The long wave of the rise coming from Asia also affects the European stock exchanges. The best is Piazza Affari: the Ftse Mib index rises by 0,6% above 22.300. More modest increases, around 0,2% for the other Eurozone markets. Outside the common currency Zurich +0,3%, London +0,1%.
The German political crisis continues to hold back the euro which stands at around 1,1731 against the dollar. On the secondary market, public bonds from the periphery gained positions: the yield on the ten-year BTP fell back below the 1,8% threshold to 1,76%, the spread with the Bund decreased to 142,4 basis points ( from 144).
Oil is also moving upwards: Brent closes this morning at 62,70 a barrel. At Piazza Affari Eni + 0,5% Saipem + 0,9% Tenaris +1,5%. Leading the Italian list is the rally of Enel (+2,5%), which he presented this morning in London the new 2018/20 business plan. Several updates of the fundamental target by the brokers have already come out: in summary, Mediobanca has set a target of 4,30 euros, the majority is concentrated in the range of 5,50-5,85 euros.
The analysts liked the indications on the dividend: the company confirmed a 70% payout from 2018, with a minimum dividend of 0,28 euros per share over 2018 (yield 5,2%). Net ordinary income is indicated at approximately 4,1 billion in 2018, 4,8 billion in 2019 and 5,4 in 2020 (+15% average annual growth). The group reserves the right to purchase treasury shares up to a total of 2 billion euro. On the investment front, Enel will employ 24,6 billion between 2018 and 2020, concentrating 80% of the funds in Italy, Spain, North and Central America.
Still strong fluctuations in the banking sector, in particular on Carige, in the volatility auction (+50,54% at 12) on the eve of the capital increase. Among the institute's new partners there will also be the Algebris fund.
Still accelerate the Credited by Valtellina (+19%). The Cerberus fund appears among the possible new shareholders, which could subscribe between 10% and 15% of the 700 million euro capital increase. The general manager of the bank, together with the financial director, are in the United States to look for parties interested in the capital increase.
Slow down, after the initial rise (+3%) Monte dei Paschi Bank (-1,3%). The maximum quota available for the share-bond conversion, equal to 1.536.000.000 euro, has been exceeded. It will therefore be necessary to proceed with the allotment. The other banks are less busy: Unicredit -0,1% Understanding -0,2%.
In the rest of the list, after the earnings on the eve, unchanged Mediaset -1%. This morning JP Morgan cut the target price to 3,20 euros from 3,60 euros. Judgment Hold. Neutral rating unchanged.
In decline Telecom Italy -0,4%. The Minister of Economic Development, Carlo Calenda, after the meeting with CEO Amos Genish, said that it was "a constructive meeting, a relationship in great positive discontinuity with the past is emerging". Telecom Italia's CEO, Genish, spoke of "progress" in explaining Tim's industrial plan to the minister and said that "all the aspects that he believes are relevant to discuss" were discussed.
Well tuned Leonardo (+ 1,3%). Fiat Chrysler (+1%) could strengthen the industrial and commercial collaboration with Guangzhou Automobile Group. In the rest of the list several brilliant performances stand out: Astaldi + 3,75% Geox + 5,3% txt e-Solutions + 7% Saras + 2,7%. The Sun 24 hours +2,5%: the offer of unexercised rights ended early on the first available day.
