MEDIASET KO (-9,3%), WORTH LESS THAN 2 BILLION. THE SPREAD RISES ABOVE 400 BPS
The Greek syndrome affects the sovereign debt market. The spread between the BTP and the Bund again exceeds 400 points (401) with the yield of the 10-year BTP at 5,55%. The Spain-Germany differential flew to 446 points, revising the highs from last November 28th and the Bonos yield went back to 6% for the first time since April 27th.
Expectations are growing for the Treasury auction which offers 5 billion 5-year government bonds. On the Stock Exchange front, after yesterday's shock, the expected rebound after Tuesday's collapse is struggling to materialize. In Milan, the FtseMib index rose to a rise of 0,3%, then fell again to -0,42%. The London and Paris Stock Exchanges lose 0,3%, Frankfurt +0,3%.
Lottomatica was up +3,1% on the day of the board of directors and the shareholders' meeting, thanks to the optimistic declarations of CEO Marco Sala in an investigation by the Financial Times dedicated to the passion of Italians for gaming in times of crisis. Deep red for Mediaset –9,3%: first quarter profit collapsed by 80% due to the drop in advertising. The target price of the stock is subject to a generalized cut by analysts: Nomura to 1,7 from 1,95 euros, Barclays to 1,6 euros, Deutsche Bank from 2,1 to 1,5 euros, Bank of America from 1,7 to 1,4 euros, Equita from 2,1 to 1,55, Intermonte from 2,1 to 1,7 euros, Cheuvreux at 1,5 euros. The capitalization of the group owned by Silvio Berlusconi's Fininvest falls below two billion euros.
Among the banks, Pop.Milano rises by 1,4%, Ubi and Popolare Emilia +1%. Entente and Unicredit moved little. Eni rose by 0,3% the day after the meeting, Saipem +0,8%, Tenaris +2,3%. Telecom Italia Media +2,2% on the day of the meeting. Among the events of the day, the board of directors of Mediobanca also stood out, followed by a conference call. Curiosity also for Fonsai's quarterly accounts.
The boards of directors of: Beni Stabili, Brunello Cucinelli, Cementir, Enel Green Power, Geox, Interpump, Marcolin, Saes Getters, Telecom Italia, Telecom Italia Media, Vianini Lavori, Yoox are also expected.
