The desire for Saipem explodes on the Milan Stock Exchange +13,09% after entering the volatility auction at 1,27 euros. The race for the title, already the Cinderella of the list due to the "confessed" losses on some unfortunate contracts, was unleashed by the quarterly higher than forecast (145 million euros of adjusted Ebitda, 30 million euros more than analysts' forecasts) as well as the confirmation of the guidance, a circumstance that allows us to look with some confidence at the capital increase, moreover assisted for Eni's share by the guarantee Sace.
Saipem's extension doesn't shake much though the Milan Stock Exchange +0,21%, at the end of the morning, weighed down by the decline of some of the main utilities. Instead they travel the other European markets are on positive ground, starting in Frankfurt +1,5% together with Wall Street futures, galvanized by Tesla's spectacular earnings in the quarter (profits increased sevenfold). But Netflix's wounds continue to weigh on the Nasdaq, yesterday down by an incredible 35%.
Milano bag weighted by utilities. Well the banks
Among the utilities, as mentioned, Hera and Terna suffer losses of more than 2 per cent. The worst is Snam -2,3% on the day in which the start of the listing process for De Nora was announced, in which the subsidiary Eni now boasts a 36% stake.
Sace could offer a guarantee on bank loans up to 3 billion to Tim thanks to a credit line worth around 3 billion to help businesses deal with the pandemic crisis. Thanks to the operation, Tim could maintain the current level of cost of debt (3,7% at the end of the year) despite the recent downgrades by the rating agencies,
Banks are up against the prospect of a rate hike in the Eurozone next July, a forecast that has pushed the euro to a two-week high but weakens BTPs: whose 2,56-year yield rises to XNUMX%, a top three years.
Continue the rise of Bench Bpm +1,58%: on Wednesday Mediobanca upgraded the stock to Outperform, raising the target to 3,6 euros from 2,6 euros. The consultation pact formed by the foundations which brings together 6.2% of the capital reaffirmed the strategic value of the investment, not excluding the increase in the share.
Salt too Unicredit +1,35%. One of the most targeted institutes for relations with Russia. The head of European Supervision, Andrea Enria, sent a letter to the European Parliament on Wednesday in which he reiterated that the analyzes carried out by the regulator on the possible implications of the conflict in Ukraine showed that overall the risks appear manageable and financial stability not at risk .
Stocks are recovering strongly Pirelli +3,5% together with Stm +2%. Instead, he misses out Leonardo – 2,18%, hit by profit-taking.
Piaggio sales +4%, promoted to Buy by Berenberg, target price at 3,4 euros.
