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Stock market ok, but the Btp-Bund spread remains skyrocketing

The last session of 2011 proceeds with few trades and prices almost unchanged – On the government bond market, the yield on the ten-year BTP remains high at 6,96%, one basis point higher than yesterday – The differential with the Bund at 518 points.

Stock market ok, but the Btp-Bund spread remains skyrocketing

The last Stock Exchange session of the year took place with few trades and almost unchanged prices. In mid-morning in Milan, the FtseMib index rose by 0,35% per share 14.961,12, revealing greater vigor than the stock exchanges of Paris -0,16% and Frankfurt +0,08%. The euro moved little against the dollar at 1,293.

Gold rebounded by one point to 1.561 dollars an ounce in the last session of a month which cost a loss of about 10%, gold yesterday marked the lowest since July at 1.522 dollars. On the government bond market, the yield on ten-year BTPs remains high at 6,96%, 1 basis point more than yesterday. Spread with the Bund at 518 points.

It should be noted that the German insurance giant Allianz judges that there is no risk of default for Italian government bonds. This was stated by the future CFO (financial director), Maximilian Zimmerer, to a German newspaper. Speaking of insurance, in Piazza Affari the recovery of the Ligresti group's shares is taking center stage after the rumors of the newspaper Mf on the possible entry of new investors into the Premafin holding .

Premafin rises by 16,71%, Fondiaria-Sai +5,86%. The Ligresti family allegedly said no to the Braggiotti plan by accepting help from Mediobanca. The rescue of the insurance company will pass through the entry of new investors (Clessidra, Apax, Drago-Boroli) into Premafin, who will thus obtain the resources to underwrite the Fondiaria-Sai increase on a pro-rata basis. If the project goes through, the Ligresti family will cede control of Premafin, now held through a dense network of corporate screens.

Generali also stands out, up 1,2%. The banks are moving without a precise direction: Unicredit up by 0,5%, Intesa down by 0,7%. The rise of Azimut continues, rising by 1%. Mediolanum also did well +1%. Eni rises by 0,7% after the CEO Paolo Scaroni excluded negative risks for the group from Libya's decision to review some contracts.

Positive Buzzi +1,2% thanks to the signs of reawakening of the real estate sector in the USA. Telecom Italia +1,1% and Enel +0,6% also performed well. Among the mid caps, De'Longhi recovers +5,4% which from next Monday will be present on the list with two companies: the current De'Longhi, which will deal only with household appliances, and DelClima, born from the spin-off of the division heating and air conditioning. Shareholders will receive one DelClima share for each De'Longhi share held.

 

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