In the late morning, the decline in Piazza Affari eases: the Ftse Mib index -0,8% passes to 21.8400 points from 21.460 at the opening. The loss is around half a percentage point, in any case in contrast with the other European markets. The most effervescent market is Frankfurt +0,7%, toned up by the forthcoming fourth Merkel government, ahead of Paris +0,35% and Madrid +0,2%. Outside the eurozone, Zurich +0,7% and London +0,3% are up.
The uncertainty of post-election scenario in Italy it does not cause notable repercussions on Italian government bonds. The Btp/Bund spread rises by 5 basis points to 135. The same change for the Spain/Italy spread, while the ten-year Btp yield remains below 2%. The German Bund trades at 0,63%. The euro is also limiting the damage: 1,231 against the dollar, down 0,1%.
"Inconclusive" elections is the headline of the Mediobanca Securities daily note, thus underlining the difficulty of translating the results into an operational guideline for operators. But the landslide of Mediaset -6,30% to 2,91 euros at 12 o'clock offers a clear indication of the defeat of Silvio Berlusconi, downsized by the success of the Northern League and, above all, of the M5S which has repeatedly supported the need to revise the Gasparri law, impose a ceiling to the advertising sales of the Biscione TVs and which has promised "war against impure publishers" including De Benedetti (Cheetah -2,28%) and Caltagirone (title unchanged).
Salt instead Telecom Italy +0,41%: the joint offer of F2i-Raiway on 100% of Persidera, controlled 70% by Tim and 30% by Gedi will not be renewed. This is what three sources familiar with the situation told Reuters on Friday. According to two of the sources, a raise is not foreseen even in terms of amount. At this point the sale will be postponed and Tim has already merged his share into a Trust to meet the deadlines agreed with the EU authorities. There is expectation for the board of directors on tomorrow's accounts and business plan. CEO Genish is expected to outline terms for the spin-off of the network that could go public. As for the accounts for 2017, according to the consensus of analysts, Tim's revenues would be 19,8 billion (+3,9% on an annual basis) with a debt of 25,34 billion, an increase of 220 million compared to 2016.
Inwit +4,3%, released the data for the fourth quarter on Friday evening. Net profit rose 43,8% year on year to 34,9 million euros. Dividend guidance is higher than expected.
As we have seen, they hold government bonds. But the banks lose blows: the Italian theses on the Banking Union and on the treatment of non-performing loans are less strong. Above all, the former Popolari are paying the price: Bfor Banking -5,4% Ubi Banking -3,5% Banco bpm -4,9%. A little stronger (but not too much) the Bigs: Unicredit -1,6% Intesa Sanpaolo -1,5%. The insurance companies are also losing blows: Generali -1,53% UnipolSai -1,6%.
On positive ground Exor +0,9% thanks to the boost to the reinsurance sector after Axa acquired XL Group. The offer announced this morning is worth $15 billion, a 33% premium over Friday's prices. At this price, the transaction occurs at a very high multiple. Price/Tangible Book Value at 2x which indirectly enhances the Agnelli stake in Partner Re.
Back off Fiat Chrysler -0,5% on the eve of Sergio Marchionne's speech at the Geneva Motor Show. In great evidence Brembo+ 4%. The manufacturer of braking systems closed 2017 with a net profit of 263,4 million euros, up 9,5% and proposes a dividend of 0,22 euros per share against the coupon of 0,20 last year. Also on the rise Juventus +4% after the outcome of the last championship round.
Crude prices rose towards 65 dollars a barrel in the late morning despite the fact that the International Energy Agency revised US production growth sharply upwards: 17 million barrels per day in 2023, up from 13,2 million in the year last,
On the oil front, it retreats Saipem -1,3% which confirms that tomorrow it will publish the results of the 2007 financial statements. It will republish the 2016 financial statements within three weeks, object of objections by Consob.
Advance instead Tenaris +1,5%. The pipe maker is taking advantage of steel tariffs that the Trump administration has announced it would impose. Among the best Leonardo + 1,3%.
Positive performance also for Moncler +1,4%. In an interview with La Stampa, the first shareholder and managing director, Remo Ruffini, says that he will not sell shares. Also on the rise Juventus +4% after the outcome of the last championship round.
