2019 started off on the right foot in Piazza Affari with the Ftse Mib which is slowly approaching the psychological threshold of 22 points, already exceeded on a couple of occasions, driven by the incredible performance of Azimut, undisputed queen of these first four months on the Stock Exchange.
After a nightmarish 2018, in which all the Italian indices paid dearly for the post-election political uncertainty, worries about the international situation and the very strong tensions that preceded the passing of the Budget law, in the months January-April Milan raised my head and the Ftse Mib gains 19,4% since the beginning of the year twigs -16% recorded in 2018.
Reset last year's losses so look ahead. May is traditionally the period in which investors sum up: “Sell in may and go away” is the saying that sums up the thinking of many. But it is said that selling is not always the most appropriate solution. If the markets behaved rationally at the moment the reasons to stay they would outweigh those for “leave”. We mention a few: the abundant liquidity introduced into the markets by the central banks, the "dovish" attitude of the Fed on rates, the (timid) signs of recovery in the economic situation and the increasingly probable agreement on tariffs between the United States and China.
Fears for what will happen however, there will be plenty in the coming months, especially on the Italian front: from the European elections to the uncertainty over the fate of the government, increasingly at loggerheads, up to the next budget law, poised between a VAT increase and a flat tax.
Looking at the present, however, almost all the Ftse Mib companies have reasons to smile, with increases that in many cases reach double figures.
AZIMUTH QUEEN OF THE BAG
From 2 January 2019 to today, the Azimut stock has achieved the best performance among the blue chips, gaining 89,6% at 18 euros, more than double compared to the second in the standings (Ferrari, +39,5%). A performance that makes us forget a very difficult 2018, when the asset management company instead placed at the bottom of the Ftse Mib, losing 40% of its value and reaching a minimum of 9,258 euros on 18 December 2018.
Azimut's rally is driven by various factors, among which it undoubtedly excels the dividend. After last year's €2, the company is preparing to pay a coupon of €1,5 per share, the highest among blue chips (excluding FCA's extraordinary dividend) tickling the appetite of investors who are preparing for the record return guaranteed by the holding company.
READ MORE: Dividends 2019, here are all the coupons of the Ftse Mib
They affect performance too the very high expectations for the accounts for the first quarter of 2019, which will be published on May 9th. A few days ago, the president Pietro Giuliani provided some "indications" speaking of results that "could be among the best in Azimut's history" and estimating an annual profit "at 300 million or even higher". Talking with Radiocor moreover, Giuliani said also optimistic about the 2019 harvest: "We don't set targets on net inflows at the end of the year, but I believe there's no reason to think it's wrong to project the results for the first three months", closed with inflows of 1,1 billion euro.
Finally, let's not forget the rumors according to which, despite the official denials, the company could change hands, participating in the sales waltz opened by Kairos in asset management.
THE BEST FTSE MIB STOCKS
The first quarter of the year closed positively for all Ftse Mib stocks, with one exception: A2a. The Milanese multi-utility is the only blue chip in negative territory and loses 5,35% at 1,49 euros.
After Azimut, the best title of the Ftse Mib is Ferrari, which also excels among the shares of the Agnelli galaxy, with an increase of 39,5%.
He's on the third step of the podium General Bank which cancels last year's losses (-35%) achieving a nice +39,33% in just four months. The excellent performance of asset management securities also involves Finecobank which grows by 34,26% and is positioned in eighth place.
Wooden medal for Saipem, which has gained 39,07% since January thanks to the rise in oil prices, the shower of contracts collected in recent months, but above all the eagerly awaited peace with Gazprom ending a four-year legal battle over the unilateral termination of the South Stream pipeline contract.
On shields Poste Italiane, in fifth place with an increase of +36,58%. Sixth Atlantia (+34,9%), which precedes stm (+ 34,55%) and Leonardo (+34,53%) which, thanks to the growth of the helicopter sector, puts the difficulties of 2018 behind it (-22,6%).
Ninth place - as mentioned - for Finecobank, another queen of oil closes the ranking, Tenaris, with an increase of 31,5%.
Good performance of the banks: Mediobanca (+ 28,17%),Bper (+ 28,12%), Unicredit (+ 25,4%), Understanding (20,3%), Ubi Banca (9,81%) Bpm bank (+7,8%). The insurance companies shine: Generali (+ 18,55%), Unipol (+ 29,23%), Unipolsai (+ 23,98%).
