PARMALAT, LACTALIS MADE A DEAL
PAUSE FOR BTPs AWAITING THE AUCTIONS
Business Square it is confirmed as the weakest Stock Exchange in the Old Continent, apart from Madrid, once the hurdle of Greece has been overcome. But the variations in the price lists are contained. In Milan the Ftse Mib index it's down 0,55%, too London and Paris they travel in negative territory but with more contained variations. Unchanged Frankfurt. The markets, waiting for the Eurogroup to finally write the check already promised in Athens, continue to search for "strong" themes on which to baste new operating strategies.
The situation of the sovereign debt market similar in some ways. The ten-year BTP is trading on a weaker footing than eve with a yield at 4,85% e a spread with the Bund at 308 points, up 7 basis points from Friday. But the mid-month auctions are conditioning the session: tomorrow, in fact, the Treasury places 12 billion BOTs, against 8,25 billion due. The most robust offer regards 12 months (8,5 billion).
As for the stock market they weigh both macro data than, even more, the indications arriving from the quarterly reports. At the start of the session, the news of the increase in the Chinese trade deficit in February, a sign of a rapidly deteriorating economy, played a negative role. By mid-morning, on the contrary, the upward correction of the Italian GDP (+0,5% against the previous estimate +0,4%) for 2011 had a beneficial effect. In reality, Istat data confirm the heavy drop in the domestic demand (-1%) only partially offset by the stability of exports.
Among the novelties that emerged from the quarterly reports, the excellent behavior of the company stands out Parmalat +4,2% registered by Lactalis. The Collecchio-based company has returned to growth and the prospects for 2012 satisfy analysts: Equita, in particular, has raised its recommendation to buy from hold. Opposite script for the anti-cyclical stock par excellence. Campari was suspended due to excessive reduction with a theoretical -7% after announcing revenues for 2011 that grew to 1,27 billion euros (+8,8%) but a net profit lower than forecasts: 159 million euros against 173 of consensus.
Positive performance for automotive stocks starting from Fiat +2,5%, although the stock later trimmed gains. The push comes, as usual, from rumors about alliances. This time the inspiration comes from China: Zeng Qinghong, vice president of Guangzhou Automobile Group, the latest Chinese shareholder of Fiat, said that the terms of the partnership between the two groups could expand. Fiat Industrial also rose +1,1%, already well present on the Chinese market (although experiencing a noticeable slowdown). Robust growth of Pirelli +1,8% which goes beyond the targets of the business plan. Positive day for the banks: Unicredit rises by 1%, Mediobanca +1%, Intesa +0,3%, Banco Popolare +2%.
On the contrary, the landslide of three blue chips continues. It still goes down Enel -0,6%, for the third consecutive day. Goldman Sachs' downgrade came this morning, a rejection that comes after Friday's flurry of downgrades. Mediaset also fell -3,2%, downgraded by Nomura and Diasorin -2,2%.
In the afternoon Pirelli presented the 2011 accounts, really excellent. The stock later rallied over 9 percent.
