ONLY BUSINESS PLACE IN RED. 2013 EARNINGS CLEARED. SAIPEM SPEEDS UP, SPAIN CONSOLA MEDIASET
The European Stock Exchanges sail upwards, thanks to the push of Wall Street and Tokyo. The exception is Milan, delayed by the ballast of the political crisis. Frankfurt thus scores +0,5%, Madrid +0,49%, London and Paris +0,3%. The FtseMib, on the other hand, is struggling to keep up and drops 0,19% to 15797.
The index wiped out the January gains (+7%) and is preparing to close February with an overall drop since the beginning of the year of around 3%. The positive note comes from the Btp/Bund spread, down to 329 (-4 basis points). The yield on the 4,75-year BTP is at 4,93% and is away from Tuesday's peak of 10%. However, Spain's progress is more pronounced (-38 basis points) and narrows the Italy/Spain spread to 70 basis points, the lowest since June. Due to the turbulence, Italy reduced its advantage over its Spanish cousins by XNUMX basis points in one month.
The German Bund future slips below 145, from yesterday's highs of 145,4. The euro is recovering against the dollar to 1,312, while it is back around 1,22 against the Swiss franc. The impact of the rumors on Eni/Saipem is modest. The US fund Knight Vinke has written a letter to the CEO of Eni -0,2%, Paolo Scaroni, in which he invites him to consider the spin-off of Saipem -1%: the best way to achieve the separation is that of demerger of the subsidiary active in services to the oil industry with distribution of shares to all Eni shareholders. Eric Knight, the manager of the fund, proposes that after the spin-off Saipem start a strategic rethink and enter the segment of hydrocarbon extraction from shale rocks by resizing the presence in traditional underground extraction.
Prysmian gains 3,4%. After yesterday's good results today the promotions are coming. Goldman Sachs has raised the target price on the stock to 22,5 euros from the previous 21,6. Petr Cheuvreux the title is worth 18 euros from the previous 16 euros. Yesterday the stock closed up 4% at 16,27 euros. The company announced its results for 2012, which closed with margins higher than expected and a dividend that doubled compared to the previous year.
Mediaset shines with a +1,93% after the above-expected data from Mediaset Espana. Good rise also for Monte Paschi +1%: the Council of State rejected the request of Codacons to immediately block the process of issuing the 3,9 billion Monti bonds. Among the other banks: Unicredit -0,7%, Intesa-1,2%. Mediobanca still heavy -2,8%. Finmeccanica loses 0,6%, Fiat loses 2%, StM is down 1,5%. Among the best stocks Buzzi Unicem +1,7% and Cementir +3,3%. Luxury continues its run: +1%, Ferragamo +1,5%. Luxottica +1%.
On the other hand, Telecom Italia Media's prices fell, a sharp decline: -2,7% to 0,164 euros. Yesterday the board of directors of the company, which should have ratified the sale of La7 in Cairo, instead decided to postpone it again. The transaction will be discussed at the next board meeting scheduled for March 4th. The postponement would have been decided following the still very large distances that divide the buyer and the seller. Cairo is asking for the repayment of debts and a capital increase in favor of La7 of 95 million euros. Cairo would have lost the right to exclusive negotiation.
