BAGS IN RED, BUSINESS PLACE LIMITS LOSSES. FINMECCANICA AND ANSALDO STS buck the trend
The losses are slightly limited by Piazza Affari on a day dominated by negative reactions to the Fed's announcements. The Milan Stock Exchange is down by 0,7%, the Ftse Mib index at 20886. More or less in line with the other continental lists: they are holding back London –0,88% and Frankfurt above the percentage point. Paris -0,93% and Madrid -0,7% are also in the red.
However, the impact in Europe was more limited than the reactions in emerging Asian markets. Bucking Siemens +1,5% in the wake of Ubs' decision to revise its rating from "neutral" to "buy". Also Munich Re it advanced 1,5% after the announcement of a buyback of shares worth up to one billion euros.
The spread between BTPs and Bunds fell to 178 bps. However, the 3,44-year yield rises to XNUMX%. There is a provisional, preliminary agreement between the European Parliament and the governments on the rules of the bank resolution fund. French Finance Minister Pierre Moscovici also confirmed this.
Back in negative ground, after a short rebound Monte Paschi Bank -0,37%. Banco Popolare gains 0,23%, Intesa drops by 0,53%. Unicredit earn 0,39%. This morning Mediobanca analysts raised the target price to 8 euros from the previous 6, confirming the Outperform rating. This is the highest target price among the 40 analysts surveyed by Bloomberg.
It highlights Finmeccanica, up by 2,4% after the balance sheet returned to profit (74 million euros compared to the 792 million loss in 2012) and after the government's go-ahead for the project to sell the transport sector assets. The company says it is confident of achieving its target of deconsolidating the transport sector, i.e. Ansaldo Breda and Ansaldo Sts, quickly, especially after the support it received yesterday evening from the Ministry of the Economy and that of Economic Development on this issue. This was stated by the managing director Alessandro Pansa during the conference call to present the 2013 results.
Ansaldo sts salt by 1,22%. Banca Akros reiterated the Buy on the stock with a target of 9,30 euros. To date, 3 out of 4 analysts recommend buying Ansaldo StS. Weak Fiat -0,38% and StM -0,4%. Enel retreats by 0,8%. Downhill Snam -0,45%, downgraded from Deutsche Bank to Hold from Buy. The target price was brought to 4,40 from 4,20 euro.
Eni falls by 0,68%. Telecom Italy -0,12%. In luxury, Tod's drops by 1,28% while Salvatore Ferragamo gains 0,57%. Yoox loses 2,16%.
The medium caps include:
Datalogic +0,9%. Equita started the coverage with a Buy recommendation and a target price of 11,5 euro, inserting the stock in its small cap portfolio.
EI Towers, the Mediaset subsidiary that manages radio signal towers, leapt forward by 4,2% following the presentation of the 2013 figures.
Salini Impregilo gains 2,4%. The company returns to profit in 2013 and aims to double its core earnings by 2017.
