THE PARLIAMENT OF ATHENS SAVES THE EURO AND THE STOCK EXCHANGES
IN MILAN, THE FTSE/MIB “BUC” AGAIN AT 20.000
At four in the evening, in an unusually deserted Athens after the clashes on the eve, the Greek Parliament gave its second, decisive assent to the austerity package which will allow the release of aid from the EU, the IMF and the ECB. Prime Minister George Papamdreou passed the test with 155 votes in favour, against 136 against.
At the Milan Stock Exchange, almost simultaneously, the Ftse/Mib index once again exceeded 20.000 points (+1,62% on 20186) in line with the Parisian Cac 40 (+1,48%), ahead of the Frankfurt Dax (+1,13%).
The news from Greece also allowed Wall Street to accelerate in a session that is announced, for the fourth time in a row, with a plus sign: the Dow Jones gains 1,14% %, on a par with the Nasdaq + 1,29%. The S&P 500 also rose by 0,3%.
At 14.30 pm the data on new weekly unemployment claims for the week of 25 June was released, down to 428 from 429 the previous week. However, the figure is slightly worse than the estimates of economists, who expected 420.
THE BANKS SHINE IN MILAN. POPULAR IN THE LEAD
WORRY ABOUT THE TAX ON TRADING ACTIVITIES
Piazza Affari follows the trend of the markets, even if the community of the City of Milan does not hide the concern for the consequences of the measures under discussion, just as the session was about to end, in the context of the Finance Law.
The draft of the maneuver to reduce the deficit, which should be approved today by the Council of Ministers, in fact contains the increase of the taxation regime on the trading of financial assets to 35% and the introduction of a stamp duty on financial transactions equal at 0,15%. The provision, which should not lead to a significant increase in taxation on trading activities (also because banks could increase the volumes of trading activities carried out abroad), however risks having a significant negative impact on intermediation volumes, with repercussions on commissions generated by trading. An initial assessment estimates that the two measures could have an overall negative impact, for banks, equal to 4/5% of net profit. But there will be two equally negative consequences, at least on a qualitative level: the flight of online traders, an almost exclusively Italian phenomenon in its mass dimensions; the reduction of trading volumes, which indirectly will favor, as Assosim immediately commented, the phenomena of opaqueness of the price list, starting from insider trading.
In Milan, however, the banks are on the rise. Banco Popolare +3,2%, after this morning it presented its new business plan which forecasts growth in net profit to 603 million in 2013 and 930 million in 2015, from 308 million achieved last year. Bpm rises by 4,5%, Intesa +2,35%, Ubi (+1,05) -.
During the day, the news that the Milanese public prosecutor Luigi Orsi filed a bankruptcy petition against the real estate company Norman95 (which presented a composition proposal to the bankruptcy court), on which the judge reserved his decision Fabrizio Palenzona, current vice president of Unicredit (+2,32) was president of Norman from 2011 to 2008.
Even euphoric, on the eve of the introduction of the new tax regime for mutual funds and the "European passport" of the sector, the asset management stocks: Azimut +4,31%, +Mediolanum +3,23%.
Busy day, as usual for the Fonsai group. After a long series of ups and downs, Fondiaria Sai closes among the best stocks of the day, on a par with Premafin. On the contrary, Milano Assicurazioni is among the worst. In the first negotiations, the price of Fonsai had risen to 2,976 euros, an increase of almost 10%.
Reports of insider dealing show that on 29 June, before the stock rebound, Giulia Maria Ligresti bought 21.132 Fonsai shares for €2,397 (total investment of €50.653) and 68.611 Premafin shares for €0,4848 (investment of €33.262 ).
Fondiaria Sai option rights decreased by 10% to 1,56 euro.
NORGES BANK OVER 2% IN FIAT INDUSTRIAL
THREADNEEDLE FUNDS ENTER PRYSMIAN
Pirelli rises by 1,3%: Citigroup has started hedging with a buy recommendation and a target price of 9 euros.
Threadneedle Asset Management Holdings has announced that it has a 2,050% stake in Prysmian in its portfolio. Threadneedle is an asset management company with over $97,7 billion in assets under management.
