BAGS IN RECOVERY WAITING FOR DRAGONS. EGYPT IS NOT SCARY
TELECOM ITALIA MEDIA FLIES, OK FOR FIAT AND FINMECCANICA
The price lists are leaving behind the tensions due to the government crisis in Portugal and the coup d'état in Egypt and are now awaiting the decisions of the ECB and the words of President Mario Draghi.
At 13.45 the European Central Bank should confirm the reference rate on the euro at 0,75%.
As usual, the highlight will be the president's press conference. Also this morning the first meeting of the Bank of England under the direction of the new governor Mark Carney.
In Piazza Affari, the Ftse Mib rises by 0,43% to 15.348.
Frankfurt +0,54%, London +1,09% and Paris +0,8% and Madrid +0,88% are more tonic. The Egyptian Stock Exchange celebrates the fall of Mohamed Morsi. The main EGX 30 index opened the session up 7,1% in the aftermath of the military coup that ousted Morsi. The army has designated Constitutional Court President Adly Mansour as interim president.
The 10-year BTP is traded at a yield of 4,52%, the spread with the Bund is at 285, widening by 2 basis points.
Oil, which rose yesterday to its highest level in the last 12 months, is showing slight signs of falling: Brent at 105,5 dollars a barrel (-0,2%).
Eni, heavily involved in oil and gas extraction in Egypt, rose by 0,32%, the subsidiary Saipem gained 0,86%.
“The price of oil is more oriented downwards than upwards, but as you can see it is very sensitive to international political situations”. Thus the CEO of Eni, Paolo Scaroni. “In our plan – continued Scaroni – we have oil at 90 dollars a barrel and we consider it a realistic figure. I don't see him going up, except for dramatic international situations".
The banks are uncertain: Unicredit - 1,12%, Bpm -2,05%, Mediobanca -1,09% fall back. Positive results for Intesa +0,81% and MontePaschi +1,82%.
Unipol gains 1,6%. After announcing the waiver of the appeal to the Lazio Regional Administrative Court against the provision with which the Antitrust authorized in June last year the merger operation with the FonSai group +1,47% only after a few sales.
Among the Milanese stocks with the greatest capitalization, Mediaset continues to grow +1,2% thanks to signs of recovery in the advertising market.
Finmeccanica did well +0,85%. The Finmeccanica shareholders' meeting approved the entry into the board of directors of Gianni De Gennaro and Alessandro Minuto Rizzo, indicated by shareholder Tesoro who designated De Gennaro as chairman. Dario Frigerio, indicated by Assogestioni, also joins the board.
Good rise for Fiat +1,99% supported by JP Morgan which raised the target price to 6 euros.
Enel is up by a slight +0,25%.
Telecom Italia +0,1%. "We are here to verify the feasibility of unbundling the network and H3g". This is what Telecom director Tarak Ben Ammar said when he entered the Telecom Italia board of directors. After hoping "that it is not yet another transitory meeting" he confirmed that "the board of directors is evaluating important operations".
Telecom Italia Media takes off, + 16,89%, thanks to the sale of MTV to Viacom. 51% of MTV Italia was sold to Viacom for a consideration of 10 million euros, which will be subject to an adjustment on the closing date based on the change in working capital. Telecom Italia Media has undertaken to waive financial receivables for 9,7 million euros.
On the other hand, Brunello Cucinelli is down – 1,2%. Kepler-Cheuvreux cut the rating to "neutral" from "outperform" but the target price rises to 20 euros from the previous 18,5 euros. Since the beginning of the year, the stock has gained 45%.
