BUSINESS PLACE IN A POSITIVE SOIL THANKS TO MPS
GERMAN CONFIDENCE FALLS, EU EXCHANGES FALL
Once again it is the banking sector to support the Milan Stock Exchange above parity, The index Ftse Eb rises by 0,01% to 20860, the only price list with the plus sign in front of London –0,12%, Paris -0,12%, Frankfurt -0,57%. Madrid -0,11%.
Lo spread between the BTP and the Bund opens stable at 181 points, on the same levels as yesterday's closing. The yield on the ten-year Italian bond is 3,38%.
To pull the race this time is Monte Paschi +4,05%, promoted by Citigroup to Neutral from Sell with a report with the significant title “Cinderella is getting ready for the ball”. US analysts believe that the sale of the Foundation's stake is essential to facilitate the implementation of the capital increase. The market trend is favourable, given that the share is on the highs of the last five months and is above the value at which Palazzo Sansedoni records the shares in the balance sheet (0,24 euro).
In the rest of the sector Unicredit advances by 0,46%. Advance instead Understanding +1,47%.According to theFitch rating agency in a report published today, Intesa Sanpaolo's 2013 accounts, which will be announced next week, "will confirm a greater capital strength and ability to generate income than its Italian competitors".
Ubi – 1,08%: Kepler Cheuvreux lowered the recommendation to Reduce da Hold, while raising the target price to 5,5 euros from 4,6 euros.
Among the causes of the held back by European lists, the disappointing figure of the German confidence index, the Zew, stands out, which fell to 46,6 points in March from 55,7 points recorded in February on fears of the crisis in Ukraine. Also weighs the decline of the heavy vehicle manufacturer Scania -3,4%, the worst performance of the FTSEurofirst 300, after the board unanimously rejected Volkswagen's offer, deeming the offer too low.
Recover after the initial downturn Cnh Industrialnow unchanged.
At Piazza Affari the negative note concerns Yoox 3,61%. The company specializing in the Internet trade of luxury clothing is affected by sales after the profit warning of the British competitor Asos, down 17%. The UK online fashion retailer said it would ramp up its investments to £68m after posting a 26% rise in retail sales in the first two months of the year. Ebit margin and profit for the year will decrease, but revenues will rise to 2,5 billion
They also go down other luxury stocks: Ferragamo -1,19%, Tod's -0,05%, Luxottica -0,64%. Mixed performance among major industrial stocks: Finmeccanica gains 0,14% despite rumors about a possible halving of the Italian order of F35 (from 90 aircraft to 45 aircraft).
Fiat down 1,12%, Bank of America restarted coverage with Underperform recommendation, target price 6 euro. This morning, Lingotto launched a 7-year bond issue with a benchmark funding target, therefore of at least 500 million euro. Registrations of the Fiat Chrysler group in the European Union increased in February. According to the data communicated by Acea, last month the Lingotto registered an increase in registrations of 5,6% compared to February 2013, thus the group led by Marchionne conquers the fifth position in the European challenge. Overall, the European automotive market continues to show signs of recovery.
Pirelli falls further -2,38% after yesterday's descent. Azimuth instead it runs up by 1,93%: thanks to the Azimut joint venture in Turkey, the group led by Pietro Giuliani will become the first asset management company in the country with a limited initial investment. Goldman Sachs raised its target price to 30,7 euros from 28 euros, confirming the Conviction Buy judgment. Among other stocks, Enel advanced by 0,3%. The other utilities were slow to move.
Telecom Italia +0,3%. Diasorin rose by 0,4% even if the American broker Jefferies cut the recommendation to Hold from Buy, target price reduced to 33 euros from 37 euros. Moleskine rises by 1,5%: Ubs has lowered the target price to 1,6 euro from 2,5 euro, confirmed the Buy recommendation. Maire Tecnimomt goes up by 5%, Safilo by 4%, Interpump by 3%.