Norges Bank holds 2,032% of the capital of Fiat Industrial in its portfolio. In a meeting with investors, he confirmed the business plan targets which envisage margins on Iveco sales of over 10%, well above expectations.
The target of bringing industrial debt to zero by the end of 2013 has been confirmed, better than our estimate which provides for a net industrial debt of around 600 million euros. No revision at the time of the 2011 targets.
Meanwhile, Intermonte has raised its outlook on Fiat (+0,27%) to outperform from the previous neutral, with a target price from 7,5 to 9 euros on the basis of "the better than expected trend in cash generation, thanks to the capital working hours and lower investments. Car sales forecast still weak in Europe but with an improving mix due to the greater contribution of Brazil and commercial vehicles. Of the inclusion of Chrysler starting from June, which will show how the stock trades at lower multiples than its competitors”. Furthermore, “there remain speculative issues related to the possible valorisation of Ferrari and/or the listing of Chrysler in the United States”.
TIMEDIA BREAKS NEGOTIATIONS WITH SANTORO: -3,7%
MEDIASET: PROFIT DECREASE, BUT DIVIDEND NOT
"Irreconcilable positions regarding the operational management of the relationship between Author and Publisher". So reads the note from Telecom Italia Media in which the broadcaster communicated the breakdown of negotiations with Michele Santoro: the share dropped by 3,7% after announcing the halt of negotiations with Michele Santoro.
Mediaset will close 2011 with a declining net profit if there is no recovery in advertising sales. This was stated by the CFO Marco Giordani speaking yesterday evening on the occasion of the presentation of the autumn schedules.
The group thus revises the profit growth estimates confirmed less than two months ago and linked to the hopes of a second half of the year in recovery on the advertising front.
However, the vice-president Pier Silvio Berlusconi stressed that the net result for the year will be "close" to the numbers of 2010. "We do not believe that our dividend policy should change," he declared.
Giordani specified that advertising revenues in Italy fell by 2-2,5% in the first half-year and those of free-to-air TV alone contracted by 3-3,5%. "Costs are rising and revenues are falling, this means that profits will decrease at the end of the year if advertising doesn't pick up again," the manager said, confirming the 3% growth estimates for television costs.m The situation of the advertising market in Spain, where the group is present with Mediaset Espana, is "much worse" than Italy, Giordani continued. Mediaset has forecast a 4-5% drop in the Italian market in the first six months of the year.
SMALL HIGHLIGHTS. QUOTE "HEARS" AMPLIPHONE
DEAL BETWEEN TERNIENERGIA AND MARINA SALAMON
Amplifon rises by 1,5% Citigroup raised the target price to 5,5 euro from 5,1 euro. Yesterday the stock closed at 4,19 euros.
IGD (+1,8%) is promoted by JP Morgan which has raised its rating to neutral from underweight.
TerniEnergia S, a company active in the energy sector from renewable sources listed on the Star segment of the Italian Stock Exchange, and Alchimia Energy, led by Marina Salamon, have signed an agreement for the sale of a photovoltaic plant on land with a nominal power of 837,20 kWp, located in the Municipality of Perugia in the Ramazzano locality, in possession of all the requisites and all the authorizations to have access to the incentive tariff for the year 2010. The consideration for the transaction amounts to Euro 3,1 million (corresponding to Euro 3.700 per kWp).
IMPREGILO GOES ON THE SAN FRANCISCO SUBWAY
PALLADIO READY TO PLAY WITH SNAI
Global Games holds 67,188% of the capital of Snai, while Intesa Sanpaolo has maintained a stake of 0,091% of the capital of the company active in betting.
This is what emerges from the Consob communications on significant shareholdings, which refer to 23 June last, the date of payment of the consideration at the conclusion of the mandatory takeover bid promoted by Global Games on Snai. Global Games is a company jointly owned by Investindustrial and Palladio Finanziaria.
Impregilo strengthens, up 2,7% to 2,138 euros. The company announced this morning that it had won a contract for the San Francisco subway. The value of the contract is 233 million dollars.
Impregilo will participate in the order with other companies, including the American Healy, and its share of the contract is 45% (105 million dollars). The project involves the underground extension of the current line that develops on the surface, in the city centre, with the construction of two new single-track tunnels with a total length of five kilometres.
