Piazza Affari is advancing to the tow of the operation Telecom. The other markets are also on positive ground, thanks to the shock of the statements by the president of the ECB, Mario Draghi, who warned that the monetary policy in the euro area will remain "accommodating" for a long time to come: the euro/dollar exchange rate fell to 1,348, from 1,349 of the previous close.
The index FtseMib rises by 0,83% to 18063. On the government bond market, the yield on the ten-year BTP is 4,22%. spread unchanged at 233. Modest increases in London (+0,19%) and Frankfurt (+0,23%). Paris rises by 0,69%.
THEIfo index, elaborated through interviews with a sample of German entrepreneurs, rose in September for the fifth consecutive month, reaching 107,7 from 107,5 in August. The increase is lower than economists' expectations (108,1). The consumer confidence index is expected in the US in the afternoon.
In the spotlight, of course, Telecom Italia, up 13% at 2,63 pm, after the agreement between the Italian shareholders of Telco and the Spanish Telefonica which will increase its stake in Telco to 66% on the basis of a valuation of Telecom Italia shares of approximately 1,1 euro. The transaction does not envisage any takeover bid on the rest of Telecom Italia's share capital.
Telco members benefited: Generali (+1,47%) will devalue Telecom Italia shares in the third quarter of this year with a negative effect of 65 million; Mediobanca (+3,34%) has already brought its investment in Telecom Italia into line with market value. The Piazzetta Cuccia institution is in the position of being able to account for a potential capital gain of 60 million euros. Among other banks, Understanding + 0,53% Unicredit + 1,03% Mount Paschi + 0,76%.
Azimuth + 2,44% General Bank +1,9%: Citigroup has started hedging with a "buy" recommendation and a target price of 20 euros for both securities. Mediolanum earn 0,89%. They also shine in the financial sector Fondiaria-Sai (+ 2,9%) and Unipol (+ 1,8%). Eni loses 0,29%: Citigroup has placed the Italian oil company among the "least preferred stocks".
Industrial stocks thwarted: Fiat + 0,16, Finmeccanica -0,3% StM -0,07% Fiat Industrial +2,14% in view of the debut on Wall Street. Tenaris -1,11%, Ubs cut to "sell". Well bought the Utilities: Enel + 19,8% A2A + 1,87%. Maire Tecnimont +6,5%, Exane raised its rating to outperform from neutral, target price raised to 1,7 euro from 1,0 euro.
