THE FLIGHT OF MEDIASET CONTINUES, PIRELLI SWINGS
AND THE POLISH PEKAO MAKES UNICREDIT SMILE
Piazza Affari slightly up with the Ftse/Mib which rises by 0,17% to 16786.
Timid rises also for Paris + 0,07% Frankfurt +0,24% and Madrid +0,23%. London down 0,07%.
Lo spread drops by four points with a yield of 4,25%.
In the second quarter the Italian gross domestic product it decreased, but less than expected, by 0,2% compared to the previous quarter and by 2% compared to the second quarter of 2012. All sectors were down, including agriculture. The variation acquired for 2013 is equal to -1,7%.
In June, the seasonally adjusted index of industrial production it rose 0,3% month on month. In May, the index had risen by 0,1%.
This morning Minister of Labour, Enrico Giovannini, predicted that in the third and fourth quarters there will be a positive sign. “The indicators,” he said, “show that a positive sign is expected for the third and fourth and therefore we could say that the recession that has now lasted for two years is over.
Waiting today for the quarterly of Unicredit +0,86% the accounts of the Polish subsidiary Pekao which ended the quarter with profit up 5% over the same period a year earlier to 742 million zlotys ($232 million) above analysts' estimates of 654 million zlotys.
Strong increase for Mps +2,49%. The new general deputation of the Monte dei Paschi di Siena Foundation, which controls the bank, has been appointed.
In the banking sector you shop for Intesa San Paolo + 0,28% Ubi + 0,38% Banco Popolare + 0,25%.
Contrasted i oil: Eni +0,06%, Saipem -0,24% and Tenaris +0,24%.
Fiat +0,17% Turkish subsidiary Tofas closed the second quarter with a net profit of 109,2 million Turkish lira ($57 million), down 12,4% from last year and below analysts' expectations, which according to a Reuters poll stood at 126,5 million.
Mediaset earns 3,73% reaching 3,58 euros +50% in 31 sessions. What counts is the narrow escape of a government crisis and the expected recovery of the advertising market. The hypothesis of an industrial partner for Mediaset Premium, the group's pay TV, confirmed by the vice president Pier Silvio Berlusconi also helps.
After the data announced last night:
- Cala Pirelli -3,34%: quarter with results in line with expectations but brought the targets on revenues and Ebit to the low end of the previous range and confirmed those on cash flows, investments and debt.
- Impregilo Salt +3,3% first six months with growing profits and profitability and has convened an extraordinary shareholders' meeting for 12 September which, in addition to giving the go-ahead for the merger with Salini, will give the Board of Directors powers to increase capital with the exclusion or limitation of the right to option within the limits of 10% of the capital.
- Snam gas network -0,83%. The Electricity and Gas Authority has approved the storage tariffs for the year 2014. The tariffs for the storage activity for next year are determined on the basis of the recognized reference revenues equal to 452,6 million of Euro.
The records:
- Yoox march continues + 5,5% after a suspension due to excess rise. Goldman Sachs analysts raised the target price to 39 euros from 22,5 while keeping the stock on the conviction buy list.
– On the all-time highs too Brembo +2,4%.
Under the lens of analysts:
- Salvatore Ferragamo -0,08%, this morning Barclays raised its target price on the stock to 27 euros and maintained its overweight opinion on the stock.
- Landi Renzo -2%. This morning Mediobanca cut the rating on the stock to underperform from neutral with a target price cut to 0,85 euro from 1,35. According to the analysts of Piazzetta Cuccia, the consensus will cut the estimates on Landi Renzo who still has two years of losses ahead of him.
- Telecom Italia-0,6%Fitch downgraded its credit rating to 'BBB-' from 'BBB' yesterday, with a negative outlook.
