceed 4 billion euro. Intermonte analysts calculate a new generation of tariff deficit from 2014 onwards of approximately 1,4 billion euros.
Finmeccanica -1,77%.
Telecom Italy -1,74%. "The rumors of alleged deconsolidation projects and/or total or partial valorisation of the Brazilian asset are unfounded inferences". So Telecom Italia, in the press release released this morning at the request of Consob, denies the rumors circulated in recent days about the possible sale of Brazil, emphasizing that there are no ongoing contacts with potential buyers and no purchase offers have been received, albeit unsolicited. The company reiterates the strategic nature of the investment in Tim Brasil.
The ex-executive chairman Franco Bernabè will give his proxy for the meeting of 20 December to the association of small shareholders Asati Saipem -1,45%, thanks to JP Morgan which cut the rating from neutral to underweight and the target price from 19 to 18 euros. Conversely Mediobanca maintains the outperform rating and the target price at 20,60 euros.
Bank stocks were also weak: Unicredit -0,28%, Intesa - 0,56% and Mps -0,8% and Bnl signed an agreement with Fondo Strategico Italiano, F2i Sgr and Orizzonte Sgr for the sale of 59,3% of the share capital of Sia, a company that deals with the design and management of technological services for banks and financial companies. The price was determined on the basis of a valuation of 100% of Sia's capital equal to 765 million. Mediobanca -0,4%. Ubi Banca -0,6%, Banco Popolare -1,36%. Fiat -1,46% and Pirelli -1,41% also down.
Solo Diasorin +1,79% is in positive ground among the blue chips.
Amplifon -0,25%. "We have a treasury of 200-250 million on hand for possible acquisition operations" declares Amplifon CEO Franco Moscetti but adds: "The problem is not our desire to grow externally but rather the fact that the targets that interest us, i.e. one of the six-seven most important groups in the world in the sector, at the moment they do not seem interested in changing hands'. If the m&a chapter does not lead to developments, adds Moscetti, Amplifon “could decide to use the cash to reward shareholders, perhaps through buy-back operations or other' but at the moment these are only hypotheses.
